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The vast majority of analysts surveyed by FactSet hold a strong buy or buy rating on the stock. Despite its recent slowdown, analysts surveyed by FactSet have a consensus buy rating on the dominant e-commerce platform. Bullish voices on the stock include Goldman Sachs analyst Eric Sheridan, who recently reiterated a buy rating and $230 price target. JPMorgan's Anmuth is similarly positive on Amazon ahead of earnings, rating the stock overweight and saying it remains the favorite in the bank's firm's internet sector coverage. The consensus FactSet rating on Meta is buy, with an average price target of $604, suggesting just 2.3% potential upside.

Persons: Roundhill, —, selloff, Goldman Sachs, Kash Rangan, Nvidia's Blackwell, Brad Zelnick, Amit Daryanani, Daryanani, Apple's wearables, qtr, Tim Cook's, you'd, Morgan Stanley, Jensen, Blackwell, Biden, Tesla, enthusiam, Elon, Wells, Colin Langan, Department's, Doug Anmuth, Bank of America's Justin Post, Eric Sheridan, Sheridan, Goldman, Anmuth, Baird, Roth MKM, JPMorgan's Anmuth, Goldman's Sheridan, Meta's, — CNBC's Michael Bloom Organizations: Apple, Microsoft, Nvidia, Tesla, CNBC, Windows, Investment, Deutsche Bank, Justice Department, Blackwell, Bloomberg, Ford, General Motors, EV, Google, FactSet, Bank of America's, ISI, Walmart, Costco, eBay, Meta, Ray, Labs, Facebook, Temu, Goldman Locations: China, FactSet, ., Downside, U.S, Wells Fargo, American, Meta's Asia, Pacific

☆ Citigroup earnings top estimates, boosted by investment banking
▼ + stars: | 2024-10-15 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Citigroup reported third-quarter results before the opening bell on Tuesday that topped Wall Street expectations, with growth in investment banking and wealth management. Wealth revenue rose 9%. Net income fell to $3.2 billion, or $1.51 per share, from $3.5 billion, or $1.63 per share, a year earlier. Citigroup CEO Jane Fraser took over in March 2021 and has focused on slimming down the bank during her tenure. The other major banks that have reported third-quarter results so far have also beaten earnings expectations, including Goldman Sachs and JPMorgan Chase.

Persons: LSEG, Jane Fraser, Fraser, outperforming, Goldman Sachs Organizations: Citibank, Citigroup, Wall, JPMorgan Chase Locations: Canada, Wharf, London

☆ Chipmakers tumble as ASML forecast cut issues a growth warning to the sector
▼ + stars: | 2024-10-15 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Chip stocks tumbled Tuesday, with NVDA and AMD down 5% and ASML plunging 16%. The sector was also rattled by reports that the US is weighing a cap on chip exports. Other chip stocks followed, with NVDA dipping almost 5%, AMD falling 5.3%, and Broadcom tumbling 3.5% around midday Tuesday. Flows into AI stocks slowed over the summer as investors expressed worries about returns on huge spending on AI. AdvertisementReports that the US is weighing a cap on chip exports from American chipmakers only compounded the industry's tumultuous start to the week.

Persons: —, ASML, SMCI, Christophe Fouquet, Biden, Nvidia — Organizations: NVDA, AMD, Service, Semiconductor, Broadcom, Bloomberg, Investment, Nvidia Locations: Dutch, €, American, East, Africa, Asia, China

See more mortgage rates on Zillow Real Estate on ZillowWhat Are Today's Mortgage Refinance Rates? See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. Current 30-Year Mortgage RatesAverage 30-year mortgage rates are hovering around 6.30%, according to Zillow data. Current 15-Year Mortgage RatesAverage 15-year mortgage rates are in the mid 5% range, according to Zillow data. But now that inflation has decelerated and the Fed has started cutting rates, mortgage rates have trended down.

