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WFC

Wells Fargo

$55.60

0.43 (0.78%)

08:59
07/14/17
07/14
08:59
07/14/17
08:59

Wells Fargo targeting $2B expense reduction by year-end 2018

Sees FY17 effective tax rate about 29%. Expects efficiency initiatives will reduce expenses by $2B annually by year-end 2018 and that those savings will support investments in the business. Plans to close ~450 branches in 2017-2018 to eliminate overlap and improve performance of the network; says 93 branches closed YTD 2017 through June. Anticipates $130M in 2017 savings from gains on building dispositions and workforce optimization with an additional $20M in 2018. Also reducing non-customer facing travel and expenses with focused efforts on virtual conferences and telepresence, as well as leveraging internal meeting spaces and services. Expects an additional $2B in annual expense reductions by the end of 2019; these savings are projected to go to the "bottom line." Says had digital active customers of 27.9M, stable LQ and up 2% YoY; had 20.4M mobile active customers, up 1% LQ. Notes that mobile active customers surpassed our desktop active customers for the first time in May. Expects to increase Q3 dividend to 39c per share from 38c per share, subject to board approval. Comments from slides that will be presented on the Q2 earnings conference call.

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WFC Wells Fargo
$55.60

0.43 (0.78%)

06/09/17
RBCM
06/09/17
NO CHANGE
RBCM
House financial reform bill unlikely to advance in Senate, says RBC Capital
RBC Capital analyst Gerard Cassidy says that the financial regulation reform bill passed yesterday by the House would help the banking sector but probably won;t be passed by the Senate. Large publicly traded banks include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
05/25/17
BERN
05/25/17
NO CHANGE
BERN
Wells Fargo valuation can increase over time, says Bernstein
Bernstein analyst John McDonald says that Wells Fargo's "underlying business remains attractive," citing its "industry leading deposit base,diverse portfolio of fee businesses, large branch network" that could be optimized, and its $300B at the Fed that could be deployed as interest rates increase. The analyst says that the company is looking to cut $4B in costs and should benefit from higher rates. He thinks that its valuation can "rise over time."
05/12/17
BARD
05/12/17
NO CHANGE
Target $58
BARD
Outperform
Wells Fargo slowly turning the corner, says Baird
Baird analyst David George noted Wells Fargo updated its 2017 guidance at its analyst day and reset expectations. He believes the estimates are conservative and continues to like the longer-term risk/reward for Wells Fargo shares. Coupled with its discounted valuation, the downside should be limited, added George, who reiterated his Outperform rating and $58 price target on Wells Fargo.
04/25/17
04/25/17
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. Best Buy (BBY) upgraded to Buy from Neutral at BofA/Merrill with analyst Denise Chai citing stronger than expected product cycles in TVs, phones, and time smart home technology, strong online growth, increased focus on high margin services like subscription warranties and in-home services, and new cost savings opportunities. 2. JPMorgan (JPM) and American Express (AXP) were upgraded to Buy from Neutral at Guggenheim while Wells Fargo (WFC) was upgraded to Neutral from Sell. 3. Crane (CR) upgraded to Outperform from Market Perform at William Blair with analyst Nicholas Heymann citing the company's first quarter results. 4. NCI Building (NCS) upgraded to Outperform from Sector Perform at RBC Capital with analyst Robert Wetenhall saying he is more confident in the outlook of the company's end markets and the growth potential of its insulated metal panels business. The analyst believes that worries about the impact of steel price fluctuations on the company's margins are overdone, as he says that hedging can reduce the impact of such fluctuations. 5. Terex (TEX) upgraded to Overweight from Neutral at JPMorgan with analyst Ann Duignan saying the stock looks undervalued based on the company's 2020 targets. Following Terex's Q1 upside and raised 2017 outlook, the analyst upped her price target for the shares to $47 from $30. 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

13:35
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NYMEX crude remained relatively stable near $51.40 »

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PCRFY

Panasonic

$14.57

0.095 (0.66%)

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PCRFY

Panasonic

$14.57

0.095 (0.66%)

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TISA

Top Image Systems

$1.29

-0.0999 (-7.19%)

, SAP

SAP

$112.13

-1.27 (-1.12%)

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$1.29

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SAP

SAP

$112.13

-1.27 (-1.12%)

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AMZN

Amazon.com

$986.61

-10.39 (-1.04%)

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AMZN

Amazon.com

$986.61

-10.39 (-1.04%)

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AMZN

Amazon.com

$986.61

-10.39 (-1.04%)

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Whole Foods has resolved incident involving unauthorized access of card info »

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DAL

Delta Air Lines

$53.07

0.8 (1.53%)

, MSFT

Microsoft

$77.91

0.3 (0.39%)

13:20
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10/20
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Periodicals
Delta switching flight crew hardware to Apple in 2018, AI reports »

Delta Air Lines (DAL) is…

DAL

Delta Air Lines

$53.07

0.8 (1.53%)

