|Bid||25.46 x 1200|
|Ask||25.49 x 3000|
|Day's Range||24.15 - 25.53|
|52 Week Range||22.00 - 54.75|
|Beta (5Y Monthly)||1.15|
|PE Ratio (TTM)||8.81|
|Forward Dividend & Yield||2.04 (8.49%)|
|Ex-Dividend Date||May 07, 2020|
|1y Target Est||N/A|
(Bloomberg Opinion) -- What was a turbulent enough week for TikTok turned downright bizarre on Friday.Already, Secretary of State Mike Pompeo had warned that the Trump administration was looking at banning the short-video platform owned by Beijing-based parent ByteDance Ltd. over data-privacy concerns, and President Donald Trump himself said he was considering banning TikTok as one way to retaliate against China over the coronavirus. Then things got worse when Amazon.com Inc. on Friday sent an email to employees telling them to delete the TikTok app from mobile devices they use to access company email, citing “security risks.”The bizarre part happened just hours after that, when Amazon issued a statement saying the it had sent the email to its employees “in error” and there was no change in their policies toward TikTok. All clear? Not quite. For soon after Amazon corrected the record on its TikTok policy, Wells Fargo & Co. confirmed a report from the Information that the bank had told employees to delete the app from work phones because of “concerns about TikTok’s privacy and security controls and practices.”For sure, the company dodged a bullet when it comes to Amazon. But it is unknown whether the e-commerce giant intends to resend a similar email on TikTok policy in the future; clearly, someone drafted something. And the government threats remain. Not only that: The prospect of a potential ban has brought widespread anxiety to the TikTok community. In recent days, many creators posted tearful “goodbye” videos, with some asking their viewers to follow their accounts on other platforms such as YouTube and Instagram. What has been a slow boil of troublesome developments risks cascading into a full-blown public relations crisis. Whether or not the security concerns are justified or the motivations political, TikTok can and should do a lot more to address them and take more control of the narrative. TikTok’s responses, thus far, have been low-key. The company has said it keeps its user data in the U.S. with backups in Singapore and has never provided data to the Chinese government. On Friday, in response to the initial Amazon news, it said in a statement that “user security is of the utmost importance” to TikTok, adding it hadn’t heard from Amazon about its concerns and looks forward to a “dialogue so we can address any issues” the tech giant may have. A more proactive response is in order, and here are some things TikTok can do. First, statements aren’t enough. Where is TikTok’s CEO? Earlier this year, ByteDance hired former Walt Disney Co. executive Kevin Mayer to head up TikTok. You’d think the veteran media executive would be the perfect ambassador to help tamp down concerns. He needs to get out there and explain TikTok’s side of the story, whether in interviews to print press or on TV. He should know the basics of crisis management and PR strategy, following his long tenure in the upper ranks of a U.S. entertainment giant.Second, the Wall Street Journal on Thursday said ByteDance was considering making changes to its corporate structure, including the creation of a new management board for TikTok or designating a new headquarters for the company outside of China. While it won’t make a huge difference as TikTok will be still owned by the China-based ByteDance, both are easy, low-hanging-fruit-type moves that would at least give the appearance of more autonomy. They should go ahead and announce the changes as soon as possible. It also wouldn’t hurt to remind the public of TikTok’s growing U.S. workforce.And finally, TikTok needs to forcefully defend itself against the Trump administration’s conjecture and allegations. Yes, it’s a bit of a tricky situation as any pushback can backfire if not done tactfully, but the company can’t afford not to respond. Further, it should hire an external, independent consulting firm to do a full security audit. Anything to assuage the security and privacy concerns would help as the pressure isn’t going away. Late Friday, Fox Business’s Charlie Gasparino reported the White House is looking at using the Committee on Foreign Investment review as possible way to ban TikTok by saying its prior acquisition of Musical.ly was illegal. ByteDance has been under review by the interagency committee in the U.S. for its 2017 purchase of the lip-synching startup.In many ways, TikTok’s situation is similar to the public relations frenzy over Zoom Video Communications Inc. in early April. At the time, the video-conferencing company — whose service had seen an unprecedented surge from business customers and other entities looking to connect under lockdown — faced an avalanche of scrutiny over its security and privacy practices, including its use of Chinese servers. In response, CEO Eric Yuan proactively made himself available for numerous media interviews and helped restore his company’s reputation. He conducted weekly webinars, hired security experts and did whatever it took to educate the public that fears concerning his company’s products were overblown and that Zoom had taken concrete steps to address the issues. The strategy appears to have worked, as Zoom has managed to both retain customers and attract more to its platform.TikTok should take note and do the same. Hunkering down and doing the bare minimum is not a great strategy.(The third paragraph of this column was updated to include information about Wells Fargo’s ban of the TikTok app on its employees’ work phones.)This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tae Kim is a Bloomberg Opinion columnist covering technology. He previously covered technology for Barron's, following an earlier career as an equity analyst.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The beleaguered banking giant has had a tough time lately. Here's what it needs to catch a break.
