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31 октября, 15:18

Under Armour Collapses, Down 75% From Highs After Cutting Outlook (Again)

From bad to worse. Under Armour is now down over 75% from its September 2015 - do no wrong - record highs, plunging 14% in the pre-market after slashing full-year guidance again. While it beat earnings expectations (22c vs 19c exp), UA reported a 4 percent dip in revenue to $1.41 billion, its first decline in revenue since it floated in 2005. Analysts on average had expected $1.48 billion. However, the Baltimore-based company cut its sales outlook for the year to a gain of a low-single-digit percentage. This comes after a previous reduction in August to growth of 9 percent to 11 percent. It also lowered its forecast for profit excluding some items to 18 cents to 20 cents a share, down from a previous range of 37 cents to 40 cents. Lowest since April 2013, down from $52.95 highs to $12.40 this morning in the pre-market... Bloomberg reports that UA blamed the 3Q shortfall on operational disruptions from a recent technology systems transition, which Wells Fargo’s Tom Nikic views as "a major risk into the back half." Even international's 34% constant currency growth represents "significant deceleration" from 2Q’s 54% growth, Nikic writes in note.   Gross margin (GM) continue to come under pressure (down 130bps y/y in 3Q), and 4Q forecast implies even worse margin erosion: GM implied down 350-400bps, which would be 4th straight year 4Q GM declined >150bps, would result in 1,000bps of cumulative erosion since 4Q13.   UAA business continues to come under pressure due to macro headwinds, off-trend product assortment (focus on technical/performance rather than casual/lifestyle), internal operational issues warranting underperform rating. We are sure that Steph Curry shoe will solve all these problems.

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31 октября, 14:08

Switch started at market perform with $19 stock price target at Wells Fargo

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

31 октября, 08:58

СМИ: Трамп назначит главой ФРС Джерома Пауэлла

  Москва, 30 октября - "Вести.Экономика". По данным источников агентства Reuters, следующим председателем Федеральной резервной системы США будет назначен действующий член Совета управляющих ФРС Джером Пауэлл.

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31 октября, 00:48

СМИ: Трамп назначит главой ФРС Джерома Пауэлла

По данным источников агентства Reuters, следующим председателем Федеральной резервной системы США будет назначен действующий член Совета управляющих ФРС Джером Пауэлл.

31 октября, 00:47

СМИ: Трамп назначит главой ФРС Джерома Пауэлла

По данным источников агентства Reuters, следующим председателем Федеральной резервной системы США будет назначен действующий член совета управляющих ФРС Джером Пауэлл.

