Company Overview and News
Wells Fargo & Company’s (WFC - Free Report) CEO Tim Sloan, in a bi-monthly meeting held on Thursday, said that the company plans to reduce its workforce by 5-10% in the next three years, as it seeks to transform itself into a more efficient and customer-oriented firm.
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Bond yields rose on Sep 19, extending the week’s climb, as investors took escalating trade related tensions in stride, and focused more on solid economic data and promising corporate outlook. The yield on the 10-year Treasury note, a benchmark for interest rates, has hit a four-month high. The Federal Reserve, in fact, has stepped up the pace of monetary tightening, with Chairman Jerome Powell vouching for a steady path of interest rate hikes.
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Recently, U.S. Bancorp’s (USB - Free Report) board of directors announced a 23% hike in the company’s quarterly common stock dividend. The revised quarterly dividend comes at 37 cents per share compared with the previous figure of 30 cents. This dividend will be paid on Oct15 to shareholders of record as of Sep 28, 2018. This dividend hike is in line with the company’s 2018 capital plan, which also includes a share-repurchase program of up to $3 billion for a four-quarter period which began on Jul 1, 2018.
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While a strong dollar is nice for those looking to travel to Europe, it’s not so great for companies looking to sell goods and services abroad, and for numerous reasons the U.S. dollar has strengthened dramatically over the summer and now into the fall. Plus, with interest rates headed higher, many of the momentum stocks that have led the markets over the past five years could start to crack.
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In an effort to further simplify operations, Bank of America (BAC - Free Report) announced that it will divest its businesses that manage alternative investment feeder funds to a financial-technology firm, iCapital Network. The financial terms of the deal, expected to close in first half 2019, has not been disclosed. This business, which collects client money to invest in hedge funds and private equity, manages nearly $20 billion in client holdings.
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In the Q2 earnings season, the Finance sector turned out to be one of the best performers. Particularly, benefits from a stabilizing economy and improving interest-rate scenario have well positioned the banking industry. Moreover, lower commercial tax rate are likely to boost banks’ profitability further. In addition, relieving banks from some of the stringent requirements of the Dodd-Frank Act has made the companies optimistic of future earnings growth and raised investors’ sentiments as well.
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If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Comerica (CMA - Free Report) . This company, which is in the Zacks Banks - Major Regional industry, shows potential for another earnings beat.
After facing problems in its consumer lending operations, Wells Fargo’s (WFC - Free Report) commercial lending business is also plagued with challenges now. At the Barclays 2018 Global Financial Services Conference, the company’s chief financial officer, John Shrewsberry, revealed a dismal picture for the bank’s loan book. Loan Outlook Shrewsberry pointed out that Wells Fargo’s total loans as of Jun 30, 2018, declined $3 billion sequentially to $944.
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All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.
Following the upbeat expectations announced at the Barclays Global Financial Services Brokers Conference on Wednesday, Citigroup’s (C - Free Report) shares rose more than 1.5% to close at $70.51. The bank’s chief financial officer, John Gerspach, announced the company’s latest outlook for the Sep-end quarter. The Wall Street biggie expects third-quarter 2018 fixed income and equity trading revenues likely to be flat to slightly higher on a year-over-year basis.
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With an aim to expand business in Asia, HSBC Holdings plc (HSBC - Free Report) plans to add nearly 700 people in its Asia private banking unit by 2022. Additionally, the company aims to double its Asia-based client assets in eight years, per Reuters. HSBC’s private banking unit, which caters to the rich, serves clients with more than $5 million of investable assets. On the other hand, those with less than $5 million of assets are served by the bank’s retail banking and wealth management division.
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Of late, the finance sector has been putting up an impressive performance, with some monthly volatility. The United States’ economic health, on which this sector is largely dependent, has been displaying steady improvement with increasing real GDP numbers, declining unemployment rate, improving consumer spending and stabilizing housing market. A stronger-than-expected U.S. payroll data released last week has raised expectations for the Fed interest rate hike in September — the third this year.
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2018-09-18 - Asif
Overview Rigel Pharmaceuticals is a biotechnology company dedicated to discovering, developing and providing novel small molecule drugs that significantly improve the lives of patients with immune and hematologic disorders, cancer and rare diseases. The company's pioneering research focuses on signaling pathways that are critical to disease mechanisms. The company's first FDA-approved product is TAVALISSE™ (fostamatinib disodium hexahydrate), an oral spleen tyrosine kinase (SYK) inhibitor, for the treatment of adult patients with chronic immune thrombocytopenia who have had an insufficient response to a previous treatment. The company's current clinical programs include Phase 2 studies of fostamatinib in autoimmune hemolytic anemia and IgA nephropathy, and a Phase 1 study for its IRAK program. In addition, Rigel Pharmaceuticals has product candidates in development with partners BerGenBio AS, Daiichi Sankyo, and Aclaris Therapeutics. Since inception, Rigel Pharmaceuticals h...
2018-09-18 - Asif
Overview The company design, develop and sell exoskeleton technology to augment human strength, endurance and mobility. The company's exoskeleton technology serves multiple markets and can be used both by able-bodied users as well as by persons with physical disabilities. Ekso Bionics has sold, rented or leased devices that (a) enable individuals with neurological conditions affecting gait (stroke and spinal cord injury) to rehabilitate and to walk again and (b) allow industrial workers to perform heavy duty work for extended periods. Today, its medical exoskeleton, Ekso GT, is used as a rehabilitation tool to allow physicians and therapists to rehabilitate patients who have suffered a stroke or spinal cord injury. With its unique features designed specifically for hospitals and its proprietary SmartAssist software, Ekso GT allows for the early mobilization of patients, with high step count and high dosage treatments. The intent is to allow the patient’s central nervous syst...
2018-09-18 - Asif
Overview Agile Therapeutics is a forward-thinking women’s healthcare company dedicated to fulfilling the unmet health needs of today’s women. Twirla® and its other current potential product candidates are designed to provide women with contraceptive options that offer greater convenience and facilitate compliance. The company's lead product candidate, Twirla, also known as AG200-15, is a once-weekly prescription contraceptive patch that is at the end of Phase 3 clinical development. Since its inception in 1997, Agile Therapeutics has devoted substantial resources to developing Twirla, building its intellectual property portfolio, business planning, raising capital and providing general and administrative support for these operations. The company incurred research and development expenses of $14.4 million, $20.9 million and $25.6 million during the years ended December 31, 2017, 2016 and 2015, respectively. The company incurred research and development expenses of $2.4 milli...
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