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WFC

Wells Fargo

$44.95

0.45 (1.01%)

16:54
10/18/16
10/18
16:54
10/18/16
16:54

S&P cuts Wells Fargo outlook, says investigations could reveal more impropriety

S&P Global Ratings said it revised its outlook on Wells Fargo to negative from stable. The ratings agency affirmed the A/A-1 issuer credit ratings on Wells and the AA-/A-1+ issuer credit ratings on Well's main operating subsidiaries. The group credit profile remains a+. "Our outlook revision reflects the increased business risks for Wells over the past few weeks, stemming from accelerated reputational issues from the September 8 news of the company's retail accounts sales misconduct over recent years. Uncertainty has increased, in our view, regarding the scope and ramifications of the misconduct, the duration and magnitude of the reputational damage, the possible impact on the company's customer flows, and the potential consequences of ongoing legal and regulatory investigations. Additionally, the company's management team and retail business model are unexpectedly in transition as a result of this misconduct, and this may lessen our view of the company's business stability relative to highly rated peers. Wells will likely continue to face significant business challenges for at least several months. We believe that the company's settlement with the CFPB, OCC, and LA Attorney of $185M, which is very small relative to the company's financial strength, may not sufficiently capture the damage caused by the retail sales misconduct. A number of ongoing internal and third-party investigations could reveal additional inappropriate practices at the retail bank," said the agency.

  • 23

    Oct

WFC Wells Fargo
$44.95

0.45 (1.01%)

10/17/16
BMOC
10/17/16
UPGRADE
BMOC
Market Perform
Wells Fargo upgraded to Market Perform from Underperform at BMO Capital
10/17/16
BMOC
10/17/16
UPGRADE
BMOC
Market Perform
Wells Fargo upgraded on valuation at BMO Capital
As noted earlier, BMO Capital upgraded Wells Fargo to Market Perform from Underperform. Analyst James Fotheringham upgraded the stock based on valuation.
10/17/16
10/17/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Wells Fargo (WFC) upgraded to Market Perform from Underperform at BMO Capital with analyst James Fotheringham. 2. AMD (AMD) upgraded to Perform from Underperform at Oppenheimer with analyst Rick Schafer citing lower balance sheet risk and improved near-term sales trends ahead of the company's third quarter results. 3. Groupon (GRPN) upgraded to Outperform from Neutral at Wedbush with analyst Aaron Turner saying he expects the company's "large valuation discrepancy" relative to peers to close following its third quarter earnings report. 4. Michael Kors KORS) upgraded to Mixed from Negative at OTR Global. 5. PNC Financial (PNC) upgraded to Buy from Hold at Argus with analyst Stephen Biggar saying PNC is well positioned to benefit from rising rates and it is making progress on a range of strategic initiatives, including expansion in the Southeast and in the Chicago area, where increased brand awareness has led to good growth in both retail and commercial banking. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/17/16
10/17/16
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. JPMorgan (JPM) downgraded to Neutral from Buy at Buckingham and to Market Perform from Outperform at BMO Capital. 2. Wells Fargo (WFC) downgraded to Market Perform from Outperform at Keefe Bruyette with analyst Brian Kleinhanzl saying the valuation "cannot overcome" all the uncertainty. 3. Lowe's (LOW) downgraded to Buy from Conviction Buy at Goldman with analyst Matthew Fassler saying the home improvement retail sector is closely tied to housing turnover and home improvement sales are also approaching normalized levels. 4. Pandora (P) downgraded to Underperform from Neutral at BofA/Merrill with analyst Nat Schindler saying he believes Pandora's $4B revenue 2020 revenue goal will be difficult to achieve as the on-demand subscription streaming market has become increasingly competitive and the user base is fully penetrated. 5. Time Warner (TWX) downgraded to Neutral from Outperform at Wedbush with analyst James Dix citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

INFY

Infosys

$14.84

0.065 (0.44%)

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Infosys reports auditors found no evidence of wrongdoing »

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INFY

Infosys

$14.84

0.065 (0.44%)

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NY AG Schneiderman announces $1M settlement with Infosys »

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WDC

Western Digital

$90.25

-0.78 (-0.86%)

11:25
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Western Digital call volume above normal and directionally bullish »

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VLKAY

Volkswagen

$30.88

0.6 (1.98%)

11:22
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Periodicals
VW reducing workforce at core unit more quickly than planned, Reuters says »

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PTLA

Portola Pharmaceuticals

$38.25

-1.24 (-3.14%)

11:18
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Breaking Hot Stocks news story on Portola Pharmaceuticals »

