Deutsche Bank drops to record low; Wells Fargo hit with $2.6B class action suit; Goldman, Morgan Stanley bullish on Marriott

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Deutsche Bank (DB) – The German Bank is under pressure following reports that Chancellor Angela Merkel won’t help with its US legal troubles. The US Justice Department wants Deutsche Bank to pay $14 billion to settle a probe tied to mortgage-backed securities.

Wells Fargo (WFC) – Former Wells Fargo employees have filed a class action in California against the bank, seeking $2.6 billion or more for workers who tried to meet the company’s demanding sales quotas. The suit is on behalf of people who worked for Wells Fargo in California over the past 10 years.

Marriott (MAR) – Morgan Stanley (MS) upgraded Marriott International to overweight from equal weight, and Goldman Sachs (GS) initiated coverage on the stock with a buy rating. Morgan Stanley upped its price target to $78 per share while Goldman set a price target of $81.

Microsoft (MSFT), Adobe (ADBE) – Microsoft and Adobe have reached a new deal. Adobe will use Azure for its cloud services and Microsoft will use Adobe for its Dynamics’ marketing.

Staples (SPLS) – Shira Goodman has been named full-time CEO of Staples, effective immediately. Goodman was originally appointed interim CEO in May.

Pfizer (PFE) – The pharmaceutical giant has decided to remain one company after completing an “extensive evaluation.” The company was considering splitting into two, Pfizer Innovative Health and Pfizer Essential Health.