Category: Stock Market News

Wells Fargo & Co. cheated a number of their foreign-currency exchange business customers by overcharging them, according to a Wall Street Journal report late Monday. According to the Journal, an internal review found that out of about 300 fee agreements, only 35 companies ended up paying what they were originally told the price was. Foreign-exchange employees received bonuses based on how much revenue they generated, sources told the Journal, and the bank charged unusually high fees. According to the report, the overcharging scheme relied on customers not double-checking how much they were charged, confusing fees and Wells Fargo brushing off complaints. The Journal said four foreign-exchange workers were fired after the practices came to light, and federal prosecutors have opened an investigation into the matter. A 2015 scandal in which up to 3.5 million fake accounts were opened at Wells Fargo without customers’ knowledge led to thousands of firings, a $100 million fine and the resignation of its CEO.

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A group of investors led by SoftBank Group Corp. will seek to buy Uber Technologies Inc. shares that price the company 30% below its most recent valuation of $69 billion, Bloomberg News reported late Monday. The SoftBank-led effort is seeking at least a 14% stake in the ride-hailing company, according to previous reports. The current tender offer to shareholders values Uber at $48 billion, Bloomberg said, and the Japanese tech conglomerate will also seek to invest at least $1 billion in Uber at its $69 billion valuation. Bloomberg said that while the deal is not done, a number of Uber shareholders favor the plan.

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Roku Inc. stock surged Monday during the regular session to close up 18% to $46.52, a new record for the streaming device and operating system company. In a note to clients Monday, Needham analyst Laura Martin raised her Roku price to $50 up from $28. Martin rates Roku a buy. In the note to clients, Martin wrote that she views Roku as a pure streaming play, as such services become more popular in the U.S., but without the associated risks of being in the content business. Martin wrote that Netflix Inc. is the closest comparable company because at its core Roku is not an ad-driven business in the same way Facebook Inc. is, or other internet companies that must pay “the Google tax” to generate traffic. Roku stock has jumped 148% in the last month, compared with the S&P 500 index which has gained less than 1%.

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UnitedHealth Group Inc. slipped in the extended session Monday after most of the health insurer’s forecast earnings range for next year fell below the Wall Street consensus. UnitedHealth shares declined 1.1% to $210 after hours. The health insurer forecast adjusted earnings of $10.55 to $10.85 a share for the year on revenue of $223 billion to $225 billion. Analysts surveyed by FactSet estimate earnings of $10.82 a share on revenue of $219.06 billion. The company also affirmed its 2017 outlook of adjusted earnings “approaching” $10 a share on revenue that’s “expected to exceed $200 billion.” Analysts estimate $9.99 a share on revenue of $200.36 billion.

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Shares of Thor Industries Inc. jumped 7% late Monday after the maker of Airstream, Dutchmen, and other RV subsidiaries reported fiscal first-quarter 2018 earnings and sales above Wall Street expectations. Thor said it earned $128.4 million, or $2.43 a share, in the quarter, compared with $78.7 million, or $1.50 a share, in the year-ago period. Sales rose 31% to $2.23 billion, compared with $1.71 billion a year ago. Analysts polled by FactSet had expected earnings of $1.84 a share on sales of $1.99 billion.

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Alphabet Inc. Class A stock closed at a record high Monday, up 1.5% to $1,072.01. Shares were flat after hours. Google stock also set an intraday record Monday with shares touching $1,072.18. Of the 43 analysts that cover Alphabet, 37 have a buy or overweight rating and six have a hold, according to FactSet. The average price target is $1,175.65 and the company has beaten analyst models for the past six quarters in a row, according to FactSet. Google Class A stock is up 35% this year, with the S&P 500 index up 16%.

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Stocks struggled to gain ground Monday, as a slump by energy shares offset gains for retailers. The Dow Jones Industrial Average bucked the negative backdrop, eking out a gain of around 23 points, or 0.1%, to close near 23,581–just shy of the record close of 23,590.83. The S&P 500 ended less than 0.1% lower near 2,601, while the Nasdaq Composite finished 0.2% lower near 6,879. (An earlier version of the market bulletin incorrectly said the Dow closed at a record. It has been corrected.)

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Comcast Corp.-owned TV network NBC confirmed on Monday that late-night host Seth Meyers will serve as MC of the 75th annual Golden Globe award ceremony on Jan. 7. The Hollywood Foreign Press Association said last week that the NBC host of “Late Night with Seth Meyers” would take the reigns from Jimmy Fallon, who hosted the awards show last year. The Golden Globes, which serve as a kickoff to Hollywood’s awards season, will air on NBC at 8 p.m. Eastern on Sunday Jan. 7. The Golden Globe nominations will be announced Monday, Dec. 11.

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U.S. oil prices settled lower Monday, as traders awaited the outcome of the much-anticipated meeting of major oil producers in Vienna Thursday. But prices finished off the session’s worst levels, finding some support after a report that oil workers in Brazil are set to strike later this week. Oil labor union workers approved a strike starting Wednesday, Phil Flynn, senior market analyst at Price Futures Group said, citing a report from Bloomberg. The strike “may not even happen” but the news still helped oil trade off the day’s “correction low,” said Flynn. January West Texas Intermediate crude declined by 84 cents, or 1.4%, to settle at $58.11 a barrel on the New York Mercantile Exchange after a low at $57.55.

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Apple Inc. may not sell as many iPhones as UBS had previously expected after analysts received the results of a semi-annual survey, according to a Monday note to clients. UBS analyst Steven Milunovich wrote that fiscal 2018 is likely not a “supercycle” and unit growth will be 10% compared with the year earlier versus the 12% he previously expected. “Buying intentions are flattish from a year ago,” Milunovich wrote. Apple stock is down less than 1% to $174.16 in late afternoon trading. Milunovich rates Apple stock a buy with a $190 price target. “If the survey is correct regarding more muted near-term unit growth, the Apple narrative could shift toward monetizing the large iPhone base, Milunovich wrote. “Management has said it views the iPhone as an annuity given a growing installed base and high retention rate.” He also noted that most iPhone customers don’t purchase additional Apple services. Apple stock has gained 50% this year, with the S&P 500 index gaining 16%. The Dow Jones Industrial Average , of which Apple is a component, has gained 19% this year.

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