Persons: Freddie Mac, it's, Fannie Mae Organizations: of Labor Statistics, Federal Reserve, Zillow, Fed, Mortgage, Association, ARM, . Government Locations: U.S, Chevron, Government

☆ Interest on cash is tumbling, but these funds might be the next best way to earn some income
▼ + stars: | 2024-10-15 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

The Federal Reserve is about a month into its rate-cutting cycle, and money market fund yields are already starting to pay less. That's where short and ultra-short duration bond funds and ETFs may come into play. An eye on duration Duration is a measure of a bond's price sensitivity when interest rates fluctuate. In that case, ultra-short bond funds and short-term bond funds might be "a natural landing spot for that cash." Those ultra-short bond funds have one to three years of duration and offer some stability day to day, Bartolini added.

Persons: Brett Sheely, Matthew Bartolini, Bartolini, AllianceBernstein's Sheely, —, Vincent Caintic Organizations: Federal, Investment Company Institute, State Street Global Advisors, SPDR, SPDR Americas Research, Bond, SEC, Federal Deposit Insurance Corp, . Locations: SPDR Americas

☆ Space travel comes with big dreams and bigger business
▼ + stars: | 2024-10-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +3 min

NASA's trying to answer that question with the launch of the Europa Clipper on Monday . The Europa Clipper is just trying to understand if the ocean could even support life. Helping power Europa Clipper into space was a SpaceX Falcon Heavy rocket. The Europa Clipper launch follows another massive win for SpaceX. The business of space has the attention of several entrepreneurs, including fellow tech billionaire Jeff Bezos.

Persons: —, it's, Elon, Musk, Jeff Bezos, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi Organizations: Business, Service, Europa Clipper, Clipper, NASA, Europa, SpaceX, Elon Musk's, California Coastal Commission Locations: California, New York, London

☆ Goldman Sachs to report third-quarter earnings
▼ + stars: | 2024-10-15 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

David Solomon, Chairman & CEO Goldman Sachs, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024. Goldman Sachs is scheduled to report third-quarter earnings before the opening bell Tuesday. Goldman's asset and wealth management division is also positioned to benefit from rising asset values across markets as rates decline. Last week, rival JPMorgan Chase set expectations high with better-than-anticipated results from trading and investment banking, factors that helped the bank top earnings estimates. Wells Fargo also exceeded estimates on Friday on the back of its investment banking division.

Persons: David Solomon, Goldman Sachs, Goldman, JPMorgan Chase, Wells Fargo Organizations: LSEG Revenue, Trading, Wealth Management, Goldman, JPMorgan, & $ Locations: Davos, Switzerland

☆ Russia's imports from China surged in September as Moscow and Beijing deepen economic ties
▼ + stars: | 2024-10-15 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russian imports of goods from China surged in September. Russia relies heavily on China for trade due to Western sanctions and isolation from global markets. AdvertisementRussia's imports of goods from China increased sharply last month, a sign that Moscow is leaning more heavily on Beijing after the two countries affirmed their economic ties. The surge of trading activity follows a fresh cooperation agreement Russia and China finalized in late August, which vowed, among other things, to deepen trade ties. Moscow has grown more reliant on Beijing as an economic partner since being targeted by Western sanctions in 2022.

Persons: —, Bejing, Vladimir Putin, Li Qiang Organizations: Service Locations: China, Russia, Moscow, Beijing, India, Ukraine

☆ Apple hits an all-time high as new smartphone data sides with the bulls in a sea of negativity
▼ + stars: | 2024-10-15 | by ( Morgan Chittum | ) www.cnbc.com time to read: +5 min

Shares hit an all-time high Tuesday despite a chorus of recent concerns from Wall Street analysts about demand for the new artificial intelligence-enabled iPhone 16. Apple Intelligence is the company's new suite of generative artificial intelligence tools due out later this month. Available for preorder now, the tablet has a processor capable of supporting Apple Intelligence. Big picture The IDC data comes as many on Wall Street express skepticism around sales for the new iPhone 16 lineup. Apple CEO Tim Cook inspects the new iPhone 16 during an Apple special event at Apple headquarters on September 09, 2024 in Cupertino, California.

