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WFC

Wells Fargo

$44.79

0.035 (0.08%)

15:34
10/14/16
10/14
15:34
10/14/16
15:34

Ohio Governor Kasich bars Wells Fargo from participation in state financial work

Ohio Governor John Kasich announced that, for one year, he is barring Wells Fargo & Company from participating in future state debt offerings and financial services contracts initiated by state agencies under his authority and that he will seek to exclude Wells Fargo from participating in debt offerings initiated by the Ohio Public Facilities Commission. Kasich is taking the action in response to the recent news that Wells Fargo engaged in business practices that drove employees to create more than two million new accounts without customers' knowledge or authorization in order to generate new fee revenue. As a result, the bank was fined $185M by the federal government and more than 5,000 employees were fired for the practice. Furthermore, some employees who objected to the practices were penalized or fired. "It's clear that Wells Fargo's culture was compromised by greed and by a desire to make money that was stronger than a commitment to following proper ethical standards. While Wells Fargo only does limited retail banking in Ohio, it does regularly seek state bond business so I have instructed my Administration to seek services from other banks instead, and I'll cast my votes against Wells Fargo on the Public Facilities Commission. This company has lost the right to do business with the State of Ohio because its actions have cost it the public's confidence. Policymakers' first instinct in these situations is often to just write another law, but we've seen that that doesn't always make a difference. We need to send a message to this company-and every other company-that the public must be respected, that ethical standards must be respected and when they're not it comes with a cost," Kasich said. Reference Link

  • 14

    Oct

  • 23

    Oct

WFC Wells Fargo
$44.79

0.035 (0.08%)

10/13/16
BOFA
10/13/16
NO CHANGE
Target $48
BOFA
Buy
'Healing process' may now start for Wells shares, BofA/Merrill says
BofA/Merrill analyst Erika Najarian believes the departure of CEO, Chairman and President John Stumpf could begin a "healing process" for the shares of Wells Fargo. Consensus feedback from investors post the Congressional hearings is that Stumpf retiring may be a necessary step for the bank to begin putting the cross-sell controversy behind it, Najarian tells investors in a research note. The analyst expects the shares to react positively today on the news. She has a Buy rating on Wells Fargo with a $48 price target. The shares are down 9c to $45.23 in pre-market trading.
10/10/16
UBSW
10/10/16
UPGRADE
Target $44
UBSW
Neutral
Wells Fargo upgraded to Neutral from Sell at UBS
UBS analyst Brennan Hawken upgraded Wells Fargo to Neutral saying the risk/reward appears more balanced after the significant underperformance of the shares. The analyst believes Wells' earnings outlook remains uncertain, however. He keeps a $44 price target for the shares.
10/04/16
10/04/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Wells Fargo (WFC) downgraded to Underperform from Market Perform at Raymond James with analyst David Long saying the fallout from the unauthorized account openings will result in continued under performance. The analyst said several additional investigations, lawsuits, and fines have been announced, resulting in a still cloudy outlook. 2. Kinder Morgan (KMI) downgraded to Hold from Buy at Stifel analyst Selman Akyol citing valuation. 3. GrubHub (GRUB) downgraded to Hold from Buy at Stifel with analyst John Egbert citing valuation. 4. Dr Pepper Snapple (DPS) downgraded to Hold from Buy at Evercore ISI with analyst Robert Ottenstein saying reports that Bai Brands is looking for a new owner are credible and could change investor's psychology on the stock and its Allied Brands business. 5. Dollar Tree (DLTR) downgraded to Neutral from Buy at Cleveland Research with the firm saying sales trends appear to have slowed further at Family Dollar as the company struggles with increased price competition, difficult comps, and strategy headwinds. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/04/16
RAJA
10/04/16
DOWNGRADE
RAJA
Underperform
Wells Fargo downgraded to Underperform from Market Perform at Raymond James
Raymond James analyst David Long downgraded Wells Fargo to Underperform and reduced estimate saying the fallout from the unauthorized account openings will result in continued under performance. The analyst said several additional investigations, lawsuits, and fines have been announced, resulting in a still cloudy outlook.

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HEP

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BIDU

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MOBL

MobileIron

$4.45

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LPLA

LPL Financial

$38.52

-0.84 (-2.13%)

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MSFT

Microsoft

$68.27

0.44 (0.65%)

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MOBL

MobileIron

$4.45

-0.05 (-1.11%)

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BIDU

Baidu

$187.86

1.19 (0.64%)

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URBN

Urban Outfitters

$23.15

-0.55 (-2.32%)

16:34
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INT

World Fuel Services

$36.79

-0.31 (-0.84%)

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IPAR

Inter Parfums

$36.95

0.2 (0.54%)

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MOBL

MobileIron

$4.45

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IPAR

Inter Parfums

$36.95

0.2 (0.54%)

16:33
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MERC

Mercer

$12.55

0.1 (0.80%)

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SGMS

Scientific Games

$22.80

-0.1 (-0.44%)

16:33
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Earnings
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VDSI

VASCO Data Security

$13.60

-0.05 (-0.37%)

16:32
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Earnings
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  • 27

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IPAR

Inter Parfums

$36.95

0.2 (0.54%)

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Earnings
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VDSI

VASCO Data Security

$13.60

-0.05 (-0.37%)

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Earnings
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LRN

K12

$20.26

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16:32
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