Fly Intel: Wall Street's top stories for Thursday » 16:4101/2301/23/20
CMCSA, CMCSK, PG, TRV, MU, WDC, WFC, NFLX, CTXS, JBLU, IMAX, FCX, VFC
Stocks were sliding on…
Stifel says continues to recommend buying Netflix shares on pullbacks » 14:0801/2301/23/20
NFLX, CMCSA, CMCSK
Stifel analyst Scott…
Stifel analyst Scott Devitt reiterated a Buy rating and $390 price target on Netflix (NFLX) after Comcast (CMCSA) reported further declines in its residential video subscribers. Devitt said that comparing Netflix to introductory pricing and/or inferior over-the-top products as a justification for worrying about the competitive climate is missing the fact that the cable, telecom, and satellite video industry is shrinking "with no end in sight." The analyst added that any investor who believes that Netflix's peers on TT won't raise prices over time has "likely never paid their own admission to Disneyland." Devitt also said that while he believes the days of 37x and 7x appreciation in Netflix's shares are in the past, he continues to believe that the shares should double over the next four to five years.
Wells Fargo to determine if further action appropriate after OCC actions » 13:5801/2301/23/20
In response to actions…
In response to actions announced today by the Office of the Comptroller of the Currency, Wells Farg CEO and President Charlie Scharf issued message to all employees, stating in part: "Today the Office of the Comptroller of the Currency announced a series of actions against former employees regarding their behavior around the historical Community Banking sales practices. In addition, the OCC provided a detailed account of business practices and management responses based on its extensive investigation. The OCC's actions are consistent with my belief that we should hold ourselves and individuals accountable. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. At the time of the sales practices issues, the Company did not have in place the appropriate people, structure, processes, controls, or culture to prevent the inappropriate conduct. This was inexcusable. Our customers and you all deserved more from the leadership of this Company. We are reviewing today's filings and will determine what, if any, further action by the Company is appropriate with respect to any of the named individuals. Wells Fargo will not make any remaining compensation payments that may be owed to these individuals while we review the filings...We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo."
OCC issues notice of charges against five ex-Wells Fargo executives » 13:1201/2301/23/20
The Office of the…
The Office of the Comptroller of the Currency issued a notice of charges against five former senior executives of Wells Fargo Bank, N.A., Sioux Falls, South Dakota, and announced settlements with the bank's former Chief Executive Officer and other members of the bank's operating committee. The charges stem from the executives' role in the bank's systemic sales practices misconduct. The notice of charges alleges these executives failed to adequately perform their duties and responsibilities, which contributed to the bank's systemic problems with sales practices misconduct from 2002 until October 2016. The misconduct of these individuals allowed the practices to continue for years, affecting millions of bank customers and thousands of lower level bank employees. Additionally, the notice states that Ms. Russ Anderson also made false and misleading statements to the OCC and actively obstructed the OCC's examinations of the bank's sales practices. Based on the facts and circumstances of each individual's actions, the relief sought may include a lifetime prohibition from participating in the banking industry, a personal cease and desist order, and/or CMP. A personal cease and desist order would require the individual to take certain affirmative actions or refrain from certain conduct in any future involvement in the banking industry. Pursuant to federal law, the respondents may request a hearing challenging the allegations and relief sought by the OCC. The OCC also announced the issuance by consent of a prohibition order and a $17,500,000 CMP against former bank Chairman and CEO John Stumpf; a personal cease and desist order and a $2,250,000 CMP against the bank's former Chief Administrative Officer and Director of Corporate Human Resources Hope Hardison; and a personal cease and desist order and assessment of a $1,250,000 CMP against its former Chief Risk Officer Michael Loughlin for their roles in the bank's sales practices misconduct.
OCC plans enforcement actions against former Wells Fargo execs, Reuters says » 12:2701/2301/23/20
The Office of the…
The Office of the Comptroller of the Currency intends to bring enforcement actions against as many as 10 former Wells Fargo executives in relation to the lender's sales practices scandal as soon as Thursday, Reuters' Karen Freifeld, Chris Prentice, Peter Schroeder, and Imani Moise report, citing a person familiar with the matter. The OCC actions may result in monetary penalties against the executives as well as them being banned from working for OCC-regulated banks, the authors note. Reference Link
Fly Intel: Wall Street's top stories at midday » 12:1701/2301/23/20
CMCSA, PG, TRV, MU, WDC, PAYC, SLM, JBLU, GLOP, FCX, VFC
Stocks are sliding again…
Memory makers gain as analysts highlight pricing strength, 5G impact » 11:5701/2301/23/20
MU, WDC, SSNLF, SIMO, AAPL
Shares of Micron (MU) and…
Imax to postpone Chinese New Year film slate » 11:4901/2301/23/20
IMAX Corporation (NYSE:…
IMAX Corporation (NYSE: IMAX) today released a statement regarding the decision to postpone the theatrical releases planned for the upcoming Chinese New Year holiday in China: "The safety of Chinese audiences is our top priority. IMAX supports the decision to postpone the release of the Chinese New Year film slate and believes it to be the best course of action in an unfortunate situation. We remain excited about these films, given the strong box office projections and pre-sale figures heading into this weekend. We have every expectation that these films will be released in 2020 and that audience demand for these releases will remain high. Our thoughts are with the Chinese people, for whom we wish a swift resolution to this issue and a safe and healthy Chinese New Year."
Freeport McMoRan says labor situation 'best since 2012' 11:2001/2301/23/20
GE, Micron, Western Digital upgrades among today's top analyst calls » 11:1701/2301/23/20
GE, MU, WDC, LB, TSLA, CTVA
Check out today's top…