• Wells Fargo Corporate Risk Announces Enhanced Organizational Structure and New Leaders
    Business Wire

    Wells Fargo Corporate Risk Announces Enhanced Organizational Structure and New Leaders

    Wells Fargo & Company (NYSE: WFC) today announced the appointment of two new Corporate Risk leaders and an enhanced organizational structure designed to provide greater oversight of all risk-taking activities and a more comprehensive view of risk across the company. The new risk model will have five line-of-business Chief Risk Officers (CROs) along with other teams aligned by risk type, each reporting to Wells Fargo CRO Mandy Norton.

  • Should Value Investors Buy Teva Pharmaceutical Industries Ltd. (TEVA) Stock?
    Zacks

    Should Value Investors Buy Teva Pharmaceutical Industries Ltd. (TEVA) Stock?

    Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

  • Why Is Annaly (NLY) Up 1.4% Since Last Earnings Report?
    Zacks

    Why Is Annaly (NLY) Up 1.4% Since Last Earnings Report?

    Annaly (NLY) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • PG&E Wins California Approval of Bankruptcy Plan
    Bloomberg

    PG&E Wins California Approval of Bankruptcy Plan

    (Bloomberg) -- California regulators approved PG&E Corp.’s $58 billion reorganization plan, bringing the power giant another step closer to exiting the biggest utility bankruptcy in U.S. history.The state’s Public Utilities Commission unanimously voted in favor of PG&E’s proposal after the company agreed to revamp its board and governance structure, submit to greater regulatory oversight and create local operating units to ensure a greater focus on safety.The changes, pushed by California Governor Gavin Newsom, are intended to dramatically overhaul California’s largest utility and prevent the type of recklessness that dragged it into bankruptcy.PG&E filed for Chapter 11 last year after its equipment was blamed for causing some of the worst blazes in state history including the Camp fire, which destroyed the town of Paradise and killed 85 people. Earlier this month, state regulators fined the company $1.9 billion in connection with the blazes, which destroyed thousands of homes and caused an estimated $30 billion in liabilities.PG&E shares rose 4% at 9:33 a.m. in New York Friday.As part of its bankruptcy proceeding, the company has agreed to settle claims totaling more than $25 billion from fire victims, insurers and local government agencies.PG&E now only needs approval from the judge overseeing its bankruptcy in order to meet a state deadline of June 30 to qualify for a California fund to help utilities pay for future wildfire claims. Nearly all creditors voted in favor of PG&E’s proposal, including wildfire victims. Court hearings on the plan began Wednesday.PG&E said in a statement it was on track to get its plan confirmed by the end of next month.The commission approved PG&E’s proposal despite opposition from more than 200 local elected officials led by San Jose Mayor Sam Liccardo. The coalition, which had proposed to turn PG&E into a customer-owned cooperative, said in a letter to regulators that the utility’s plan would have it emerge as a “junk bond” company with a debt load of nearly $40 billion.PG&E pushed back against that assertion, saying its plan will result in the issuance of investment grade bonds resulting in about $1 billion in interest costs savings.During the hearing Thursday, commissioners listened to more than two hours of public comment with many speakers calling for a rejection of PG&E’s reorganization plan while advocating for a public takeover of the utility.California Public Utilities Commission President Marybel Batjer said she understood the criticism leveled against the utility.“Many people and communities are angry, frustrated and finished with PG&E,” Batjer said. “At times, I’ve felt the same.”When considering PG&E’s reorganization, Batjer said she felt the need to impose additional accountability and force a change in leadership at a company that has consistently failed to show accountability for its safety lapses.“I understand there will be some who disagree with or feel frustrated with the proposed decision, but today’s decision is an important milestone to achieving the completion of the bankruptcy proceeding and the compensation of the wildfire victims,” Batjer said Thursday.More ConditionsAs a condition for regulatory approval, PG&E agreed to a six-step enforcement process that could ultimately lead to the state revoking its license to sell electricity if its gets in trouble again.The commission also will require an independent safety monitor to watch the utility after the term of a federal court monitor expires.In a court hearing Thursday, the federal judge overseeing PG&E’s criminal probation blasted the utility for its resistance to stricter safety measures he recently ordered.“If ever there was a corporation that deserved to go to prison, it is PG&E for the people it killed in California,” Judge William Alsup said.PG&E said earlier this month that only three of its current 14 board members will remain after it exits bankruptcy. Chief Executive Officer Bill Johnson will also retire on June 30.“We have heard the feedback in today’s decision and know we must do better as a company,” Johnson said in a statement regarding the commission’s ruling.(Adds shares in fifth 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.

