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☆ Are iPhone sales growing or shrinking in China? That depends on which data points you look at, says an analyst.
▼ + stars: | 2024-05-06 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Tim Cook said iPhone sales grew in China, despite external research showing a decline. China accounted for 18% of Apple's sales, making it a critical market for the tech giant. However, over the last quarter, independent analysts have reported a slump in overall iPhone sales in China. iPhone sales in China are a closely watched metric because greater China accounted for 18% of Apple's sales across products in the first quarter, according to the earnings results. Related storiesCook's limited remarks on China's iPhone sales raised questions on Friday's call from analysts who compared Apple's data with independent reports.

Persons: Tim Cook, —, Cook, Max, Wells, Aaron Rakers, Will Wong, Wong Organizations: Apple, Service, Counterpoint Research, International Data Corporation, IDC, Bloomberg Locations: China, Hong Kong, Taiwan

Here's a rapid-fire update on all 33 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Broadcom : Broadcom's AI business, which includes co-designing custom chips for tech giants such as Club holding Alphabet, is booming. The newspaper reported April 12 that Salesforce was in talks to buy Informatica, which sent the Club holding's shares plunging. Wells Fargo : Another trim is due for our Wells Fargo position after a great run for the bank stock, Jim argued. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Cramer's, Jim, Johnson, Abbott, Andy Jassy, Bausch, Salesforce, Salesforce didn't, Tom Jorden, We've, It's, Walt Disney, Nelson Peltz's, Bob Iger's, Estee Lauder, there's, Eaton, We're, he's, Locker, he'd, Vimal Kapur, Linde, Eli Lilly, Eli Lilly's, TikTok, Joe Biden, Morgan Stanley, Morgan Stanley's, Ted Pick, Jensen Huang, Nikesh Arora, haven't, Laxman Narasimhan, Sands, Stanley Black, Decker, TJ Maxx, TJX, Wells, Jim Cramer, Angela Weiss Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Apple, Abbott Laboratories, Johnson, Web Services, Broadcom, VMWare, GE Healthcare, GE, Bausch Health, Costco Wholesale, Costco, Street, Informatica, Coterra, DuPont De Nemours, DuPont, Walt, Disney, Ford, GM, Philips, Siemens, Google, Honeywell, Linde, Facebook, Meta, Microsoft, Nvidia, Investors, AMD, Oregon State University, Palo Alto Networks, UnitedHealth, Procter & Gamble, Constellation Brands, Constellation, Modelo, TJX, Marshalls, Home Goods, Wynn Resorts, Jim Cramer's Charitable, New York Stock Exchange, Afp, Getty Locations: China, Informatica, Ford, Estee, U.S, mater, Palo, Corona, Wells Fargo, Wells, Macao, New York City

☆ 23andMe CEO Anne Wojcicki considers taking company private
▼ + stars: | 2024-04-18 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Anne Wojcicki, the CEO of 23andMe , is considering a proposal to take the genetic testing company private after its stock price tumbled more than 95% from its 2021 highs. She "wishes to maintain control" of the company and will "not be willing to support any alternative transaction," the filing said. 23andMe went public in 2021 via a merger with a special purpose acquisition company, which valued the company at around $3.5 billion. The company's board of directors formed a "Special Committee" in late March to help explore options that could juice the stock. "The Special Committee is committed to acting in the best interests of 23andMe and its shareholders."

Persons: Anne Wojcicki, Wojcicki, 23andMe, Wells Organizations: Securities and Exchange Commission, Nasdaq, Department Locations: Wells Fargo

A major U.S. bank and a legacy tech name were the focus of some of Tuesday's biggest analyst calls. The firm upgraded the apparel stock to overweight from neutral, and raised its price target to $31 per share from $26. The firm resumed coverage of the legacy tech company with an overweight rating and a $58 per share price target. He reiterated his $64 price target on the stock, implying upside of 10.7%. Additionally, he sees "greater risk to the achievement of our price target as the Fed rate cutting cycle begin."