(Bloomberg) -- Wells Fargo & Co. said it asked employees to remove TikTok from their work phones due to concerns about the security of the social-video app.“We have identified a small number of Wells Fargo employees with corporate-owned devices who had installed the TikTok application on their device,” a spokesman for the bank wrote in an emailed statement on Friday. “Due to concerns about TikTok’s privacy and security controls and practices, and because corporate-owned devices should be used for company business only, we have directed those employees to remove the app from their devices.”U.S. officials have raised questions about the security of TikTok, which is owned by Chinese company ByteDance Ltd. Secretary of State Mike Pompeo recently told Americans not to download the app unless they want to see their private information fall into “the hands of the Chinese Communist Party.”Read more: Trump Says He’s Considering a Ban on TikTok in the U.S.TikTok has repeatedly denied allegations that it poses a threat to U.S. national security. “User security is of the utmost importance to TikTok – we are fully committed to respecting the privacy of our users,” a TikTok spokesperson wrote in an email.Earlier on Friday, Amazon.com Inc. also told employees to delete TikTok from mobile devices they use to access company email, but the e-commerce giant later said that was a mistake. The Information reported Well Fargo’s decision earlier.Read more: TikTok Mulls Changes to Business to Distance Itself From ChinaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
New York, New York--(Newsfile Corp. - July 10, 2020) - The following statement is being issued by Levi & Korsinsky, LLP:To: All persons or entities who purchased or otherwise acquired securities of Wells Fargo & Company ("Wells Fargo") (NYSE: WFC) between April 5, 2020 and May 5, 2020. You are hereby notified that a securities class action lawsuit has been commenced in the the United States District Court for the Northern District of California. ...
With an aim of improving profitability and operating efficiency, Wells Fargo (WFC) is likely to cut jobs starting later this year.
Amid the coronavirus-induced economic crisis, lower interest rates are expected to have negatively impacted Wells Fargo's (WFC) interest income in the second quarter of 2020.
The bank announced it would cut its cash payout following the Fed's decision to cap dividends. Now the question is: By how much?
Wells Fargo & Co said on Thursday it has hired Flagstar Bank's Kristy Fercho to run its mortgage division following the retirement of 23-year veteran Michael DeVito from the company. Fercho will oversee home lending operations of the largest mortgage lender in the United States during a time of uncertainty in the industry. Since taking over as chief executive late last year, Charles Scharf has shaken up leadership at the bank and installed a slew of former colleagues in top positions.
Jul.09 -- Wells Fargo & Co., the largest employer among U.S. banks, is preparing to cut thousands of jobs starting later this year. Bloomberg's Hannah Levitt broke the story and she appeared on "Bloomberg Markets."
According to data from S&P Global Market Intelligence, the stock fell 52% over the first half of the year. Adjusted earnings per share of $0.93, which excluded $0.33 per share in litigation charges related to the retail banking scandal, were down from $1.21 in the quarter a year ago, and missed estimates of $1.12. Lower interest rates also weighed on net interest income, which fell from $12.6 billion to $11.2 billion.
The company's plans will eventually result in eliminating tens of thousands of positions due to pressure to "dramatically reduce costs", the report said. Wells Fargo, the fourth-largest U.S. lender by assets, is leaning on cost cuts to stabilize its bottom line as it recovers from a raft of fines and costs relating to sales abuses first uncovered in 2016 and mounting loan loss provisions due to the coronavirus-driven economic downturn.