  • 5 Quotes to Help Plan for Retirement
    Motley Fool

    5 Quotes to Help Plan for Retirement

    Wisdom from the world's wisest students of the market is surprisingly simple, even if difficult to adhere to.

  • The Smartest Stocks to Invest $2,500 Into Right Now
    Motley Fool

    The Smartest Stocks to Invest $2,500 Into Right Now

    Panic and uncertainty caused by the coronavirus disease 2019 (COVID-19) pandemic pushed the broad-based S&P 500 into its fastest bear market in history in March and eventually sent the widely followed stock index down 34% in just 33 calendar days. Despite never knowing when stock market corrections will present themselves, how long they'll last, or how steep the drop will be, every correction (and bear market) in history has proven to be an excellent buying opportunity for investors with a long-term mindset. What's more, you don't have to be rolling in dough to put your money to work in the stock market.

  • We'll All Be Renting a Local Airbnb This Summer
    Bloomberg

    We'll All Be Renting a Local Airbnb This Summer

    (Bloomberg Opinion) -- In Whitstable, a British seaside town just over an hour’s drive from London, every day of the last two weeks has been like a busy summer weekend. Britons may be unable or unwilling to take international flights, but with the first easing of lockdown restrictions, they are more than happy to head to the beach to bask in the sun and eat fish and chips from the only restaurants open for now.Optimism that people everywhere will be eager to wander once travel restrictions end drove a rebound in airline and tour-operator stocks this week. But these hopes may be overdone. Lingering health-safety concerns and uncertainty about which borders will open mean many consumers on both sides of the Atlantic will stick close to home this summer.What’s more, they may favor a remote Airbnb rental instead of staying in a hotel, with the increased chances of running into other people in the lobby, elevator or restaurant. Globally, new bookings at Airbnb Inc. and Expedia Group Inc.’s Vrbo more than doubled from 916,000 in the week of April 5 to 2.08 million in the week of May 18, according to AirDNA, a short-term rental data provider.While the home-sharing site Airbnb has been hit hard by the travel trough, it said domestic bookings rose strongly in China, Korea, the Netherlands and Denmark in April, and they’ve increased significantly in Germany since the beginning of May. More telling, Chief Executive Officer Brian Chesky told the Associated Press that 30% of bookings are currently within a 50-mile radius of people’s own homes —  basically the next town over — up from 13% before the novel coronavirus outbreak, a trend he attributes to people’s aversion to flying for now.Areas that tourists can drive to, and classic local vacation spots, such as the mountains, lakes and beaches, are proving resilient.Take Germany, a country known for exporting summer tourists. Short-term rentals in the North Sea coastal district of Nordfriesland, which includes the island of Sylt, enjoyed an almost 800% increase in bookings between March 22 and May 17, according to AirDNA. And it’s unlikely they’re coming from abroad — in general just 16% of visitors are from outside Germany. By contrast, Berlin, a popular destination for foreign visitors, has seen just a 71% increase.It’s a similar picture in the U.S, where rentals near beaches in Alabama, Texas, Georgia and the Carolinas are proving popular. By contrast, cities such as New York and San Francisco are recovering more slowly. In this Covid-19 crisis, home-rental sites tend to have an advantage. For example, the majority of Airbnb hosts are in less populated areas, while most hotel chains have a bigger presence in cities. Some of the lodging giants have also ventured into the holiday rental market. Four years ago, French hotel giant Accor SA acquired Onefinestay, an upmarket competitor to Airbnb. One potential drawback with private rentals during the pandemic is that guests have to trust hosts are cleaning and disinfecting well. Hotel groups including Accor, Marriott International Inc., Hilton Worldwide Holdings Inc. and InterContinental Hotels Group Plc have announced stringent hygiene standards.Airbnb has responded with its own guidelines developed with former U.S. Surgeon General Vivek Murthy, including advice on personal protective equipment and disinfectants. Hosts who sign up can leave their properties empty for just 24 hours between guests. Otherwise, they must respect a 72-hour “booking buffer.”For other people, getting away from home may mean taking their lodging with them. Provisional bookings at caravan and campsites in the U.K. look promising. In the U.S., there’s been a bump in demand for motor homes. Indeed, road trips may be one of the first holidays taken on both sides of the Atlantic.While all this pent-up demand is a good sign, it’s unlikely all the money usually spent on overseas travel will be recouped. Staycations aren’t really conducive to flagrant discretionary spending in normal times, but the coronavirus outbreak and lockdowns has brought job losses and economic hardship as well. That will eat into outlay. For a gauge of comparison, in 2017, the year after Britain voted to leave the European Union, the decline in the pound meant many people avoided international travel, but only 60% of what would have been spent abroad was redirected to the U.K., according to analysts at Bernstein.With this crisis, the effect could be even more extreme if shops have to restrict the number of patrons, local tourist attractions can’t open or people remain nervous about going to restaurants or bars even with all of the necessary social distancing measures in place.Indeed, although Whitstable Holiday Homes, an agency for 39 houses, is enjoying its usual high level of bookings for July and August, further out, customers are waiting. A crucial consideration will be whether the town’s vibrant eateries will be open alongside the fish-and-chip shops.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Hedge Funds Are Nibbling On Xerox Holdings Corporation (XRX)
    Insider Monkey