30 октября, 14:50

Frontrunning: October 30

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Paul Manafort, Who Once Ran Trump Campaign, Told to Surrender (NYT) Russia Probe Puts Focus on Washington Research Firm (WSJ) Trump tax overhaul under intensifying fire as Congress readies bill (Reuters) House Tax Writer Gives Ground on a State and Local Tax Break (BBG) Work resumes normally in Catalonia as Spain enforces direct rule (Reuters) Russia Wields Oil Diplomacy, Pushing In on U.S. Interests (NYT) The Man Behind Moviepass’ 1,151% Rally Has Had 99% Wipeouts in the Past (BBG) China Bond Selloff Spreads to Stocks (BBG) John Boehner Unchained (Politico) U.S. regulator wants to loosen leash on Wells Fargo: sources (Reuters) Why Are Markets Rising? Investors Buy Every Dip (WSJ) Long-time Ally of Offshore Drillers Oversees Safety Agency (WSJ) Black lists matter: the betrayal of democratic liberalism (Medium) The Biggest Stock Collapse in History Has No End in Sight (BBG) Puerto Rico moves to cancel Whitefish power contract after uproar (Reuters) Spacey Apologizes Over Past Harassment (Reuters) Why Is the Government Giving Money to Dying Malls? (BBG) A Missing Piece of the Global Growth Jigsaw Starts to Fall Into Place (BBG) Iran fulfilling nuclear deal commitments: IAEA chief (Reuters) Overnight Media Digest WSJ - The first defendants in a criminal investigation of Russia's meddling in the 2016 presidential campaign could be taken into custody as soon as Monday, people familiar with the matter said, though the nature and target of the charges couldn't be determined over the weekend. on.wsj.com/2yWFg3o - Puerto Rico's governor said Sunday he would cancel a $300 million reconstruction contract with a little-known Montana energy firm after the Federal Emergency Management Agency said it had "significant concerns" about the deal. on.wsj.com/2yWcjV4 - Strayer Education Inc is nearing a deal to merge with Capella Education Co, according to people familiar with the matter, a move that would create a for-profit education company valued at nearly $2 billion. on.wsj.com/2yVYc20 - General Electric Co executives didn't notify the company's board until this month about its regular flying of a spare business jet for its CEO, and it didn't tell directors that GE had received an internal complaint about the practice several years ago, according to people familiar with the matter. on.wsj.com/2z3amIw   FT Ahead of the autumn budget, Finance Minister Philip Hammond faces the prospect of either abandoning his fiscal targets or ignoring growing demands for more public spending, according to think-tank Institute for Fiscal Studies. Law firm Stewarts Law is seeking to launch a legal challenge against HSBC Holdings Plc on behalf of small companies that allege they have lost money as a result of being unable to conduct business because their accounts were frozen by HSBC in attempts to crack down on anti-money laundering. The UK government will hold back the 1 billion pounds ($1.31 billion) promised by Prime Minister Theresa May to the Democratic Unionist Party (DUP) ahead of imposing a budget on Northern Ireland where talks for a deal between the DUP and Sinn Fein to restore the region’s government are yet to materialise.   Canada THE GLOBE AND MAIL Canada Jetlines Ltd will begin operations with four planes next year instead of six as originally planned and has scaled back plans to start flying out of two airports in Southern Ontario. tgam.ca/2xxRg9L Hunter Harrison, owner of CSX Corp, says there's no truth to market speculation that his ill health is behind the arrival of a new operating chief and the departure of three executives. tgam.ca/2xymbTH One of Vancouver's tech entrepreneurs, Jeff Booth, abruptly resigned from BuildDirect.com Technologies Inc, the e-commerce company he co-founded 18 years ago and hoped would become the Amazon of heavy-duty home-improvement supplies. tgam.ca/2xyNP2C   Britain The Times British Treasury ministers were left in the dark about plans to alter UK listings rules in an effort to attract the potential 1 trillion-pounds-plus listing of Saudi Aramco to London amid intense competition to win the float, according to emails disclosed to the Times. bit.ly/2z30K0z Pay for British-based partners at one of the world's biggest accountancy firms, Ernst & Young, has swelled to nearly 680,000 pounds ($892,704.00) as the professional services industry enjoyed bumper revenues in spite of Brexit and political upheaval around the world. bit.ly/2z1xszb The Guardian The Bank of England is poised to raise interest rates this Thursday for the first time in more than a decade, raising the cost of borrowing for British households already hurt by an earnings squeeze. bit.ly/2z1k9Pr Britain is on track for a budget deficit – the gap between government spending and tax receipts – to reach 36 billion pounds by 2021-22, more than twice the initial official forecast of 17 billion, according to the Institute for Fiscal Studies. bit.ly/2z3bhJ5 The Telegraph Ontario Graphite, a Canadian graphite producer, is drawing up plans to capitalise on the electric car boom and raise 40 million pounds by listing in London later this week. bit.ly/2yVWkGN The government's triennial review of the UK's betting industry is expected to act over fixed-odds betting terminals, known as the "crack cocaine" of gambling because they allow punters to stake as much as 100 pounds in a single 20-second flutter. bit.ly/2z310g3 Sky News The former owner of Monarch Airlines has pledged to use part of any profit it makes from the collapsed airline to compensate taxpayers saddled with a 60-million-pound bill for flying holidaymakers back to UK. bit.ly/2z1koKl The Independent A rising number of British restaurants are at risk of going bust due to Brexit, according to new research from accountancy firm Moore Stephens that says 20 percent of restaurants, or 14,800 outlets, are threatened with closure

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30 октября, 08:28

U.S. regulator wants to loosen leash on Wells Fargo: sources

WASHINGTON (Reuters) - A leading U.S. regulator wants to make it easier for Wells Fargo to pay employees when they leave, loosening a restriction in place since a phony accounts scandal hit the bank last year, according to people familiar with the matter.

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28 октября, 23:00

20% of millennials will 'never' be invested in the markets, study says

When it comes to money, millennials are less than confident, according to Wells Fargo.

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28 октября, 21:51

Should Income Investors Buy Wells Fargo & Company (WFC) Before Its Ex-Dividend?

Attention dividend hunters! Wells Fargo & Company (NYSE:WFC) will be distributing its dividend of $0.39 per share in 4 days time, on the 01 December 2017, and will start tradingRead More...

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28 октября, 03:27

U.S. investigating forex trading at Wells Fargo: WSJ

(Reuters) - Federal prosecutors are investigating foreign-exchange trading at Wells Fargo & Co and have subpoenaed information from the firm, the Wall Street Journal reported, citing...