Persons: Morgan Stanley, Apple's, Popal, swoon, Jim Cramer, Jim, Jim Cramer's, Tim Cook, Justin Sullivan Organizations: Apple, Wall Street, International Data Corporation, IDC, Samsung, Apple Intelligence, JPMorgan, Barclays, Bank of America, Club, Nvidia, U.S, CNBC Locations: U.S, Cupertino , California

☆ PGA Tour of America facing backlash after Ryder Cup day tickets priced at nearly $750
▼ + stars: | 2024-10-15 | by ( Samuel Joseph | Sam Joseph | ) edition.cnn.com time to read: +2 min

These “Ryder Cup+” tickets give attendees “access to unlimited food and non-alcoholic beverages at all market concessions throughout the grounds and no extra cost,” according to the Ryder Cup website. “I need to sign a LIV deal so I can afford Ryder Cup tickets,” joked GOLF.com’s Claire Rogers. “What are better things to do with your money than pay this amount for Ryder Cup Tickets? I guess even the Ryder Cup is not immune from inflation,” one user posted on X. Nobody normal is paying $800 for a Ryder cup ticket,” added another.

Persons: Marco Simone Golf, Kevin Van Valkenburg, LIV, ”, GOLF.com’s Claire Rogers, Gary Kellner Organizations: CNN, Bethpage, Ryder, Country Club, Sunday, America, Europe, Los Angeles Country, PGA, USA, Team Europe Locations: Bethpage Black, Farmingdale , New York, Rome, Los, Europe, Italy

☆ European Central Bank set for third interest rate cut of the year in meeting this week
▼ + stars: | 2024-10-14 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

European flags flutter in front of the European Central Bank (ECB) building prior to a news conference following the meeting of the governing council of the ECB in Frankfurt/Main, Germany, on September 12, 2024. Daniel Roland | Afp | Getty ImagesThe European Central Bank is on course to deliver its third interest rate cut of the year at its meeting this Thursday, as policymakers say inflation risks are easing faster than previously expected. Headline price rises in the euro area cooled to 1.8% in September, below the central bank's 2% target. Bank of France Governor Francois Villeroy de Galhau last week described an October rate cut as "very likely" and said such a step "won't be the last." This led him to forecast ECB rate cuts will take place both this week and at each of the central bank's forthcoming meetings, until the deposit rate hits 2.5%.

Persons: Daniel Roland, Francois Villeroy de Galhau, Villeroy, Christine Lagarde, Joachim Nagel, Germany's Bundesbank, Jack Allen Organizations: European Central Bank, ECB, Afp, Getty, Bank of France, France, European Union, Citi, Media, U.S, U.S . Federal, Barclays, Capital Economics, Reynolds, Bank of America Global Research Locations: Frankfurt, Main, Germany, U.S .

☆ Jim Cramer expects Nvidia-led chip rally to continue as bull market enters third year
▼ + stars: | 2024-10-14 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +3 min

CNBC's Jim Cramer on Monday marked the two-year anniversary of the current bull market with an ode to Nvidia and the U.S. semiconductor industry. "We have a remarkable semiconductor rally, and it is at the heart of this market," Cramer said on "Squawk on the Street." Broadcom helps tech heavyweights, most notably Alphabet-owned Google , design specialty AI chips and also provides other products used inside data centers. NVDA .SPX mountain 2022-10-12 Nvidia's stock performance compared with the S & P 500 during the two-year bull market, which began on Oct. 12, 2022. "Amazon is the company that Jensen kept referencing to me as a great friend," said Cramer, whose Trust also owns Amazon stock.

Persons: CNBC's Jim Cramer, Cramer, Dell, Jensen Huang, Jensen Organizations: Nvidia, Micro Computer, Broadcom, Cramer's Charitable Trust, CNBC, Club, Micro, Arista Networks, Dell Technologies, Arista, Facebook, Meta, Amazon Web Locations: U.S, Cramer's

☆ Morgan Stanley sees stabilizing economy boosting cyclical stocks, names its favorites
▼ + stars: | 2024-10-14 | by ( Brian Evans | Nicole Teo | ) www.cnbc.com time to read: +3 min

Even as focus turns to the upcoming presidential election, Morgan Stanley thinks the business cycle will matter more for stock picking. NVDA YTD mountain Nvidia stock. Wells Fargo also made the cut. WFC YTD mountain Wells Fargo stock. Wells Fargo also repurchased $3.5 billion worth of stock throughout the quarter, which marked a 60% increase from the same period a year ago.

