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  • 09/13/2017 10:39:45

    Wells Fargo CEO Addresses Auto Scandals at Barclays Conference

    Wells Fargo & Co. Chief Executive Tim Sloan spoke on a number of issues impacting the bank’s auto finance business during a presentation at the 2017 Barclays Financial Services Conference including the forced-insurance scandal, tightened underwriting tactics, and a possible increase in losses due to Hurricane Harvey. When asked aboutRead More

  • 09/07/2017 14:02:45

    Popular financial ETF ends below 200-day moving average for first time in 14 months

    A popular way to wager on the financial sector Thursday closed below a long-term trend line intraday for the first time in about 14 months. The Financial Select Sector SPDR ETF tumbled 1.7% to 23.88 on Thursday, closing below its 200-day moving average at 23.98 for the first time since early July, according to FactSet data. Market technicians tend to see short-term and long-term moving averages as dividing lines between bullish and bearish trends. Slipping below an trading averages is viewed as a bearish sign. The financial sector has been under recent pressure as Wall Street's expectations for another interest-rate increase in 2017 has diminished and as benchmark yields have fallen to their lowest level in 2017. The yield on the 10-year Treasury note declined to around 2.05% Thursday after a European Central Bank news conference. Anxieties about North Korea's recent test of a hydrogen bomb over the Labor Day weekend also have contributed to the swing lower for yields, which move inversely to prices. Recent declines in the 10-year Treasury yield narrows the gap between long- and short-term rates, potentially undercutting banks' business model of borrowing short term and providing long-term loans. Overall, the stock market edged lower, with the Dow Jones Industrial Average down 0.1% at 21,786, the S&P 500 index finished flat at 2,465, while the Nasdaq Composite Index also was little changed at 6,397.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 09/07/2017 11:28:00

    Popular financial ETF trades below 200-day moving average for first time in 14 months

    A popular way to wager on the financial sector Thursday afternoon was trading below a long-term trend line intraday for the first time in about 14 months. The Financial Select Sector SPDR ETF tumbled 1.9% to 23.83 on Thursday, trading below its 200-day moving average at 23.98 for the first time since early July, according to FactSet data. Market technicians tend to see short-term and long-term moving averages as dividing lines between bullish and bearish trends. Slipping below an average is viewed as a bearish sign. The financial sector has been under recent pressure as Wall Street's expectations for another interest-rate increase in 2017 has diminished and as benchmark yields have fallen to their lowest level in 2017. The yield on the 10-year Treasury note fell to around 2.06% Thursday after a European Central Bank news conference. Anxieties about North Korea's recent test of a hydrogen bomb over the Labor Day weekend also have contributed to the swing lower for yields, which move inversely to prices. Recent declines in the 10-year Treasury yield narrows the gap between long- and short-term rates, potentially undercutting banks' business model of borrowing short term and providing long-term loans. Overall, the stock market was tipping lower, with the Dow Jones Industrial Average down 0.2% at 21,768, the S&P 500 index trading 0.1% lower at 2,463, while the Nasdaq Composite Index was flat at 6,395. U.S. equities had opened slightly higher on the day.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 09/07/2017 08:52:28

    Popular financial ETF falls below 200-day moving average for first time in 14 months

    A popular way to wager on the financial sector Thursday morning dipped below a long-term trend line intraday for the first time in about 14 months. The Financial Select Sector SPDR ETF tumbled 1.6% to 23.92 on Thursday, trading below its 200-day moving average at 23.98 for the first time since early July, according to FactSet data. Market technicians tend to see short-term and long-term moving averages as dividing lines between bullish and bearish trends. Slipping below an average is viewed as a bearish sign. The financial sector has been under recent pressure as Wall Street's expectations for another interest-rate increase in 2017 has diminished and as benchmark yields have fallen to their lowest level in 2017. The yield on the 10-year Treasury note fell to around 2.05% Thursday after a European Central Bank news conference. Anxieties about North Korea's recent test of a hydrogen bomb over the Labor Day weekend also have contributed to the swing lower for yields, which move inversely to prices. Recent declines in the 10-year Treasury yield narrows the gap between long- and short-term rates, potentially undercutting banks' business model of borrowing short term and providing long-term loans. Overall, the stock market was tipping lower, with the Dow Jones Industrial Average down 0.2% at 21,770, the S&P 500 index trading 0.2% lower at 2,461, while the Nasdaq Composite Index was retreating by 0.1% at 6,385. U.S. equities had opened slightly higher on the day.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 08/28/2017 09:16:13

    UPDATE: Expedia shares fall 4.5% on news CEO Khosrowshahi to become head of Uber

    Shares of online travel company Expedia Inc. tumbled 4.5% in early trade Monday, on news that Chief Executive Dara Khosrowshahi is to become next CEO of Uber. The news is "an incremental negative for Expedia, in our view, given Mr. Khosrowshahi's hand in Expedia's success to date," SunTrust Robinson Humphrey analysts wrote in a note. "While such an outcome would create some near term leadership vacuum at the CEO level, we do not expect to see a material negative hit to the business's performance given the deep executive bench and the organizational set-up of the company." Khosrowshahi has held the role for more than a decade and is broadly credited with positioning the company as a leading player in its field. However, the business heads at its key units operate with some independence in day-to-day decision making, meaning the business is unlikely to see disruption, the analysts wrote. SunTrust views Chief Financial Officer Mark Okerstrom and Aman Bhutani, who is president of the brand, as front runners for the CEO spot. The former has been at Expedia since 2006, while the latter has been there for seven years. Shares have gained 26% in 2017, while the S&P 500 has gained 9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 08/17/2017 10:05:48