27 октября, 19:37

Federal Prosecutors Are Investigating Wells Fargo's FX Business

Last week, WSJ stoked fears that the Feds might be ramping up another probe into abuse and manipulation in the foreign exchange market when it reported that Wells Fargo had abruptly terminated four bankers from its FX business and transferred another. Now, Wall Street’s paper of record is reporting that Federal prosecutors are investigating Wells for abuses in its FX shop - but the scope of the investigated is limited to one disputed trade. According to WSJ, prosecutors have subpoenaed information from Wells and from the recently fired bankers as they investigate a trade and ensuing dispute between Wells and one of its clients, Restaurant Brands International Inc. RBI owns several fast-food franchises, including Burger King, Tim Hortons and Popeyes Louisiana Kitchen. In an amusing twist, both companies count Warren Buffett’s Berkshire Hathaway as one of their largest shareholders. In a statement, Wells Fargo said it “learned of an issue associated with a foreign exchange transaction for a single client. The matter was reviewed, the client was promptly notified regarding the issue, and Wells Fargo leadership took steps to hold accountable the individuals who were involved. Wells Fargo remains committed to our foreign exchange business, meeting our clients’ financial needs in an ethical way, and ensuring ongoing review of this and all business operations.” The foreign-exchange issue revolves around a trade made within the past three years that included positions running into the billions of dollars, the people said. The trade resulted in a loss to Restaurant Brands, the people added, which led to a dispute between it and the bank. WSJ pointed out that the investigation into Wells Fargo’s foreign-exchange business, which is housed within its investment bank, are separate from sales-practices issues that rocked the bank more than a year ago. Wells Fargo is planning to refund Restaurant Brands hundreds of thousands of dollars related to the trading loss, WSJ's sources said.  The Federal Reserve is also looking into the issue. Specifically, Federal prosecutors are looking into the sequencing of the trade in question and whether it could have involved so-called front-running, some of the people familiar with the matter said. That should send a chill down the spine of the fired bankers, as earlier this week a US jury found a former HSBC currency trader guilty of fraud related to front-running a large trade that netted the bank some $8 million in profits. The US is also in the process of extraditing another UK-based FX trader to face front-running related charges in the US. Last year, a wide-ranging investigation into abuse and front-running in the global foreign-exchange market led to a rash of settlements worth billions of dollars involving Barclays and a handful of other global banks.  While probes like this are never convenient, the investigation comes at a particularly trying time for the bank and its management. Earlier this month, WFC CEO Tim Sloan received a widely publicized tounge lashing from Massachusetts Senator Elizabeth Warren during Congressional testimony (Sloan became the second straight Wells CEO whom Warren said should resign during a public hearing). He has also participated in a handful of media interviews lately as he tries to burnish the bank's once-wholesome reputation and bolster its lagging share price, which has never quite recovered from last year's cross-selling scandal. However, as WSJ explains, front-running is often difficult to gauge given the ambiguity around pre-hedging strategies in currency trading. Typically a bank must purchase currency as part of a trade and price it differently than it would price a stock. Wells Fargo’s investment-banking, securities and markets division, known as Wells Fargo Securities, is a fraction of the size of its U.S. big-bank peers, as is its foreign-exchange business. The bank doesn’t break out financial results or metrics for that group or its foreign-exchange business. And while the investigation is the latest embarassment for the bank, which over the summer disclosed that it had overcharged mortgage and auto-loan borrowers, there is, at least, one mitigating factor: Unlike the retail banking scandal, which stoked widespread public outrage, few Americans understand how the foreign-exchange market works - indeed, many don't even realize that such a market exists. This means that even in the worst-case scenario, Wells's brand should remain untarnished from this latest scandal. The US Attorney’s Office for the Northern District of California is leading the investigation.