Wells Fargo & Co will donate over $400 million toward helping small businesses recover from the coronavirus pandemic, giving away all proceeds from its participation in the Payroll Protection Program. "The hardest hit business in this are minority owned," president of consumer banking Mary Mack said in an interview. "If we look at the communities we serve and the intent and spirit of the program, we believe it was to lean in to help those businesses that were perhaps the most fragile."
European shares rose on Thursday after a two-day wobble, as Chinese markets continued their charge, while investors propelled gold to a nine-year high. Chinese stocks set their longest winning streak in two years, and the yuan had strengthened past 7 per dollar overnight , despite rising tension over Hong Kong and the economic uncertainty caused by COVID-19. It was the Shenzhen blue-chip index's eighth straight day of gains, adding another 1.5% to its 15% surge this month, and it helped Europe on an upward trajectory after initial hesitation caused by uninspiring German data.
European shares were rising again after a two-day wobble on Thursday as China's markets continued their charge, and something between fear and greed propelled gold to a nine-year high. Chinese stocks set their longest winning streak in two years and the yuan had strengthened past 7 per dollar overnight, despite rising tension over Hong Kong and the economic uncertainty caused by COVID-19. Trade- and commodity- related currencies also reacted to China's gains.
Surging Chinese stocks led Asia's equity markets higher on Thursday, as investors looked past Sino-U.S. tension and renewed coronavirus lockdowns and hoped stimulus washing through the world economy finds its way to company earnings. Asia's investors are riding high after a front-page editorial in Monday's China Securities Journal extolling market fundamentals was seen as official encouragement to buy stocks. European futures point to gains from London to Frankfurt, with FTSE futures up 0.5% and Germany's DAX futures up 1.2%, while U.S. stock futures fell 0.1%.
Asian equity markets ground higher as investors tried to look past gathering Sino-U.S. tension and renewed coronavirus lockdowns to upcoming company earnings, hoping that global stimulus efforts will yield upbeat outlooks. The Chinese yuan rose to a four-month high of 6.9872 per dollar and the greenback sat near a one-month low against a basket of currencies . China was hit first and so is emerging first from the COVID-19 pandemic.
Yahoo Finance’s Brian Cheung joins Zack Guzman break down new analysis from the Wall Street journal that shows how big banks may get billions in fees from PPP loans.
Wells Fargo (WFC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Investing in growth-oriented stocks at the right time makes Wells Fargo (WFC) unattractive for investors, right now.
(Bloomberg) -- Wells Fargo & Co. is pulling back from student lending as the U.S. surge in coronavirus cases threatens to further disrupt higher education and the broader U.S. economy.The firm, which has been reviewing businesses under new Chief Executive Officer Charlie Scharf, said student loans for the upcoming academic year will be granted only to people who submitted applications before July 1 or to customers who already have an outstanding balance on a prior student loan from the bank.“Wells Fargo has decided to narrow its student-lending focus,” Manuel Venegas, a spokesperson for the bank, said in a statement.The pandemic is disrupting academic programs and undermining the ability of many borrowers to repay as it halts commerce and costs tens of millions of Americans their jobs. Already, more than 40 million student-loan accounts were in deferment as of mid-June, according to Equifax.San Francisco-based Wells Fargo had a $10.6 billion private student-loan book at the end of the first quarter -- a portfolio that’s been shrinking in recent years. Private makes up about $130 billion of the $1.7 trillion student-debt pie, according to data provider MeasureOne.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Federal Reserve recently released the results of 2020 bank stress tests, and while no banks are in serious danger, some would see capital levels fall a bit too low for comfort in a prolonged and deep COVID-19 recession. As a result, the Fed issued a formula to govern bank dividends, and there's a real chance bank investors could see dividend cuts from some major financial institutions. In this episode of Industry Focus: Financials, host Jason Moser and Fool.com contributor Matt Frankel, CFP, discuss the news and what it could mean for bank investors.
Stocks rallied into the close Tuesday to cap off the best second quarter for blue-chip equities since the S&P 500 was created in 1957.
Wall Financial Corp is a highly discounted real estate stock that you may want to consider for your portfolio. But it may also fall lower given the uncertainty grappling equity markets.The post Wall Financial (TSX:WFC): Contrarian Buy or Value Trap? appeared first on The Motley Fool Canada.
Former CFPB head Richard Cordray says Monday's Supreme Court ruling would mean quick removal of the agency's Trump-appointed director if the Democrats win the White House.