Persons: Morgan Stanley, Matthew Boss, — Brian Evans, Goldman Sachs, Molson Coors Goldman Sachs, Molson, Molson Coors, Bonnie Herzog, Bud Light, Brian Evans, Goldman, Mark Delaney, Cisco, Morgan Stanley's, David Rochester, Fred Imbert Organizations: CNBC, Cisco Systems, JPMorgan, Eagle Outfitters JPMorgan, American Eagle Outfitters, Eagle Outfitters, Molson Coors, Molson, TAP, Tesla, Cisco, Wells Locations: U.S, Wells, Americas, EVs, Wells Fargo, 2H24, Rochester

☆ Election trading playbook: Watch these stocks as Trump secures Republican nomination
▼ + stars: | 2024-03-07 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Despite Trump facing legal issues on multiple fronts, including a federal indictment that alleges he illegally conspired to discount votes in the 2020 election, he appears to be cruising to the Republican nomination once again. Raymond James was listed by Goldman and in Barclays' Trump stock basket, according to the Jan. 30 note. A Trump term could benefit energy giants such as Chevron , but also smaller players such as Devon Energy or coal companies such as Peabody Energy , according to Goldman. Another group of industrial companies could get a piece of government spending from expansion of the Mexico border wall under a second Trump administration. Caterpillar was one of the companies involved previously, according to Goldman.

Persons: Donald Trump, Nikki Haley, Trump, Goldman Sachs, Jan Hatzius, Venu Krishna, Goldman, Wells, Piper Sandler, Raymond James Organizations: Trump, Republican, Barclays, Federal Trade Commission, Boston, Vertex Pharmaceuticals, Energy, Republicans, Chevron, Devon Energy, Peabody Energy, Steel Dynamics, Broadcom, Caterpillar Locations: China, Cleveland, Mexico

☆ With the Nasdaq at record highs, these are the benchmark's most beloved stocks that are expected to rally
▼ + stars: | 2024-03-01 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Even as the Nasdaq Composite is surging to new highs, investors can still find stocks within the index that have room to run. These stocks have a consensus buy rating from analysts and have an upside of 20% or more from their average price targets. Analysts have a consensus buy rating on both stocks, and think AstraZeneca could rally more than 26%, while Biogen could jump roughly 40%. Bank of America last month reiterated its buy rating on Baker Hughes. Twenty-two of the 27 analysts polled by LSEG rate the stock a buy or strong buy, and the average price target suggests 35% upside from here.

Persons: Biogen, Wells, Baker Hughes, Saurabh Pant Organizations: Nasdaq, CNBC, Stock, AstraZeneca, Warner Bros, Biotechnology, Biogen, Deutsche Bank, Analysts, Moderna, HSBC, Discovery, Bank of America, CCS, " Bank of America

NEW YORK (AP) — The Biden Administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals. Millions of unauthorized accounts were opened, severely tarnishing the reputation of Wells Fargo, once among the most sterling in banking. The decision is a major victory for Wells' management and Charles Scharf, who took over as CEO in 2019. There remains in place a Federal Reserve consent order against Wells as well as a requirement by the Fed that Wells grow no bigger than its current size until it fixed its sales culture. The Fed did not immediately respond to comment, but the OCC's decision is likely to pressure the Fed to make its own decision regarding its restrictions on Wells.

Persons: —, Wells, Charles Scharf, ” Scharf Organizations: Biden, Employees, Currency, OCC, Fed Locations: Wells, Wells Fargo

☆ Second City Expands to the First City and Sets Up Shop in Brooklyn
▼ + stars: | 2024-02-12 | by ( Kathryn Shattuck | ) www.nytimes.com time to read: +1 min

From the very beginning of the improv theater Second City, its name made clear that it wasn’t a New York institution and didn’t aspire to be. But after 65 years, the Chicago-based institution that has strongly influenced modern comedy is opening an outpost on Monday in Brooklyn, in what is the First City. Two weeks before the lights were set to officially go up, Ed Wells, Second City’s chief executive, showed off its new 12,000-square-foot home on North Ninth Street in Williamsburg even as he acknowledged the headwinds facing the expansion. There is a 190-seat main stage theater with a wraparound mezzanine and a 50-seat black box theater for student shows. The Bentwood restaurant, named after the chair that Second City actors use onstage, sometimes as a prop.