    Hedge Funds Are Nibbling On Xerox Holdings Corporation (XRX)

    Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial […]

  • InterContinental Hotels Group PLC (IHG): Hedge Funds’ Least Favorite Stock?
    Insider Monkey

    InterContinental Hotels Group PLC (IHG): Hedge Funds’ Least Favorite Stock?

    Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial […]

  • Motley Fool

    How to Be a Better Investor

    In this episode of Rule Breaker Investing, listeners of the podcast share what they have learned from The Motley Fool co-founder David Gardner. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. To get started investing, check out our quick-start guide to investing in stocks.

  • Barrons.com

    Insurance Investing for Beginners: What You Need to Know

    Buying insurance can seem overwhelming. Few people do it enough to get really good at it. Investing in insurance can feel daunting, too, but it doesn’t have to be.

  • Is Teva Pharmaceuticals Stock a Buy?
    Motley Fool

    Is Teva Pharmaceuticals Stock a Buy?

    Teva Pharmaceutical Industries (NYSE: TEVA) is a well known generic drugmaker that's attracted the attention of a number of well-known investors in the past. Most notably, Warren Buffett's Berkshire Hathaway bought shares of the company a number of years ago due, in no small part due to how cheap the stock was at the time. Teva's business can be split up into two main areas: its generics business and its own branded drug products.

  • Barrons.com

    What Catastrophe? It’s Time to Buy Insurance Stocks

    Shares of property and casualty insurers such as Hartford and Chubb typically rally after catastrophic events as the industry raises its rates.

  • Top 5 Most Popular Guru Buys of the 1st Quarter
    GuruFocus.com

    Top 5 Most Popular Guru Buys of the 1st Quarter

    These stocks had the most net buys among gurus Continue reading...

  • Why cable providers will survive despite rise in cord-cutting: Wells Fargo
    Yahoo Finance Video

    Why cable providers will survive despite rise in cord-cutting: Wells Fargo

    Yahoo Finance's Alexandra Canal breaks down the latest outlook for cable providers as more Americans cut the cord and opt for streaming platforms.

  • Alan Fournier Adds 4 Stocks to Portfolio
    GuruFocus.com

    Alan Fournier Adds 4 Stocks to Portfolio

    Guru releases 1st-quarter portfolio Continue reading...

  • GuruFocus.com

    Learning From Warren Buffett's Decision to Buy Coca-Cola

    A look back at the Oracle's famous trade Continue reading...

  • GuruFocus.com

    Warren Buffett on Buying Stocks When Other Investors Are Selling Them

    Purchasing companies while sentiment is weak could be a logical strategy Continue reading...

  • Hedge Funds Started Cashing Out Of Liberty Broadband Corp (LBRDK)
    Insider Monkey

    Hedge Funds Started Cashing Out Of Liberty Broadband Corp (LBRDK)

    At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (Recession is Imminent: We Need A Travel Ban NOW). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each […]

  • 8 Stocks Viking Global Investors Continues to Buy
    GuruFocus.com

    8 Stocks Viking Global Investors Continues to Buy

    Visa and Cigna make the list Continue reading...

  • Wells Fargo reveals new risk management structure
    Reuters

    Wells Fargo reveals new risk management structure

    The company said it would also search for CROs for its commercial, consumer and small business, and investment banking arms and also for its wealth management unit. Since taking over the scandal-plagued bank late last year, Chief Executive Charlie Scharf has shaken up its leadership and overhauled the bank's business lines. The bank has had to contend with a federal investigation, a dozen consent orders and an unprecedented Federal Reserve cap on its balance sheet growth as the fallout of a 2016 sales practices scandal.