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The California insurance regulator announced on Monday that it was investigating new allegations by whistleblowers of fraud and misconduct at Wells Fargo The allegations were made by former Prudential Insurance Co. employees who have filed a lawsuit saying they were fired in retaliation for bringing reporting that Wells Fargo employees signed up customers for insurance policies from Prudential without the customers’ knowledge. Prudential has a partnership with Wells Fargo to sell insurance products to the bank’s customers. Wells Fargo previously admitted in a settlement with federal regulators and the California Attorney General that two million unauthorized accounts for its consumers were created by thousands of Wells Fargo employees.

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From:: Stock Market News

VeriFone Systems Inc. shares climbed higher in the extended session Monday after the payment card reader company topped Wall Street estimates for the quarter but its outlook fell short of consensus targets. VeriFone shares rose 1.6% to $16.70 after hours. The company reported adjusted fiscal fourth-quarter earnings of 30 cents a share on revenue of $464 million. Analysts surveyed by FactSet had estimated 29 cents a share on revenue of $460.9 million. Looking ahead, VeriFone sees adjusted fiscal first quarter earnings of 20 cents a share on revenue of $446 million, and adjusted earnings of $1.35 to $1.39 a share on revenue of $1.9 billion to $1.92 billion for the year. Analysts expect 36 cents a share on revenue of $470.7 million for the first quarter, and $1.59 a share on revenue of $2 billion for the year.

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From:: Stock Market News

Valeant Pharmaceuticals International Inc. on Monday said three high-level executives are leaving the company, including the former chief financial officer. Rob Rosiello, who stepped down in August as CFO but stayed with the Valeant, is quitting along with Anne Whitaker and Ari Kellen, both executive vice presidents and company group chairmen. The company also named William Humphries as executive vice president of dermatology, effective Jan. 2. The pharmaceutical company’s stock skidded 86% in 2016 in the wake of a drug-pricing scandal. Valeant shares edged up 0.3% after hours.

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From:: Stock Market News

Viacom Inc. said Monday that it has stopped exploring a potential merger with CBS Corp. , after Sumner Redstone’s National Amusements Inc. withdrew its support. The media giant said it has dissolved the special committee that it had formed to evaluate a potential merger. Separately, the company named Bab Bakish as its chief executive officer, effective immediately; Bakish was acting CEO since Nov. 15. “I am very excited by the strategy Viacom is pursuing under Bob’s leadership, as well as the relentless hard work and passion he has demonstrated not only in his fast start at the helm but in his many years at the company,” said Shari Redstone, vice chair of the board. Viacom’s stock plunged 9.5%, the biggest one-day selloff in 10 months, while CBS shares slipped 0.8%. Viacom’s stock has not tumbled 15% year to date, while the S&P 500 has gained 10%.

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President-elect Donald Trump has asked Goldman Sachs President Gary Cohn to be director of the National Economic Council, Trump’s transition office said Monday. Trump said Cohn would help make policy that would grow workers’ wages and “stop the exodus of jobs overseas.” Cohn has worked at Goldman since 1990. The NEC sets the economic agenda for the White House.

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Oil futures settled Monday at their highest level in nearly 17 months after oil producers outside of the Organization of the Petroleum Exporting Countries agreed to cut back production by 558,000 barrels a day. The reduction will be in addition to the 1.2 million-barrel reduction OPEC members plan to implement on Jan. 1. January West Texas Intermediate crude rose $1.33, or 2.6%, to settle at $52.83 a barrel on the New York Mercantile Exchange.

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From:: Stock Market News

The surge in oil prices is helping keep the Dow Jones Industrial Average positive, but also doing a number on the Dow Jones Transportation Average . Crude oil futures spiked up 3.3% toward a 1 1/2-year high, after some oil producing countries agreed to production cuts. That helped push the stocks of Dow industrials components Exxon Mobil Corp. up $1.97, or 2.2%, and of Chevron Corp. up $1.33, or 1.2%. Those price gains added a combined 23 points to the Dow, which was up 12 points in afternoon trade. The oil price jump also weighed on the shares of the Dow transports’ six airline components, American Airlines Group Inc. , Delta Air Lines Inc. , Southwest Airlines Co. , JetBlue Airways Corp. , United Continental Holdings Inc. and Alaska Air Group Inc. . The price declines shaved a combined 60 points off the Dow transports, which was down 102 points. The Dow industrials were now up 13% year to date while the transports were up 24%.

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From:: Stock Market News