Persons: Ed Wells Organizations: Improv, North Ninth Locations: City, New York, Chicago, Brooklyn, It’s, Williamsburg

SANTA FE, N.M. (AP) — An effort to modernize state oversight of a thriving petroleum industry in the nation's No. 2 state for oil production advanced past its first committee vetting Thursday at the New Mexico Legislature. The bill also would give regulators greater authority over applications to transfer ownership of wells that often change hands when oil and natural gas output declines. The Democratic-led Legislature and governor are being sued over alleged failures to meet constitutional provisions for protecting against oil and gas pollution, as fed-up residents living near oil wells and environmental groups turn to the judiciary for relief. Voting against the bill, Republican state Rep. Larry Scott of Hobbs, said the initiative represents an existential threat to small-scale oil and natural gas producers, echoing concerns raised by several businesses.

Persons: Bill cosponsor Rep, Matthew McQueen, Galisteo, we’re, ”, “ We’ve, We’re, Gail Evans, Nathan Small, —, Ahtza Chavez, Lujan Grisham, “ They’ve, Chavez, Larry Scott, Hobbs, Scott Organizations: SANTA FE, New, New Mexico Legislature, Gas, Occidental Petroleum, EOG Resources, Land Office, Democratic, Center for Biological Diversity, Pueblo Action Alliance, Youth United, Las, Gov, Republican Locations: SANTA, New Mexico, Las Cruces, Albuquerque

1 UConn with 2:43 left in the game that settled a fantastic Big East matchup, Tristen Newton scored 25 points and the Huskies held off persistent Villanova 66-65 at a packed Wells Fargo Center on Saturday night. Cam Spencer had 14 points for the Huskies (17-2, 7-1 Big East), who are 2-0 since they were voted No. 1 the AP Top 25 in the regular season for the first time in 15 years. They’ve won seven straight games and won’t play against a ranked team -- as of this week’s poll -- until Feb. 17 against No. The Wildcats play Wednesday at St. John's.

Persons: — Alex Karaban, Tristen Newton, Cam Spencer, They’ve, Jay Wright, Tyler Burton, Newton, Justin Moore, Moore, TJ Bamba, Kyle Neptune, Saint Joseph’s, Dan Hurley, Donovan Clingan, Villanova's Mark Armstrong, Xavier, John's, ___ Organizations: PHILADELPHIA, UConn, Huskies, Villanova, Wells Fargo Center, Big East, Big, of Fame, Wildcats, NBA, North, NCAA, AP Locations: Wells, Florida, Marquette, That’s, Villanova, North Carolina, SportsBook, St

☆ Former Fox employee alleges in a new lawsuit that Tucker Carlson's 'right-hand man' Justin Wells sexually assaulted him, and retaliated against him after he declined his advances
▼ + stars: | 2023-12-05 | by ( Grace Eliza Goodwin | Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +4 min

A former employee is suing Fox News and a former superior over an alleged 2008 sexual assault. Andrew Delancey accused Justin Wells, Tucker Carlson's former executive producer, of sexual abuse. The lawsuit details how a "culture of sexual harassment" at Fox enabled Delancey's assault. AdvertisementA former Fox News employee alleged in a new lawsuit that Justin Wells — Tucker Carlson's former producer and "right-hand man" —sexually assaulted him and retaliated against him after he declined his advances. AdvertisementBill O'Reilly settled a sexual harassment case for $32 million in 2017.

Persons: Andrew Delancey, Justin Wells, Tucker Carlson's, —, Justin Wells — Tucker Carlson's, Wells, Delancey, Greta Van Susteren, rescinding, Harmeet Dhillon, Roger Ailes, you've, Tucker Carlson, Bill O'Reilly, producer's, Ed Henry, Alfredo J, Pelicci Organizations: Fox News, Fox, Service, Fox News Edge, Business Locations: New York

Gen. Warren Wells was removed from the job on Friday by Army Secretary Christine Wormuth, just hours after she was given the email. Members of Congress have been frustrated for years with the military's prosecution of sexual assault cases and they pushed to remove commanders from the decision-making process on the cases. According to officials, the woman, now a civilian, then went to the defense advisory committee that was set up to make recommendations on the sexual assault prosecution overhaul and submitted additional records. Officials said the email from Wells to his staff was among the documents she provided to the committee. Wormuth received copies of the documents on Friday and after seeing the email fired Wells later that day.