MSFT

Microsoft

$77.91

0.3 (0.39%)

AAPL

Apple

$155.98

-3.78 (-2.37%)

NOK

Nokia

$6.07

0.25 (4.30%)

03/08/13
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BSX

Boston Scientific

$29.70

0.125 (0.42%)

13:20
10/20/17
10/20
13:20
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13:20
Options
Bearish flow in Boston Scientific ahead of earnings »

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SPY

SPDR S&P 500 ETF Trust

$256.81

1.02 (0.40%)

, IEI

Indiana Energy

$123.30

0.11 (0.09%)

13:20
10/20/17
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13:20
Technical Analysis
On The Fly: ETF fund flow highlights »

For the week, there was a…

SPY

SPDR S&P 500 ETF Trust

$256.81

1.02 (0.40%)

IEI

Indiana Energy

$123.30

0.11 (0.09%)

HYG

iShares iBoxx $ High Yield Corporate Bond

$88.69

0.075 (0.08%)

TLT

iShares 20+ Year Treasury Bond Fund

$125.31

0.22 (0.18%)

TIP

iShares TIPS Bond ETF

$113.45

-0.22 (-0.19%)

IEF

iShares 7-10 Year Treasury Bond ETF

$106.48

0.11 (0.10%)

XLF

Financial Select Sector

$26.60

0.2699 (1.03%)

XLI

Industrial Select Sector SPDR

$72.72

0.54 (0.75%)

03/08/13
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$NSD

NASDAQ Market Internals

13:17
10/20/17
10/20
13:17
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13:17
Technical Analysis
NASDAQ market internals summary »

Volume is average for…

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$NYE

NYSE Market Internals

13:16
10/20/17
10/20
13:16
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Technical Analysis
NYSE market internals summary »

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WFC

Wells Fargo

$54.87

1.1156 (2.08%)

13:15
10/20/17
10/20
13:15
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13:15
Periodicals
Wells Fargo fires four forex bankers in the middle of investigation, WSJ reports »

Wells Fargo has…

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BP

BP

$38.76

0.01 (0.03%)

13:10
10/20/17
10/20
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13:10
Options
BP puts active as shares tick lower »

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13:06
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13:06
General news
Baker-Hughes Rig Count N. Amer. data reported »

Week of 10/20…

GRPN

Groupon

$4.95

-0.05 (-1.00%)

13:05
10/20/17
10/20
13:05
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13:05
Recommendations
Groupon analyst commentary  »

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BHGE

Baker Hughes

$32.66

-0.49 (-1.48%)

13:03
10/20/17
10/20
13:03
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13:03
Hot Stocks
Baker Hughes reports U.S. rig count down 15 to 913 rigs »

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  • 20

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UUP

PowerShares DB US Dollar Index Up

$24.34

0.1348 (0.56%)

13:00
10/20/17
10/20
13:00
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13:00
Options
Upside call buying in PowerShares Bullish Dollar ETF »

Upside call buying in…

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WFC

Wells Fargo

$54.95

1.2 (2.23%)

12:59
10/20/17
10/20
12:59
10/20/17
12:59
Periodicals
Breaking Periodicals news story on Wells Fargo »

Wells Fargo fires forex…

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  • 22

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GRPN

Groupon

$4.95

-0.05 (-1.00%)

12:59
10/20/17
10/20
12:59
10/20/17
12:59
Recommendations
Groupon analyst commentary  »

Groupon shares defended…

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  • 01

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BMWYY

BMW

$34.49

-0.275 (-0.79%)

, DDAIF

Daimler AG

$81.68

-0.22 (-0.27%)

12:53
10/20/17
10/20
12:53
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12:53
Periodicals
BMW headquarters raided after Daimler blows whistle, Reuters says »

European Officials raided…

BMWYY

BMW

$34.49

-0.275 (-0.79%)

DDAIF

Daimler AG

$81.68

-0.22 (-0.27%)

VLKAY

Volkswagen

$35.25

-0.23 (-0.65%)

03/08/13
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  • 23

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BP

BP

$38.82

0.07 (0.18%)

12:49
10/20/17
10/20
12:49
10/20/17
12:49
Periodicals
BP struggling with safety in Alaskan operations, BuzzFeed News says »

BP officials are working…

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OSTK

Overstock.com

$34.90

1.1 (3.25%)

12:45
10/20/17
10/20
12:45
10/20/17
12:45
Options
Overstock com call volume above normal and directionally bullish »

Bullish option flow…

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12:45
10/20/17
10/20
12:45
10/20/17
12:45
General news
Breaking General news story  »

Week of 10/20…

APOG

Apogee Enterprises

$46.08

0.34 (0.74%)

12:40
10/20/17
10/20
12:40
10/20/17
12:40
Conference/Events
Apogee Enterprises management to meet with Sidoti »

Meeting to be held in the…

03/08/13
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