1.27k followers • 8 symbols Watchlist by Yahoo Finance
This basket consists of stocks that have attracted bad press.
(Bloomberg) -- Wells Fargo & Co. said it asked employees to remove TikTok from their work phones due to concerns about the security of the social-video app.“We have identified a small number of Wells Fargo employees with corporate-owned devices who had installed the TikTok application on their device,” a spokesman for the bank wrote in an emailed statement on Friday. “Due to concerns about TikTok’s privacy and security controls and practices, and because corporate-owned devices should be used for company business only, we have directed those employees to remove the app from their devices.”U.S. officials have raised questions about the security of TikTok, which is owned by Chinese company ByteDance Ltd. Secretary of State Mike Pompeo recently told Americans not to download the app unless they want to see their private information fall into “the hands of the Chinese Communist Party.”Read more: Trump Says He’s Considering a Ban on TikTok in the U.S.TikTok has repeatedly denied allegations that it poses a threat to U.S. national security. “User security is of the utmost importance to TikTok – we are fully committed to respecting the privacy of our users,” a TikTok spokesperson wrote in an email.Earlier on Friday, Amazon.com Inc. also told employees to delete TikTok from mobile devices they use to access company email, but the e-commerce giant later said that was a mistake. The Information reported Well Fargo’s decision earlier.Read more: TikTok Mulls Changes to Business to Distance Itself From ChinaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- New Jersey Governor Phil Murphy and Democratic legislative leaders have agreed on a plan for the state to borrow as much as $9.9 billion to cope with revenue losses from the coronavirus outbreak.The Assembly had approved a bill in June authorizing at least $5 billion in borrowing backed by tax collections, but Senate President Stephen Sweeney had held it up, seeking more legislative input. Under the agreement among Murphy, Sweeney and Assembly Speaker Craig Coughlin, a four-member commission -- two senators and two assembly members -- would have to approve each request to borrow with a majority vote.The Senate intends to act on an amended measure next week. The bill would then return to the Assembly for concurrence before reaching Murphy’s desk. Both houses are controlled by Democrats.Murphy, 62, a first-term Democrat and retired Goldman Sachs Group Inc. senior director, has said that New Jersey faces “Armageddon” without legislative authority to borrow, as well as federal aid. The borrowing in part would rely on general-obligation bonds and the Federal Reserve’s Municipal Liquidity Facility, according to Sweeney and MurphyRepublicans said the plan would lead to tax increases. They threatened a legal challenge, citing the state constitution’s ban on this kind of financing for revenue needs; Murphy has said he is confident in an emergency clause.Federal SupportThe authorized borrowing amount, $9.9 billion, is 98% of the estimated $10.1 billion revenue shortage projected through June 2021. Including coronavirus-related expenses combined, Murphy said, the state could be short $20 billion -- about equal to the state’s total income-tax and corporation business-tax collections in fiscal 2019.“It does not obviate the need for federal cash,” Murphy said of the borrowing plan at a Trenton news conference.Sweeney, New Jersey’s highest-ranking state lawmaker, had said in recent weeks he needed to know which taxes would rise, and by how much, to repay the bonds before posting the bill. But he said his thinking has changed.“Before we talk about higher taxes we are going to have to talk about reforms,” Sweeney said in an interview. Encouraging school districts to regionalize -- as some had been studying for years prior to the novel coronavirus outbreak -- would be one way to bring savings, he said. Wall Street ratings companies also want to see spending cuts, he said.Senator Declan O’Scanlon, a Republican from Little Silver, said the potential borrowing set a new standard for poor fiscal moves.“That’s exactly why borrowing schemes like this must be approved by the public,” O’Scanlon said in a statement. A colleague, Senator Sam Thompson of Old Bridge, said taxpayers would shoulder bond payments for 35 years. Sweeney said he had renewed confidence in a $500 billion state and local government stimulus bill sponsored by U.S. Senator Bob Menendez, a New Jersey Democrat. Republican congressional leaders have balked at the effort, which would give states like New Jersey money to plug budget holes, but Sweeney said that may change now that the virus is spreading rapidly in some Republican-led states.“With more red states in, it’s not just a blue issue -- it’s a United States issue,” Sweeney said.‘Revenue Raisers’In a Bloomberg Television interview on Thursday, Murphy said to expect unspecified “revenues raisers” -- typically, tax increases -- in the budget he presents to the legislature for the nine-month spending year that starts Oct. 1.“We did not get into any discussions on revenues,” Murphy said, referring to the pending Senate borrowing authorization bill. “It’s too early to tell on taxes.”New Jersey’s state credit is rated the second-worst behind Illinois carrying an A3 rating by Moody’s and A- by S&P and Fitch. The state has about $44 billion in bonded obligations, as of June 30, 2019, according to the state’s debt report released in April.Most of New Jersey’s outstanding debt isn’t issued by the state itself, but rather state-run entities including the New Jersey Economic Development and the New Jersey Transportation Trust Fund authorities. Those bonds are backed by state revenues that are subject to appropriation by the legislature.Murphy’s planned borrowing would be backed by the state’s full faith and credit pledge and repaid with general fund revenue, a type of debt that under ordinary circumstances is subject to voter approval. About $1.8 billion, or 4.6%, of New Jersey’s bonds are general obligations, according to its most recent debt report.(Updates with Sweeney comments starting in second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Walmart's (WMT) penetration in the health insurance industry may intensify competition in the profitable MA market.