Persons: Morgan Stanley, Michael Wilson, Wilson, Nvidia, Goldman Sachs, Toshiya Hari, Wells Fargo, Jason Goldberg, Goldberg Organizations: Nvidia, Barclays Locations: Wells Fargo

But mortgage rates are expected to go down next year, so it could be worth waiting if you aren't in a rush. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. But now that inflation has decelerated and the Fed is expected to cut rates soon, mortgage rates have trended down. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: they're, you'll, they've, Freddie Mac, it's, Fannie Mae Organizations: Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs, Fed, Mortgage, Association Locations: Chevron

☆ Stocks making the biggest moves premarket: Flutter Entertainment, Boeing, SiriusXM, Caterpillar and more
▼ + stars: | 2024-10-14 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Crypto stocks – Stocks linked to cryptocurrencies rose as Bitcoin soared above $64,000 to start the week. Flutter Entertainment – The FanDuel parent company popped 4% after Wells Fargo upgraded shares to overweight , saying that investors should consider buying the stock following the recent sell-off. Boeing also postponed the delivery of its still-uncertified 777X wide-body plane and forecasted a wider-than-expected loss for the third quarter. Sirius XM Holdings – The audio entertainment company rose 3.5% after Warren Buffett's Berkshire Hathaway disclosed that it purchased more of the stock. Caterpillar – The industrial company slipped more than 2% after Morgan Stanley downgraded shares to underweight from equal weight.

Persons: MicroStrategy, Mara, Mara Holdings —, Coinbase, Wells, Warren Buffett's Berkshire Hathaway, Morgan Stanley, Goldman Sachs, AppLovin, Eli Lilly's, —, Alex Harring, Samantha Subin, Jesse Pound, Sarah Min, Hakyung Kim, Pia Singh Organizations: Mara Holdings, Boeing –, Boeing, Sirius XM Holdings, Berkshire, Sirius, Caterpillar, Walmart, Food and Drug Administration

☆ Budget brands are winning in China as people turn to cheap food and fashion
▼ + stars: | 2024-10-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

Companies like Japan's Saizeriya, Yum China, and Fast Retailing have recently reported strong sales. There are similarities between Japan's "Lost Decade" of economic stagnation in the 1990s, after the country's asset and credit bubbles burst, and China's economic downturn now. The ethos has benefited companies with budget offerings, including Yum China, which operates KFC and Pizza Hut in the country. Intense competitionHowever, China's market is a fast and furious one — even for winners — and the country's economic downturn has created cut-throat competition with aggressive price wars. As China's economic malaise deepened, boba tea went from premium pricing around $3.50 to $5.50 on average to as little as $1 or less over the last few years.

Persons: —, Hideharu Matsutani, Matsutani, Saizeriya, MingYii Lai, Lai, Uniqlo, boba, Jason Yu, Kantar, BI's Matthew Low, Allison Malmsten Organizations: Retailing, Service, McKinsey, Tokyo Stock Exchange, Daxue Consulting, Shoppers, Yum, Fast Retailing, — Locations: China, Japan, Beijing, Greater China, Yum China

☆ Nvidia heads for record close as AI chipmaker's market cap tops $3.4 trillion
▼ + stars: | 2024-10-14 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Jensen Huang, co-founder and chief executive officer of Nvidia Corp., speaks during an event in Taipei, Taiwan, on Sunday, June 2, 2024. Nvidia shares headed for a record close on Monday as Wall Street gears up for earnings season and updates from all of the chipmaker's top customers on their planned spending on artificial intelligence infrastructure. Companies including Microsoft , Meta , Google , and Amazon are purchasing Nvidia GPUs in large quantities to build increasingly large clusters of computers for their advanced AI work. With a market cap of $3.4 trillion, Nvidia is the second most valuable publicly traded U.S. company, behind Apple at about $3.53 trillion. WATCH: Nvidia CEO Jensen Huang on Squawk Box

Persons: Jensen Huang, ChatGPT Organizations: Nvidia Corp, Nvidia, Companies, Microsoft, Meta, Google, Mizuho, U.S, Apple Locations: Taipei, Taiwan

☆ Media mogul Barry Diller slams fellow billionaires who back Trump for economic reasons: they 'don't need another nickel'
▼ + stars: | 2024-10-14 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Barry Diller called out ultrarich Americans who support Trump for economic reasons. The IAC chairman said those people were ignoring Trump's character flaws in pursuit of financial gain. Both Trump and Harris have pitched tax breaks ahead of this year's presidential election. AdvertisementBarry Diller criticized other ultrawealthy Americans for backing former president Donald Trump for economic reasons when they don't need any more money. The CRFB study found that Harris' policy proposals would add $3.5 trillion to the deficit.