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$NSD

NASDAQ Market Internals

11:17
06/23/17
06/23
11:17
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11:17
Technical Analysis
NASDAQ market internals summary »

Volume is average for…

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$NYE

NYSE Market Internals

11:16
06/23/17
06/23
11:16
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11:16
Technical Analysis
NYSE market internals summary »

Volume is below average…

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VALE

Vale

$8.22

0.12 (1.48%)

11:10
06/23/17
06/23
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06/23/17
11:10
Options
10K VALE Jan 10 calls trade at 40c on ISE »

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NURO

NeuroMetrix

$2.89

0.056 (1.98%)

11:08
06/23/17
06/23
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11:08
Hot Stocks
NeuroMetrix provides update on Quell wearable pain relief clinical program »

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CAT

Caterpillar

$103.76

-0.08 (-0.08%)

11:08
06/23/17
06/23
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11:08
Hot Stocks
As bar gets raised Deutsche Bank gets less bullish on Caterpillar »

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HZNP

Horizon Pharma

$11.87

0.44 (3.85%)

11:04
06/23/17
06/23
11:04
06/23/17
11:04
Earnings
Horizon Pharma now sees FY17 net sales $985M-$1.02B, consensus $990.53M »

In May, Horizon lowered…

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HZNP

Horizon Pharma

$11.87

0.44 (3.85%)

11:02
06/23/17
06/23
11:02
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11:02
Hot Stocks
Horizon Pharma completes sale of European marketing rights for Procysbi »

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UUP

PowerShares DB US Dollar Index Up

$25.14

-0.09 (-0.36%)

11:00
06/23/17
06/23
11:00
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11:00
Options
Large spread in UPS as shares deliver gains »

Large spread in UPS as…

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11:00
06/23/17
06/23
11:00
06/23/17
11:00
General news
Breaking General news story  »

St. Louis Federal Reserve…

10:55
06/23/17
06/23
10:55
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10:55
General news
Euro$ interest rate futures are marginally lower »

Euro$ interest rate…

NVO

Novo Nordisk

$44.13

0.46 (1.05%)

10:52
06/23/17
06/23
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10:52
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Novo Nordisk reports up to 13.8% weight loss in people receiving semaglutide »

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UPS

UPS

$110.54

1.469 (1.35%)

10:45
06/23/17
06/23
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10:45
Options
UPS call volume above normal and directionally bullish »

Bullish option flow…

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  • 07

    Jul

WMGI

Wright Medical

$26.99

0.11 (0.41%)

10:45
06/23/17
06/23
10:45
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10:45
Conference/Events
Wright Medical has a conference call hosted by JPMorgan »

JPMorgan Analyst Hanover…

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  • 23

    Jun

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    Jun

  • 28

    Jun

  • 03

    Jul

WDC

Western Digital

$90.25

-0.78 (-0.86%)

10:40
06/23/17
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10:40
Technical Analysis
Technical View: Western Digital trades higher as Toshiba indicates open to talks »

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SNCR

Synchronoss

$12.18

1.53 (14.37%)

10:31
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Hot Stocks
Synchronoss confirms receipt of Siris Capital indication of interest »

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TGT

Target

$50.81

0.175 (0.35%)

10:31
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Periodicals
Target starts removing all Hampton Creek products from stores, Bloomberg reports »

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10:30
06/23/17
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General news
The 2.9% May U.S. new home sales rise »

The 2.9% May U.S. new…

YY

YY

$58.32

-0.66 (-1.12%)

10:28
06/23/17
06/23
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10:28
Conference/Events
YY management to meet with Jefferies »

Meeting to be held in New…

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  • 27

    Jun

SYY

Sysco

$50.78

-1.9958 (-3.78%)

, USFD

US Foods

$26.33

-1.275 (-4.62%)

10:27
06/23/17
06/23
10:27
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10:27
Hot Stocks
JPMorgan sees food distributors facing competition from Amazon »

Noting that Amazon's…

SYY

Sysco

$50.78

-1.9958 (-3.78%)

USFD

US Foods

$26.33

-1.275 (-4.62%)

PFGC

Performance Food Group

$26.00

-1.25 (-4.59%)

AMZN

Amazon.com

$1,001.30

-0.93 (-0.09%)

WFM

Whole Foods

$43.20

-0.06 (-0.14%)

03/08/13
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  • 28

    Jun

ALGN

Align Technology

$149.69

0.27 (0.18%)

10:25
06/23/17
06/23
10:25
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10:25
Conference/Events
Stifel medical technology analysts hold an analyst/industry conference call »

Research Team discusses…

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  • 23

    Jun

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