The Zacks Analyst Blog Highlights: Amazon, Walmart, Big Lots, Kroger, Costco and Shopify
With an aim of improving profitability and operating efficiency, Wells Fargo (WFC) is likely to cut jobs starting later this year.
Amid the coronavirus-induced economic crisis, lower interest rates are expected to have negatively impacted Wells Fargo's (WFC) interest income in the second quarter of 2020.
MYL INVESTORS: August 25, 2020 Filing Deadline in Class Action – Contact Lieff Cabraser
The bank announced it would cut its cash payout following the Fed's decision to cap dividends. Now the question is: By how much?
“We believe Healthcare could be a ‘silver bullet’ for Walmart over the long-term. As the lines between Retail, Healthcare and Tech blur, Walmart’s growing suite of initiatives make it a sleeping giant to watch,” according to Morgan Stanley.
Herbalife Nutrition Ltd. Announces Second Quarter 2020 Earnings Release Date and Investor Call
Wells Fargo & Company (NYSE: WFC) announced today that Kristy Fercho will join the company at the beginning of August as the new head of Wells Fargo Home Lending. Fercho has 18 years of leadership experience in the mortgage industry and will replace Michael DeVito, who has announced plans to retire later this summer after more than 23 years with Wells Fargo.
According to data from S&P Global Market Intelligence, the stock fell 52% over the first half of the year. Adjusted earnings per share of $0.93, which excluded $0.33 per share in litigation charges related to the retail banking scandal, were down from $1.21 in the quarter a year ago, and missed estimates of $1.12. Lower interest rates also weighed on net interest income, which fell from $12.6 billion to $11.2 billion.
Walmart (NYSE: WMT) is launching a new subscription service this month, reportedly called Walmart+. It'll build on Walmart's Delivery Unlimited subscription offering and cost the same: $98 per year. Walmart+ could add benefits like discounts on fuel at Walmart gas stations and early access to product deals, according to a report from Recode.
Walmart may launch a premium delivery service that competes directly with Amazon.
The Zacks Analyst Blog Highlights: Walmart, BHP, International Business Machines, Costco Wholesale and Morgan Stanley
Following an April 2020 industry-leading commitment to donate all gross processing fees from the Paycheck Protection Program, Wells Fargo unveiled today the details of an approximately $400 million effort to help small businesses impacted by the ongoing COVID-19 pandemic keep their doors open, retain employees, and rebuild. Through Wells Fargo’s new Open for Business Fund, the company will engage nonprofit organizations to provide capital, technical support, and long-term resiliency programs to small businesses with an emphasis on those that are minority-owned businesses.
In the raging war of Walmart versus Amazon, the brand new subscription service Walmart+ is its latest move to grab the latter's market share.
NEW ORLEANS, July 10, 2020 -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors of pending.
Stocks rallied out of negative territory Friday after Gilead announced that remdesivir helped reduce COVID-19 mortality risk in a clinical trial.
As big banks gear up for earnings season, many investors are anticipating the worst quarter for the banks since the financial crisis. Yahoo Finance’s Brian Cheung joins The Final Round panel to break down the details.
Starting a hedge fund with more capital and scoring top first-year returns point to higher chances of survival in the often risky business, Goldman Sachs Group Inc said in research released on Friday. Goldman, which has helped launch and finance thousands of hedge funds, said almost all newcomers survive their first year but that only 62% of all funds remain in business after five years. The "break even point after which less than half of managers ... remain up and running seems to lie somewhere between 6 and 7 years," said Goldman's Hedge Fund Survivorship 2020 report released to clients.
DOW UPDATE The Dow Jones Industrial Average is rallying Friday afternoon with shares of JPMorgan Chase and Goldman Sachs seeing positive gains for the blue-chip average. The Dow (DJIA) was most recently trading 345 points higher (1.