    Westlake Reimburses Borrowers Charged Over 21% APR

    The Massachusetts Division of Banks has ordered several fines and penalties against a number of buy-here-pay-here auto lenders — including Westlake Financial Inc.’s subsidiary Western Funding Inc. — for failure to obtain proper licensing and illegal lending practices. Last week, the agency announced in a press release that Westlake enteredRead More

  • 08/09/2017 13:49:46

    Fiduciary rule may face 18-month delay: WSJ

    A rule intended to protect retirement savers from biased investment advice may face an 18-month delay in implementation, the Wall Street Journal reported on Wednesday, citing a recent court document. WSJ said the Labor Department has proposed that compliance to the retirement-savings regulation, known as the fiduciary rule, be pushed back to July 1, 2019 from Jan. 1, 2018, according to papers filed with the U.S. District Court for the District of Minnesota. The Labor Department filing is part of a lawsuit against the department challenging how clients can seek legal satisfaction against advisers. The fiduciary rule, brought to life by President Barack Obama in the wake of the 2008-'09 financial crisis, has gone through a number of twists and turns after pro-Wall Street President Donald Trump came into office, with many expecting that the GOP leader might defang the rule entirely. The Obama administration argued that conflicted advice from financial advisers resulted in billions of losses on retirement-savings accounts. A number of companies have already taken measures to comply with the rule. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 08/04/2017 12:49:54

    Wells Fargo's stock takes a dive after news that unauthorized accounts created could be more than expected

    Wells Fargo & Co.'s stock took a dive in afternoon trade Friday, after the bank disclosed that the number of authorized accounts created during the customer account scandal could be a lot higher than previously thought. The stock was down about 0.2% a little after 2:00 p.m. ET, then tumbled to be down as much as 2.8%, before recovering slightly to be down 1.1% in recent trade. In a filing with the Securities and Exchange Commission, the bank stated that a review of sales practices, which is expected to completed by the end of the third quarter, "may lead to a significant increase in the identified number of potentially unauthorized accounts." Wells Fargo said it expanded the review period to January 2011 through September 2016 from May 2011 to mid-2015, and will perform a voluntary review of accounts from 2009 to 2010. The bank also disclosed that the board of directors is reviewing its structure, composition and practices, and will announce actions to take in the third quarter. The stock has lost 4.2% year to date, while the SPDR Financial Select Sector ETF has climbed 9.1% and the S&P 500 has gained 10.5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 08/04/2017 11:48:57

    Trivago's stock plunges on heavy volume after surprise loss reported

    Shares of Trivago N.V. tumbled 24% on heavy volume in afternoon trade Friday, after the Germany-based hotel booking site reported a surprise second-quarter loss amid increased marketing spend. Volume ballooned to over 6.2 million shares, compared with the full-day average of about 1.2 million shares. The company reported a U.S. dollar equivalent loss of a penny a share, compared with consensus analyst expectations for a breakeven quarter, according to FactSet. Analyst Shyam Patel at Susquehanna Financial cut his stock price target to $21 from $23, citing a lower outlook for 2018 after management said it continued to expect revenue growth to decelerate. "We continue to like Trivago, given its leadership position in the hotel metasearch space, large runway for growth and ability to sclare margins over time," Patel wrote in a note to clients. But given concerns over valuation, Patel kept the rating at neutral. The stock, which went public on Dec. 16, 2016, was still trading 49% above its $11 IPO price. Meanwhile, the S&P 500 has gained 9.5% over the same time.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 08/03/2017 15:31:10

    Microsoft joins Facebook and Alphabet in move to GAAP reporting

    Microsoft Corp. announced on a conference call Thursday afternoon that it will move to all GAAP reporting in its new fiscal year, a move that fellow tech giants like Facebook Inc. and Alphabet Inc. have also made recently. Microsoft conducted the earnings call to go over the changes to its financial reporting that will result from new revenue-recognition rules, which Microsoft is adopting earlier than most companies. The Securities and Exchange Commission has been cracking down on companies' use of non-GAAP earnings, and tech companies appear to be moving away from those metrics, which typically strip out stock-based compensation and other effects to present healthier profit numbers. Microsoft also restated financial performance for the 2017 and 2016 fiscal years with the changes that the new revenue-recognition rules will bring in order for easier comparisons. Microsoft stock was unchanged in late trading, and has gained 16.1% so far this year, outperforming the 10.7% gain for the S&P 500 index. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 08/01/2017 04:12:10

    BRIEF-Lumber Liquidators announces Q2 earnings per share $0.16

    Lumber Liquidators Holdings Inc(LL). * Lumber Liquidators(LL) announces second quarter 2017 financial results. * Q2 sales $263.5 million versus I/B/E/S view $256.8 million. * Q2 same store sales rose 8.8 percent.

  • 07/27/2017 15:07:09

    BRIEF-Columbia Sportswear Co says Q2 loss per share $0.17

    * Columbia Sportswear Company reports second quarter and first half financial results; updates full year 2017 financial outlook

  • 07/21/2017 15:53:57

    General Electric and Chipotle fall while Capital One climbs

    General Electric and Chipotle Mexican Grill tumble while Capital One Financial and Visa advance

  • 07/16/2017 11:51:05

    Wells Fargo to reduce businesses following fake account scandal -FT

    Wells Fargo(WFC) is poised to eliminate a number of its smaller businesses, the company's chief financial officer said in an article published Sunday.

  • 06/27/2017 12:31:00

    Yellen: I 'don't believe' we'll see another financial crisis in our lifetime

    Federal Reserve chief Janet Yellen on Tuesday said thanks to a number of safeguards enacted in the wake of the 2008 financial crisis and subsequent Great Recession, she doesn’t “believe” another financial crisis is looming on the horizon.

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