Persons: Warren Wells, Christine Wormuth, Wells, ”, Wells ’, Randee Farrell, Wormuth, “, Farrell Organizations: WASHINGTON, Army, Associated Press, Pentagon, Defense Department Locations: Gen, Japan, Kansas

☆ Tucker Carlson’s former top producer at Fox News accused of sexual assault
▼ + stars: | 2023-12-05 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —Tucker Carlson’s top producer, who left Fox News along with the far-right host to work on his X show, is accused of sexually assaulting a former colleague in an alleged incident that occurred more than a decade ago. Andrew Delancey, a former Fox News employee, filed a lawsuit against Justin Wells, the former executive producer of “Tucker Carlson Tonight,” accusing him of sexual assault and harassment in 2008 when Delancey moved to New York for a job with Fox News’ affiliate video service. In the lawsuit, Delancey alleges that he was befriended by Wells who told Delancey he could help him “learn the ropes” of the right-wing cable network. At the time Wells was a producer for Greta Van Susteren’s Fox News show. Fox fired Carlson in April and canceled his program during the fallout from the $787 million lawsuit settlement between Fox News and Dominion Voting Systems.

Persons: New York CNN — Tucker Carlson’s, Andrew Delancey, Justin Wells, “ Tucker Carlson, Delancey, Wells, “, Greta Van Susteren’s, Wells “, ”, Alfredo Pelicci, Fox ”, Fox, Harmeet Dhillon, ” Wells “, ” Dhillon, you’ve, ” Tucker Carlson, Pelicci, ” Fox News didn’t, Abby Grossberg, Rogers Ailes, Bill O’Reilly, Carlson Organizations: New, New York CNN, Fox News, New York State, Fox Corporation, Greta Van Susteren’s Fox, Fox, CNN, ” Fox News, Voting Systems Locations: New York, Wells, Tampa

☆ Nike has a better risk-reward profile over Lululemon, says Wells Fargo's Boruchow
▼ + stars: | 2023-12-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNike has a better risk-reward profile over Lululemon, says Wells Fargo's BoruchowIke Boruchow, Wells Fargo Securities senior analyst, joins 'Squawk on the Street' to discuss why Boruchow favors Nike over Lululemon, clues from the holiday shopping season that may have influenced Wells Fargo's decision, and much more.

Persons: Wells Fargo's, Ike Boruchow, Wells Organizations: Nike, Wells Fargo Securities Locations: Wells Fargo

☆ At COP28, US announces rule to slash powerful planet-warming gas by nearly 80%
▼ + stars: | 2023-12-02 | by ( Ella Nilsen | ) edition.cnn.com time to read: +4 min

The oil and gas industry is one of the main sources of global methane emissions, according to the International Energy Agency. The new US rule, which will be implemented by the EPA, is expected to slash methane emissions by nearly 80% through 2038, compared to what they would have been without the rule. The rule will crack down on methane leaks from industry in several ways. It will also rely on independent, third-party monitoring – using satellites and other remote-sensing technology – to find very large methane leaks. “The easiest way to stop that pollution is to stop sending it to flares in the first place.

Persons: CNN —, Biden, Michael Regan, Ali Zaidi, Regan, Harris, Zaidi, Carrie Jenks, Jon Goldstein, ” Goldstein Organizations: CNN, White, International Energy Agency, Biden, Harris Administration, Harvard Law School’s, Energy Law, “, Environmental Defense Fund Locations: Dubai

[1/2] Wells Fargo CEO Tim Sloan testifies before a House Financial Services Committee hearing titled: "Holding Megabanks Accountable: An Examination of Wells Fargo's Pattern of Consumer Abuses" in Washington, U.S. March 12, 2019. Sloan in the lawsuit filed in California state court says Wells Fargo canceled stock awards and withheld a bonus he had earned before stepping down. Wells Fargo in a statement said that "compensation decisions are based on performance, and we stand by our decisions in this matter." Sloan led Wells Fargo from 2016 to 2019, when he became the second chief executive to step down over claims that the bank had opened millions of unauthorized consumer accounts. Sloan accused Wells Fargo of breach of contract and, along with the $34 million, is seeking unspecified damages for emotional distress and punitive damages.

