Author: admin

WASHINGTON (MarketWatch) — The House Financial Services Committee said it’s launched an investigation into alleged fraud that led to the opening of unauthorized customer accounts at Wells Fargo — as well as the role of Washington regulators in monitoring and investigating this activity. The committee will be calling Wells Fargo Chairman and CEO John Stumpf to testify at a hearing later in September and is asking the bank for documents.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Mobileye N.V. on Friday responded to what it described as false allegations by a Tesla Motors Inc. spokesperson regarding its position on Tesla internal computer visions efforts, saying they are incorrect and can be refuted by the facts. The Israeli company said it has long held that Tesla’s autopilot should not be operated on a hands-free basis, and that communications with Tesla Chief Executive Elon Musk dating back to May 2015 found him in agreement. After an in-person meeting with Musk, the CEO confirmed that autopilot would be hands-on, but the company still rolled the service out in 2015 with a hands-free activation mode. “Mobileye has made substantial efforts since then to take more control on how this project can be steered to a proper functional safety system,” the company said in a statement. After a May 7 crash involving autopilot, Tesla blamed the Mobileye camera, and later the radar, causing Mobileye to sever its relationship with the electric car maker. “As for Tesla’s claim that Mobileye was threatened by Tesla’s internal computer vision efforts, the company has little knowledge of these efforts other than an awareness that Tesla had put together a small team,” said the statement. Mobileye said it will not comment further on its relationship with Tesla. Mobileye shares were down almost 1% in early trade, while Tesla was down 0.1%. The S&P 500 was down 0.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

U.S. stocks opened lower on Friday, following data that showed a higher-than-expected rise in consumer prices, while a drop in crude oil prices weighed on energy shares. The Dow Jones Industrial Average [S: DJIA] fell 30.47 points, or 0.2%, to 18,182.83, with Chevron Corp. [S: CVX] the biggest decliner on the day. The S&P 500 [S: SPX] fell 3.89 points, or 0.2%, to 2,143.19, with energy shares also weighing on the benchmark index. The Nasdaq Composite Index [S: ] fell 8.03 points, or 0.2%, to 5,240.52. Among the most active stocks of the day, U.S.-listed shares of Deutsche Bank [S: DB] shares tumbled 9% to $13.45 following U.S. Justice Department’s demand that it pay $14 billion to settle a probe into its mortgage business. The bank pushed back against the size of the penalty, and said it had been asked to make a counter proposal.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of Intel rose 5.5% in premarket trade Friday after the company said it was raising its third-quarter revenue expectations. Intel now expects third-quarter revenue to be $15.6 billion, plus or minus $300 million, above its previous estimate of $14.9 billion, plus or minus $500 million. Analysts surveyed by FactSet had expected revenue of $14.87 billion. The expected increase is due to “replenishment of PC supply chain inventory” and improving demand for PCs. The company is expected to report earnings October 18.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Apple Inc. [a: aapl] saw its price target increase on Friday at both Canaccord Genuity and Raymond James. Canaccord raised its price target to $140 from $120 and maintained its buy rating. And Raymond James raised Apple’s price target to $139 to $129 with an outperform rating. Analysts at both banks cited strong demand for the iPhone 7, with Canaccord highlighting promotions at U.S. carriers. “We continue to view Apple as recovering from a ‘hangover’ period from its very successful iPhone 6 launch, and should start growing modestly again in the December quarter,” Raymond James said in a note. Apple shares are down 0.4% in Friday premarket trading, but up 9.8% for the year so far. The S&P 500 Index is down 5.1% for the year to date.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

American International Group Inc. said Friday it has agreed to sell its stake in Ascot Underwriting Holdings Ltd. and related syndicate-funding subsidiary Ascot Corporate Name Ltd. to Canada Pension Plan Investment Board (CPPIB), in a deal valued at $1.1 billion. AIG said it will receive net proceeds of $240 million in cash proceeds from the deal, after CPPIB recapitalizes syndicate funds. Ascot and AIG founded the managing agency and syndicate in 2001. AIG will keep its strategic partnership with Ascot Underwriting Bermuda Ltd. AIG shares were not yet active in premarket trade, but are down 5.5% in the year so far, while the S&P 500 has gained 5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Deutsche Bank AG’s [s:db] market capitalization on Friday shrank by roughly €1.2 billion ($1.34 billion) as its Frankfurt-listed shares slid by the most in three months. Shares tumbled 8% after the U.S. Justice Department asked Germany’s biggest lender to pay $14 billion to settle civil claims related to mortgage-backed securities. That amount is close to Deutsche Bank’s market cap as of Friday. “Deutsche Bank has no intent to settle these potential civil claims anywhere near the number cited. The negotiations are only just beginning,” the company said in a late Thursday statement. Other European bank shares were hit, sending the Stoxx Europe 600 Bank Index (TICKER:XX:FX7) down 2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News