The bank has cut 18,400 jobs and closed or sold 296 branches in the last 12 months.
Fresh worries over economic growth may lead to rates for the popular 30-year fixed-rate mortgage tumbling to a 17-month low, a drop that could spur additional refinancing.
The dual inventions of the Internet and the devices through which people access it has turned market watching into short-attention-span theater, which, in turn, is costing people a lot of money.
The 100-person high-frequency trading outfit Hudson River Trading is undoubtedly a big trader. It trades stocks, options, futures, currencies and bonds around the world. In U.S. markets, it accounts for about 5% of all shares that change hands most days, according to the firm.
NEW YORK (MarketWatch) –Morgan Stanley said Wednesday it’s adding Apple Inc. to its ‘Best Ideas’ list, arguing that strong iPhone demand and the company’s expansion into other product lines set the shares up for significant gains. “Near-term, we see potential for gross margin upside, which correlates to share performance, and expect a bullish C4Q outlook out of Apple,” analysts led by Katy Huberty wrote in a note. Morgan Stanley’s smartphone tracker indicates the demand for iPhone units comes to about 37 million for the quarter, which matches the brokerage’s shipment estimates. “What’s more, any meaningful success of Apple Pay (launches later this month) and Apple Watch (only iPhone 5 or newer) could increase the number of upgrades relative to past cycles,” said the note. Apple shares were slightly lower in midmorning trade, but are up 23% in the year so far, while the SP 500 is up just 0.1% following the recent selloff.
WASHINGTON (MarketWatch) — The Securities and Exchange Commission said it’s suing a former compliance officer at Wells Fargo Advisers for allegedly altering a document before it was provided to the agency during an investigation. The SEC alleges that the officer, Judy Wolf, altered a document about a Wells Fargo broker’s trading to make it seem like she provided a more thorough review than she actually had. The SEC had previously charged Wells Fargo in the case, and the firm agreed to pay a $5 million fine, and has terminated Wolf, the SEC said.
In some states, one in four people with student loan debt are late paying their bills or have defaulted on their loans entirely.
Time Warner takes aim at broadband-only homes in the U.S.
The federal government’s budget deficit fell to $483 billion in fiscal 2014, the Treasury Department said Wednesday, the lowest level of Barack Obama’s presidency.
WASHINGTON (MarketWatch) — The federal government ran a budget deficit of $483 billion in fiscal 2014, the Treasury Department said Wednesday. The shortfall fell 29% from last year and is the narrowest since 2008, making it the smallest budget gap of Barack Obama’s presidency. Revenues were 9% higher in 2014 than a year ago, while spending rose just 1%. The totals for the full fiscal year include a surplus of $106 billion for September. The government’s fiscal year runs from October through September.
Converse, under the Nike brand umbrella since 2003, alleges companies including Wal-Mart are selling sneakers modeled on the iconic Chuck Taylor canvas basketball shoe.
General Motors Co. posted a 2% increase in its global sales with the auto maker selling 2.45 million new vehicles during the past three months, the best third quarter since 1980. China was the biggest driver where the Detroit-based company reported 849,848 in total sales, a 14% increase over the same period a year earlier.
Morgan Stanley downgrade hits Intel; broad losses come after weak economic data
The worries of a weak Europe and Latin America, as well as a reluctant U.S. consumer, seem to be showing up in the economic data, writes Steve Goldstein.