Persons: Tim Sloan, Erin Scott, Sloan, Wells, Wells Fargo, Sloan's, David Lowe, Francoise Brougher, Daniel Wiessner, Diane Craft Organizations: Wells, Financial, REUTERS, Former Wells Fargo & Co, Federal Reserve, Tesla, Thomson Locations: Washington , U.S, California, Wells, Wells Fargo, Sloan's San Francisco, Albany , New York

☆ A C.E.O. Who Resigned in Scandal Now Wants More Money
▼ + stars: | 2023-12-02 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

As chief executive of Wells Fargo, Timothy J. Sloan failed to clean up a string of scandals that shook the bank and abruptly stepped down amid widespread criticism more than four years ago. He now says Wells Fargo owes him at least $34 million in back pay. Mr. Sloan sued Wells Fargo on Friday, saying that the bank owed him for unpaid stock awards, bonuses and unspecified “emotional distress.” His lawyers said that the bank he formerly led made him a scapegoat for problems that predated his tenure, and they recast his resignation under fire in 2019 as “an act of further loyalty to the bank.”The lawsuit was a surprise move, inasmuch as Wells Fargo for years has been trying to move on from Mr. Sloan’s tenure and improve its relationship with both customers and regulators. A Wells Fargo spokeswoman, Beth Richek, said the bank stood behind its decision to withhold the pay. “Compensation decisions are based on performance,” she said in a statement.

Persons: Wells, Timothy J, Sloan, Wells Fargo, ”, Sloan’s, Beth Richek Locations: Wells Fargo

It is responsible for about one-third of planet-warming greenhouse gas emissions. The new methane rule will help ensure that the United States meets a goal set by more than 100 nations to cut methane emissions by 30% by 2030 from 2020 levels, Regan said. The EPA rule is just one of more than 100 actions the Biden administration has taken to reduce methane emissions, Zaidi added. The plan marks the first time the U.S. government has directly imposed a fee, or tax, on greenhouse gas emissions. The oil industry has generally welcomed direct federal regulation of methane emissions, preferring a single national standard to a hodgepodge of state rules.

Persons: —, Biden, Joe Biden, Michael Regan, Ali Zaidi, Regan, ” Regan, Zaidi, Harris, Harold Wimmer, Wimmer, David Doniger, ”, Obama, I'm, Fred Krupp Organizations: WASHINGTON, Environmental Protection Agency, United Nations, United Arab Emirates, Oil, UN, United States, Biden, Harris Administration, American Lung Association, EPA, Natural Resources Defense Council, Environmental Defense Fund Locations: Dubai, United Arab, U.S, Paris, Scotland, Egypt, United

Wednesday's batch of analyst research included bullish calls on a credit card giant and a sports betting name. The firm downgraded the pharmaceutical stock to neutral from overweight and lowered its price target to $55 per share from $68. The bank downgraded the Canadian Solar to underweight from neutral in a Wednesday note and lowered its price target to $22 per share from $32. The analyst noted that the guidance given confirms his bull case for the stock, which consists of a $70 price target. The bank initiated coverage of the credit card giant with an overweight rating and a $184 per share price target — which implies more than 17% upside from Tuesday's close.

Persons: Morgan Stanley, Guggenheim, John DiFucci, there's, Brian Evans, Cantor Fitzgerald downgrades, Myers Squibb Cantor Fitzgerald, We've, Olivia Brayer, Myers Squibb, — Brian Evans, Julien Dumoulin, Smith, Wells, Omar Mejias, Mark Strouse, DraftKings, Stephen Grambling, Grambling, Fred Imbert, millennials, Z, Gen, Terry Ma Organizations: CNBC, Barclays, American Express, Guggenheim, FactSet, Myers Squibb, Bank of America, Wells Fargo, Warner Music Group, accel, JPMorgan, American Locations: Bristol, Generac, Europe, CSIQ

☆ A Tangle of Rules to Protect America’s Water Is Falling Short
▼ + stars: | 2023-11-02 | by ( Dionne Searcey | Delger Erdenesanaa | ) www.nytimes.com time to read: +18 min