Persons: Barry Diller, Harris, —, Donald Trump, Diller, who's, He's, Kamala Harris, Michael Wolff, Andrew Ross Sorkin, Trump, John Paulson, Paulson, didn't, Trump's Organizations: Trump, IAC, Service, Paramount Pictures, Century Fox, USA Networks, Democratic, Business, Social Security, Budget Locations: New York City

☆ How Trump’s tariffs would work
▼ + stars: | 2024-10-13 | by ( Katie Lobosco | Annette Choi | ) edition.cnn.com time to read: +3 min

Study after study, including one from the federal government’s bipartisan US International Trade Commission, has found that Americans have borne almost the entire cost of Trump’s tariffs on Chinese products. When Trump was in office, he implemented tariffs on about $380 billion worth of goods imported into the US, according to a Tax Foundation analysis. The Trump tariffs also hit foreign steel, aluminum, washing machines and solar panels. But even if Trump implements tariffs on all US imports, the resulting revenue is unlikely to cover all these costs. The Committee for a Responsible Federal Budget recently estimated that Trump’s tariff plan would not generate enough revenue to pay for his other spending proposals.

Persons: Donald Trump, Trump, ” Trump, He’s, Kamala Harris, Harris, he’s Organizations: Washington CNN, White, Trump, US International Trade Commission, Biden, Social Security, CNBC, Detroit Economic, Federal Budget Locations: Michigan

☆ Flooded roads, worried passengers, and no income: Florida Uber and Lyft drivers share their experiences on the road before and after Hurricane Milton
▼ + stars: | 2024-10-12 | by ( Noah Sheidlower | Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

Uber and Lyft drivers in Florida saw gas shortages and obstructed roads before and after Milton. After making landfall in Florida, Hurricane Milton caused at least 14 deaths and left millions without power. In the days preceding the storm, some Uber and Lyft drivers went from transporting beachgoers to helping residents flee their communities — before eventually fleeing themselves. Related storiesTrent T., 50, drives independently for his own transportation company and for Uber and Lyft in South Florida. Are you an Uber or Lyft driver in a hurricane-impacted area who's willing to share your story?

Persons: Milton, —, Sergey, Hurricane Helene, Florida , Hurricane Milton, Hurricane Milton, Uber, Fort, Lyft, Trent, Blaine, Yvonne, Charles P, Orlando —, I'm, Charles Organizations: Service, BI, Hurricane, Florida Division, Emergency Management, Tampa, Drivers, jzinkula Locations: Florida, St . Petersburg , Florida, Hurricane, Florida , Hurricane, St . Petersburg, Clearwater, Orlando, Fort Myers, Sarasota, Tampa Bay, South Florida, Milton, Tampa, Ocala —, Savannah , Georgia, Titusville —

South Korea's central bank has cut its benchmark interest rate by 25 basis points to 3.25%, the first rate cut from the BOK since the Federal Reserve started tightening its monetary policy in March 2022. This was in line with a poll of economists from Reuters, who forecasted a rate cut. At that time, South Korea's inflation stood at 2.6%, but climbed sharply to hit 6.3% in July 2022, its highest in over 20 years. Oh noted that macro conditions are supportive of a rate cut, with a "favourable" inflationary backdrop. Oh predicts that after the October cut of 25 basis points, three more consecutive cuts will follow on a quarterly basis, eventually bringing the BOK's benchmark interest rate to 2.5%.

