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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

LGND

Ligand

$149.33

2.94 (2.01%)

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UCTT

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1.32 (5.58%)

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T

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0.2 (0.54%)

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QD

Qudian

$12.29

0.1 (0.82%)

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Qudian Inc call volume above normal and directionally bullish »

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CAT

Caterpillar

$168.90

0.4 (0.24%)

, ROSE

Rosehill Resources

$7.96

0.01 (0.13%)

10:39
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CAT

Caterpillar

$168.90

0.4 (0.24%)

ROSE

Rosehill Resources

$7.96

0.01 (0.13%)

ARNA

Arena Pharmaceuticals

$34.36

0.48 (1.42%)

EA

Electronic Arts

$113.14

1.22 (1.09%)

ATVI

Activision Blizzard

$70.36

1.65 (2.40%)

BBU

Brookfield Business Partners

$36.62

-0.18 (-0.49%)

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SYMC

Symantec

$27.52

-0.35 (-1.26%)

, JUNO

Juno Therapeutics

$69.25

23.65 (51.86%)

10:39
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On The Fly: Top five analyst downgrades »

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SYMC

Symantec

$27.52

-0.35 (-1.26%)

JUNO

Juno Therapeutics

$69.25

23.65 (51.86%)

CMCSA

Comcast

$41.68

-0.14 (-0.33%)

FSLR

First Solar

$72.00

0.78 (1.10%)

CVX

Chevron

$131.82

-0.54 (-0.41%)

03/08/13
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WMT

Walmart

$103.89

1.19 (1.16%)

, HTZ

Hertz

$22.39

1.33 (6.32%)

10:39
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WMT

Walmart

$103.89

1.19 (1.16%)

HTZ

Hertz

$22.39

1.33 (6.32%)

ALRM

Alarm.com

$38.27

1.26 (3.40%)

PPL

PPL Corp.

$31.80

0.23 (0.73%)

FLR

Fluor

$59.27

1.14 (1.96%)

03/08/13
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EXAS

Exact Sciences

$47.68

-5.27 (-9.95%)

10:38
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01/18
10:38
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Conference/Events
Exact Sciences management to meet with William Blair »

Meeting to be held in New…

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  • 19

    Jan

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UCTT

Ultra Clean

$24.98

1.32 (5.58%)

10:36
01/18/18
01/18
10:36
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10:36
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  • 18

    Jan

BHP

BHP Billiton

$49.15

-0.29 (-0.59%)

10:35
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BHP Billiton considers options for U.S. shale unit »

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MNK

Mallinckrodt

$21.19

-1.095 (-4.91%)

10:35
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Options
Mallinckrodt put volume heavy and directionally bearish »

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TOL

Toll Brothers

$52.28

0.21 (0.40%)

10:34
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Conference/Events
Toll Brothers management to meet with MKM Partners »

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  • 19

    Jan

EXEL

Exelixis

$27.49

-2.16 (-7.29%)

, IPSEY

Ipsen

$34.14

2.95 (9.46%)

10:31
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EXEL

Exelixis

$27.49

-2.16 (-7.29%)

IPSEY

Ipsen

$34.14

2.95 (9.46%)

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10:30
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General news
EIA natural gas storage change for week ending January 12 »

Gas inventories 183 Bcf…

TIVO

TiVo

$14.50

0.1 (0.69%)

, GOOGL

Alphabet Class A

$1,139.10

8.4 (0.74%)

10:26
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Hot Stocks
TiVo rises amid expanded patent license agreement with Google »

Shares of TiVo (TIVO) are…

TIVO

TiVo

$14.50

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GOOGL

Alphabet Class A

$1,139.10

8.4 (0.74%)

GOOG

Alphabet

$1,131.98

10.22 (0.91%)

T

AT&T

$37.33

0.48 (1.30%)

SNE

Sony

$49.09

-0.73 (-1.47%)

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  • 18

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SNAP

Snap

$13.84

0.315 (2.33%)

, FB

Facebook

$177.60

-0.79 (-0.44%)

10:25
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Conference/Events
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SNAP

Snap

$13.84

0.315 (2.33%)

FB

Facebook

$177.60

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GOOG

Alphabet

$1,131.98

10.22 (0.91%)

GOOGL

Alphabet Class A

$1,139.10

8.4 (0.74%)

TWTR

Twitter

$23.90

-0.66 (-2.69%)

03/08/13
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  • 18

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DIS

Disney

$111.57

-0.4 (-0.36%)

, VIA

Viacom

$37.85

0.95 (2.57%)

10:25
01/18/18
01/18
10:25
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Conference/Events
FBN Securities media analyst to hold an analyst/industry conference call »

Media Analyst Routh,…

DIS

Disney

$111.57

-0.4 (-0.36%)

VIA

Viacom

$37.85

0.95 (2.57%)

TWX

Time Warner

$92.36

0.1916 (0.21%)

CMCSA

Comcast

$41.68

-0.14 (-0.33%)

SPB

Spectrum Brands

$123.47

-1.69 (-1.35%)

DISH

Dish

$45.45

-2.54 (-5.29%)

NFLX

Netflix

$217.50

-4.03 (-1.82%)

AMZN

Amazon.com

$1,295.00

-9.86 (-0.76%)

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  • 18

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    Mar

MDXG

MiMedx

$14.09

0.15 (1.08%)

10:25
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01/18
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Conference/Events
MiMedx to hold a conference call »

Chairman & CEO Petit,…

03/08/13
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  • 18

    Jan

10:25
01/18/18
01/18
10:25
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Conference/Events
Morgan Stanley healthcare analysts hold an analyst/industry conference call »

Healthcare Analyst…

JNPR

Juniper

$28.15

-0.52 (-1.81%)

10:20
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Options
Call buyer on weakness in Juniper Networks »

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  • 30

    Jan

10:20
01/18/18
01/18
10:20
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General news
Today's U.S. reports »

Today's U.S. reports…

ERIC

Ericsson

$7.34

0.4 (5.76%)

, BCE

BCE

$46.36

-0.1301 (-0.28%)

10:18
01/18/18
01/18
10:18
01/18/18
10:18
Hot Stocks
Ericsson to power Bell Canada's next-generation multiscreen TV services »

Ericsson (ERIC) has been…

ERIC

Ericsson

$7.34

0.4 (5.76%)

BCE

BCE

$46.36

-0.1301 (-0.28%)

03/08/13
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  • 08

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