UNCHARTED WATERS A Tangle of Rules to Protect America’s Water Is Falling Short The Times asked all 50 states how they manage groundwater. California’s State Water Resources Control Board provides a list of some 85 firms that help clients who have questions about water rights there. Irrigated acres 0 10 100 200 thousand 1987 2017 MISSOURI MISSOURI ARKANSAS ARKANSAS MISSISSIPPI MISSISSIPPI LOUISIANA LOUISIANA Irrigated acres 0 10 100 200 thousand 1987 2017 MISSOURI MISSOURI ARKANSAS ARKANSAS MISSISSIPPI MISSISSIPPI LOUISIANA LOUISIANA Irrigated acres 0 10 100 200 thousand 1987 2017 MISSOURI MISSOURI ARKANSAS ARKANSAS MISSISSIPPI MISSISSIPPI LOUISIANA LOUISIANA Irrigated acres 0 10 100 200 thousand 1987 2017 MO. “When Tennessee pumps groundwater, it is pumping water located within its own territory,” the 2021 ruling said. One practical problem The Times’s research identified is that state water authorities are often small operations relative to their sprawling responsibilities and the growing danger of aquifer damage.

Persons: don’t, Matthew Staver, ”, Christopher Neel, Chris Scheuring, Reba Epler, Mira Rojanasakul, “ We’re, Andrew Sheeley, Mike Parson, Jeff Roberson, Dave Owen, Ron Wyden, who’s, “ We’ve, Ryan Gordon, Mark Rogers, Gabriel Eckstein, Jeremy Manley, Cody Smith, Jake Parrish, Sharon Megdal, Elizabeth Cisar, “, ’, Dr, Gordon, Ariz, Rebecca Noble Organizations: Times, MISSOURI TEXAS, VERMONT, New York Times, The New York Times, Oklahoma Water Resources Board, California Farm Bureau, Nationwide, Arup, Water Resources Control, Congress, MISSOURI MISSOURI ARKANSAS, Missouri Department of Natural, Associated Press, UC Law San, Energy, Power, WASHINGTON, Maine Geological Survey, United States Geological Survey, United States Supreme, Associated, Texas, M University, Staff, State Engineer’s Office, Yakima Herald -, Water Resources Research Center, University of Arizona, Joyce Foundation, The New York Locations: America’s, . TEXAS MISSOURI VERMONT, MISSOURI, MISSOURI TEXAS VERMONT, VERMONT, TEXAS MISSOURI, MISSOURI TEXAS, Oklahoma, Kansas, . Oklahoma, California, American, Wyoming, New Mexico, Wisconsin, Great, Mississippi, Missouri , Arkansas, Louisiana, MISSOURI MISSOURI ARKANSAS ARKANSAS MISSISSIPPI MISSISSIPPI LOUISIANA LOUISIANA, . LA, LA, Missouri, Missouri Department of Natural Resources . Missouri, Ozark, States, Kentucky, Vermont, Oregon, In Texas, United States, WASHINGTON ARKANSAS, ARKANSAS WASHINGTON, Maine, Tennessee, Memphis, Muleshoe , Texas, When Tennessee, Minnesota, Blaine, ’, Laramie County, Sunnyside, Wash, Yakima, Yakima Herald - Republic, Colorado, Maryland, In Illinois, Illinois, ”, Arizona, Phoenix, In Kansas, Washington, Hope

☆ Morgan Stanley CEO shift pleases all, thrills none
▼ + stars: | 2023-10-26 | by ( John Foley | ) www.reuters.com time to read: +4 min

People take photos by the Morgan Stanley building in Times Square in New York City, New York U.S., February 20, 2020. So the crushing conventionality of Morgan Stanley’s (MS.N)new chief executive selection, announced late on Wednesday, is almost certainly the point. The handover should be fairly civil, since the two CEO also-rans, wealth chief Andy Saperstein and investment management head Dan Simkowitz, both get promotions too. Andy Saperstein, previously seen as a contender for the CEO spot, will retain his leadership of Morgan Stanley’s wealth management business. He will also take on its investment management division, which manages and supervises $1.4 trillion of funds.