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27 октября, 18:01

How the Blockchain Can Free You From The Banking Industry

Via The Daily Bell The power or right to act, speak, or think as one wants without hindrance or restraint… that’s freedom. For many, the word means the ability to do as they see fit. For some, it’s a call to action. And for others, freedom is a dream worthy of giving their lives. Fortunately for a good number of people within the Western world, freedom is something we have come to expect within our daily lives. Though for as often as we hear and speak of our freedom, there still exist many areas in which freedom is merely just a word. And in no area is that lack of freedom felt more heavily than within banking institutions. We rely on these institutions and companies for critical aspects of our lives. Yet all too often they serve only themselves at to the detriment of their customers. Modern Banking and the Bonds of Finances The advent of modern banking grew out of a principle of providing people with a utility. Banks could be relied upon and used to advance customers’ living standards and financial security. Though as populations boomed and business continued to soar, banking shifted into a $100 trillion dollar industry globally. With that shift came a change in the way that banks conducted themselves. Loans took on a predatory nature with the help of government incentives. They no longer were designed to help individuals attain the things they could use to better their lives. But instead, loans trapped individuals into a spiraling debt cycle to drive banking profits higher. Fraud became more widespread and much more difficult to prosecute. Often perpetrators simply resigned with a healthy severance package earned from their misdeeds. And regulators became embroiled with those they were meant to be regulating. Lobbying on behalf of commercial banks became a standard practice. The entire industry shifted into becoming a source of distrust and malalignment among average citizens. And after the 2008 financial crisis and the subsequent bailouts, that distrust only grew. In the aftermath of the 2008 financial crisis, the uglier side of the banking industry became quite apparent. The truth about the predatory loans and the shady dealings of corporate banks started to come to light over time. Stories of how major banks had acted against the interest of the people they served began to become the norm. Though ugly as it is, modern banking and its major players have not changed at all nor lost their grip on power over countries. If anything they’ve strengthened those bonds. Those bonds have formed a deep connection with the way we live. Without banks, many of the things we take for granted, things as simple as buying a morning coffee, would be much more difficult. On top of that, modern life almost necessitates the need for an individual to do business with a bank. Understandably, the inability to live without banks is a limitation of personal freedom in the true definition of the word. But how can that be changed? Cryptocurrencies and a New Type of Finance By now, most people are familiar with cryptocurrencies in some fashion. Whether or not they fully understand them, though, is based upon their exposure. But with the popularity of Bitcoin in the news, most are at least aware that a different currency exists outside of the typical one. It was Bitcoin that brought cryptocurrency into the spotlight, introducing many people to the idea of a financial system operating outside of the reach of major banks. Though, unfortunately, it was also Bitcoin that rather soured the average citizen on the idea of cryptocurrency as well. It’s–relatively–anonymous exchange coupled with media efforts to link cryptocurrency with crime, sullied the first impression people had with the currency. There was also misconduct of certain individuals within the Bitcoin sphere, which led to cryptocurrency being mislabeled and misunderstood. But what if we take a step back to look at the cryptocurrency for what it is and what it can do? We see the best possibility for breaking the chains of modern banking and freeing people from the power of the banks. Cryptocurrencies are a way to remove major banks from the equation of personal finances. They allow people to trade, buy, sell, and use a medium of exchange more quickly, more securely, and without the need for a bank. In principle, cryptocurrencies are the best way for people to take back their freedom to act in their own best interests, without relying on manipulative banks. The Blockchain and Secure Banking The sense of security that you can get from a major bank stems from the ability of the bank to process and reflect transactions in an accurate way. Banks act as the intermediary ensuring all transactions are to some level accurate and secure from fraud. But for the sense of security, it gives individuals, modern banking is anything but secure. Fraud occurs from within the institution itself, as witnessed by the major scandal facing Wells Fargo. From the outside, banks are not impervious to breach as hackers often break into the networks used by banks. So, that sense of security is merely a feeling and not reflective of the reality of modern banks. Banking can be done securely. But the current system is unable to do it. This is where cryptocurrencies flourish. The technology behind cryptocurrencies relies on a principle called the blockchain. The simplest explanation is that the blockchain is a means of securing information across a vast network of computers. By design, it ensures that transactions are always conducted in a secure fashion. Anyone can confirm this on the public ledger. The science behind the blockchain requires an understanding of cryptography and the ways in which computers communicate. In application, it is simply a built-in system that protects the accounts of every person within the system. And yes, hackers can steal tokens kept in online wallets. But there are hardware wallets, kept offline, that are like safes for different cryptocurrency, and even allow recovery if stolen. Yet they are thus far impervious to hackers. Slovenia’s Push to Modernize Banking: Blockchain on a National Scale Despite–or due to–all the benefits, cryptocurrencies and the blockchain have received pushback from governments across the world. Obviously, major banks are instrumental in the pushback as their system is threatened by the innovative process. And while most of the world grapples with the idea of cryptocurrencies, one country has stepped forward to embrace the blockchain and the type of banking it promotes. Slovenia has been a haven for innovation over the years embracing changing technology. Entrepreneurs and tech-based startups are continuously relocating to the country. This is due to the forward thinking that has now begun to define the country. So it should come as no surprise that it would be the first nation to openly embrace the blockchain. The announcement that Slovenia would begin looking into applying blockchain based banking came directly from a statement made by Prime Minister Miro Cerar. While addressing a crowd at the 2017 Digital Slovenia 2020 convention, Prime Minister Cerar announced that he wished to position Slovenia as the leader of blockchain innovation within the EU. He further went on to say Slovenia would look towards developing a national application of the technology. Doing so would not only legitimize blockchain throughout the world but also set the precedent for finally breaking free of the modern banking system. The application of the blockchain and its use within a national system is still in developmental stages within Slovenia. But already this signals to other nations that they will have to compete or risk losing advanced business and entrepreneurs to neighboring states. So, proponents of the system across the world look towards the future success of Slovenia with eager anticipation. Its success could open the doors for a wider utilization and could very well signal the end of the modern banking industry. And with it, the end of the stranglehold commercial banks have over citizens. Joining the Modern World and Freeing Yourself  The world can look towards Slovenia to prove that the blockchain will serve a greater purpose on a national level. But individuals can already free themselves from the modern banking system. You too can join the movement towards a decentralized banking system by diversifying your savings to spread risk beyond commercial banks. Holding an amount of cryptocurrency that you could still afford to lose would be a good start. There are already systems in place to make the utilization of cryptocurrencies as easy as the current system. In fact, a number of businesses now accept Bitcoin and more are joining their ranks with each day. It may be prudent to maintain an account with a commercial bank for the time being. But moving more assets towards cryptocurrencies strengthens the currency itself and increases demand for businesses to adapt to the new currencies. By participating, we help to lay the foundation for the largest overhaul of the banking sector in generations. This moves society towards a more free and independent future. One without the bonds of modern banking.