Persons: BOK, Morgan Stanley's, Kathleen Oh, We've, Morgan Stanley Organizations: Bank of, Federal Reserve, Reuters Locations: Bank of Korea, Seoul, Korea's, Korea

☆ How Russia's war economy and defense spending could actually make it weaker
▼ + stars: | 2024-10-11 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +5 min

Russia's President Vladimir Putin visits Uralvagonzavod, the country's main tank factory in the Urals, in Nizhny Tagil on February 15, 2024. Ramil Sitdikov | Afp | Getty ImagesRussia's war-orientated economy and plans for unprecedented military spending risk deepening major imbalances within the government's finances, analysts say. Russia's military-industrial complex, feeding an insatiable war machine, has expanded significantly since the war began, as a result. Signalling its commitment to prosecuting the war in Ukraine, combined spending on both national defense and security will account for around 40% of Russia's total government spending in 2025, the draft budget suggested. Notably, defense spending will exceed twice the amount allocated for social needs such as pensions, Reuters noted.

Persons: Vladimir Putin, Uralvagonzavod, Ramil Sitdikov, Mikhail Mishustin, Tursa, Liam Peach, Peach, Alexander NEMENOV, ALEXANDER NEMENOV, Alexander Nemenov Organizations: Afp, Getty, Reuters, Sputnik, Capital Economics, Russian Statistics Agency Locations: Urals, Nizhny Tagil, Ukraine, Russia, Russian, Western, Central, Eastern Europe, Moscow, AFP

☆ Wells Fargo shares jump after earnings top Wall Street expectations
▼ + stars: | 2024-10-11 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Wells Fargo on Friday reported third-quarter earnings that exceeded Wall Street expectations, causing its shares to rise. The better-than-expected earnings came even with a sizeable decline in net interest income, a key measure of what a bank makes on lending. "Our revenue sources are more diverse and fee-based revenue grew 16% during the first nine months of the year, largely offsetting net interest income headwinds." Wells saw net income fall to $5.11 billion, or $1.42 per share, in the third quarter, from $5.77 billion, or $1.48 per share, during the same quarter a year ago. The net income includes $447 million, or 10 cents a share, in losses on debt securities, the company said.

Persons: Wells, Charles Scharf Organizations: LSEG Locations: Wells Fargo, San Francisco

☆ Another reason to rethink CDs: Your return is less than it seems
▼ + stars: | 2024-10-11 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Now that the Federal Reserve has started to cut the federal funds rate, those yields are moving lower. Lincoln Financial's analysis shows that cash yields have historically fallen by 2%, on average, twelve months after the start of a Fed cutting cycle. What to do with excess cash Instruments like CDs, high-yield savings accounts and money market funds are a good place to stash cash for emergencies and upcoming expenses. However, the forward market implies that they should start to look appealing relative to money funds in about six months, Abate wrote. "We expect investors to rotate from money funds into IG only if compensated for the risk," he noted.

Persons: Joe Boyle, Sallie Mae, Goldman Sachs, Marcus, Michael Kaye, Jayson Bronchetti, Lincoln, Boyle, Lincoln Financial's Bronchetti, Bronchetti, we've, Joseph Abate, Abate Organizations: Hartford Funds, Investors, Federal Reserve, American, Financial, Synchrony, Fed, Lincoln Financial, Bloomberg U.S, Barclays, Reserve, IG Locations: Wells Fargo, U.S

☆ We're hiking our Wells Fargo price target after the stock surged on earnings
▼ + stars: | 2024-10-11 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Wells Fargo reported results before Friday's opening bell. WFC YTD mountain Wells Fargo YTD Shares of Wells Fargo surged 6% on the release to more than $61. Wells Fargo Why we own it : We bought Wells Fargo as a turnaround story under CEO Charlie Scharf. We come away from the call feeling good not only about Wells Fargo's setup for next year. A resurgence in Wall Street dealmaking — both mergers and acquisitions and initial public offerings — will benefit Wells Fargo.

Persons: Wells, Wells Fargo, That's, Charlie Scharf, He's, Scharf, Charles Scharf, we've, Morgan Stanley, NII, Jim Cramer's, Jim Cramer, Jim Organizations: Investors, Wells, Federal Reserve, Bank of America, Citigroup, buybacks, Management, CNBC Locations: LSEG, Wells, Wells Fargo, reinvest, U.S, NII

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