Persons: Morgan Stanley, Brendan McDermid, Morgan Stanley’s, Ted Pick, James Gorman, He’s, Morgan Stanley lifer, Morgan, Elon Musk, Gorman, Andy Saperstein, Dan Simkowitz, Goldman Sachs, David Solomon, culls, Wells, Jamie Dimon, aren’t, Goldman, Pick, Antony Currie, Thomas Shum Organizations: New York City , New York U.S, REUTERS, Reuters, Twitter, JPMorgan, Reuters Graphics Reuters, Wall, Thomson Locations: New York City , New York

☆ Wells Fargo remains a stock to own, as the bank reports stellar quarterly results
▼ + stars: | 2023-10-13 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Bottom line Wells Fargo's quarterly revenue outpaced expectations on the back of better-than-expected results for both net interest income (NII) and non-interest income. Middle-market banking revenue increased 23% year-over-year, as higher interest rates and loan balances were only partially offset by lower deposits. Asset-based lending and leasing revenue was up 3% annually, a result of loan growth and increased revenue from renewable energy investments. Total banking revenues increased 20% year-over-year, a result of higher rates and lending revenues, along with "higher investment banking revenue on increased activity across all products." Commercial real estate revenue increased 14% year-over-year, due to higher rates and revenue growth in the firm's low-income housing business.

Persons: Wells, Wells Fargo, we've, Charlie Scharf, Wall, Scharf, NII, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Wells, Basel III, Management, Consumer, Auto, CNBC, Wells Fargo Bank Locations: Wells Fargo, Basel, U.S, San Bruno , California

☆ Wells Fargo rolls out financial planning tool to almost 70 mln customers
▼ + stars: | 2023-10-12 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +1 min

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon Acquire Licensing RightsNEW YORK, Oct 12 (Reuters) - Wells Fargo (WFC.N) will expand access to a financial planning tool to its nearly 70 million customers after initially offering it to wealth clients earlier this year, the bank said on Thursday. The Life Sync tool allows mobile users to set and track financial goals, check their credit scores and connect with financial advisers. "We already have around 100,000 goals" set on the tool, which account for $24 billion in financial plans, said Michael Liersch, head of advice and planning at Wells Fargo. Wells Fargo, the fourth largest U.S. bank, will report its third-quarter earnings on Friday.

Persons: Wells, Michael Liersch, Michelle Moore, Nupur Anand, Lananh Nguyen, Cynthia Osterman Organizations: REUTERS, Rival Bank of America's, U.S, Thomson Locations: Wells Fargo Bank, New York City, U.S, Wells Fargo, New York

☆ White House announces new efforts to crack down on 'tens of billions' in junk fees
▼ + stars: | 2023-10-11 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — The White House on Wednesday will announce new initiatives to rein in tens of billions worth of surcharges tied to goods and services, or "junk" fees, in partnership with two of the nation's leading consumer-protection agencies. "When people request basic information about their accounts, big banks cannot charge them massive fees or trap them in endless customer service loops," Chopra told reporters on Tuesday. "Charging a competitive price for a legitimate service makes sense but charging junk fees for basic customer responsiveness doesn't. Both the FTC and the CFPB have taken preliminary actions toward cracking down on junk fees over the past few months. Earlier this year, the CFPB released a rule proposal on excessive credit card fees, while the FTC began targeting unfair practices in ticketing and other fees in late 2022.

Persons: Joe Biden, WASHINGTON —, surcharges, Lael Brainard, Lina Khan, Rohit Chopra, Khan, Chopra, Wells Organizations: WASHINGTON, National Economic Council, Federal Trade, Consumer Financial, Bank of America, Regions Bank, Information, Regulatory Affairs, NEC, of Economic Advisers, FTC Locations: Israel, Washington , DC

☆ 'Tremendous opportunity': Oakmark's Bill Nygren says it's a good time to buy these 3 cheap stocks
▼ + stars: | 2023-10-06 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

It's a good time to buy cheap stocks in some sectors right now, according to Oakmark Funds' Bill Nygren. "What that means to us is the hunting ground of low P/E stocks provides more opportunity than it typically does," he said, adding that the company's portfolio includes many single-digit P/E stocks. Nygren added that he's buying up stocks in high-quality companies in financial services, insurance, energy and some consumer durables — mostly paying single-digit P/E multiples for them. Nygren, who joined Oakmark Funds in 1983, manages the $18 billion Oakmark Fund with Michael Nicolas and Robert Bierig. Energy Nygren said they own "a lot of stocks where there is risk, where investors are worried about the futures of the [companies]" — but because of that, the entry level price is very low.

Persons: Bill Nygren, what's, Nygren, CNBC's, It's, Michael Nicolas, Robert Bierig, Russell, Banks Nygren, he's, Wells, they've, that's, it's, Energy Nygren Organizations: Oakmark Funds, Energy Locations: Wells Fargo, Capital, U.S

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