27 октября, 15:48

Kforce (KFRC) Set to Post Q3 Earnings: What's in the Cards?

Dull growth in KForce's (KFRC) Technology and Finance along with accounting operations is anticipated to be a drag on the company's performance in the third quarter.

26 октября, 20:49

Retirement at Age 80? How This Could Happen to You

From not saving enough to raiding retirement accounts too soon, it’s easy to make mistakes that may force you to put off retirement for a decade or more.

26 октября, 20:41

Опрос: глобальный рост ускорится в 2018 году, но инфляционное давление останется слабым

Мировая экономика находится в лучшем состоянии в течение многих лет и настроена на дальнейшее улучшение в 2018 году, но экономисты, опрошенные Reuters по всему миру, в основном заявили, что синхронный рост не собирается порождать значительное ценовое давление. Действительно, в то время как несколько крупных центральных банков изменили свое предвзятое отношение к ультрамягкой денежно-кредитной политике, за некоторыми заметными исключениями инфляция остается ниже их целевых показателей и, как правило, будет оставаться такой же в будущем году. В опросах Reuters, проведенных с 3 октября по 24 октября среди более чем 500 экономистов из Азии, Европы и Северной и Южной Америки, прогнозы роста на 2017 год и 2018 год почти для трех четвертей из 48 экономических стран были повышены или оставлены без изменений. Мировой экономический рост в целом прогнозируется на уровне 3,5 процента в этом году, без изменений по сравнению с опросом, опубликованным три месяца назад, но чуть ниже, чем недавно обновленные оценки от Международного валютного фонда. В то время как консенсус-прогноз на 2018 год также оставался стабильным, на уровне 3,6 процента, большинство респондентов, ответивших на дополнительный вопрос, сказали, что риск для их прогнозов были больше искажен в сторону повышения. Однако, респонденты сократили свои прогнозы по инфляции в 2017 году почти для двух третей опрошенных стран. Около 40 процентов из 134 экономистов, которые ответили на дополнительный вопрос, заявили, что глобальное инфляционное давление не поднимется до 2019 года или позднее, в то время как четверть отметили, что оно вряд ли восстановится вообще. Эрик Нельсон, стратег Wells Fargo в Нью-Йорке, сказал, что для его глобальных прогнозов по росту, которые примерно соответствуют консенсусу Reuters, рост инфляции быстрее, чем ожидалось, является риском номер один. "Если инфляция вырастет намного больше, чем мы ожидаем, либо в Соединенных Штатах, либо в других странах, и центральным банкам придется ужесточать политику более агрессивно, чем мы сейчас думаем, тогда, вероятно, появится некоторый риск снижения этих прогнозов", - сказал Нельсон. Информационно-аналитический отдел TeleTradeИсточник: FxTeam

26 октября, 11:14

Опрос: мировой рост ускорится, инфляция будет низкой

Мировая экономика демонстрирует лучшую за несколько лет динамику и ускорит рост в 2018 г. Однако экономисты, опрошенные Reuters, отмечают, что синхронный рост по всему миру не вызвал значительного ценового давления.

17 июля, 13:54

Доступ к телу. Кто из крупных лоббистов стоит ближе к Трампу

Финансисты и банкиры, содержатели казино и нефтяники — самые влиятельные группы поддержки президента-миллиардера