Investors should focus on companies with domestic exposure, Bespoke Investment Group's Paul Hickey says.» Read More
Big tech names set to report results this week include Intel Corp and Yahoo Inc on Tuesday; eBay Inc on Wednesday and Google Inc on Thursday. Goldman Sachs analysts wrote in a note that the information technology sector "appears to be the most undervalued sector," giving investors more reasons to be bullish on tech stocks.
Big tech names set to report next week include Intel Corp and Yahoo Inc on Tuesday; eBay Inc on Wednesday and Google Inc on Thursday. Goldman Sachs analysts wrote in a note that the information technology sector "appears to be the most undervalued sector," giving investors more reasons to be bullish on tech stocks.
NEW YORK, July 11- Wells Fargo& Co is angling to cash in on the U.S. energy boom, as the fourth-largest U.S. bank looks for new avenues of revenue growth to overcome a slump in mortgage lending, its traditional driver of profits.
It's a big week for banks. But, has Wells Fargo given a huge warning that things may not be so great with America's financial institutions?
CNBC.com Managing Editor Allen Wastler reports U.S. employers having trouble filling jobs; LeBron James' move back to Cleveland, and Marissa Mayer and Tim Armstrong having drinks are the hottest topics among CNBC.com readers.
U.S. stocks climbed on Friday, but closed lower for the week, as investors weighed Wells Fargo results and readied for a slew earnings ahead.
John Shrewsberry, Wells Fargo CFO, discusses the housing purchase market and how it impacts its mortgages business.
BRUSSELS/ MOSCOW- The European Union seeks to reassure Russia that a free-trade pact with Ukraine is not aimed at hurting Moscow, but rejects calls to postpone implementation, offering more talks instead.
*Wells Fargo falls, more banks' earnings due next week. Shares of Wells Fargo& Co., down 0.5 percent at $51.54, were in the spotlight as the biggest U.S. mortgage lender was the first major U.S. bank to report earnings. Wells Fargo's results will be followed next week by earnings from Citigroup, Goldman Sachs, JPMorgan Chase and Bank of America.
July 11- Wells Fargo& Co, the fourth-largest U.S. bank, reported a 39 percent drop in mortgage revenue for the second quarter as lending volume dropped, underscoring the urgency for the bank to find other sources of income growth. Meanwhile, the pressure on Wells Fargo's mortgage business, one of its largest sources of revenue for years, is continuing and intense.
U.S. Treasury prices continued to rally on future Fed action and safe-haven demand stemming from worries about Portugal's biggest listed bank.
Some of Friday's midday movers:
European shares ended the day flat, as traders shrugged off some concerns about the condition of Portugal's banking sector.
NEW YORK, July 11- Major global equities markets steadied and the yen stabilized against the U.S. dollar on Friday as worries about Portugal's biggest bank eased.
*Wells Fargo falls, but revenue tops forecasts. Wells Fargo& Co reported revenue that beat expectations, though for the first time since 2009, the bank did not increase its earnings-per-share from the preceding quarter. Fastenal Co slumped 4.6 percent to $45.92 after revenue missed expectations.
The old adage, "As goes GM, so goes the nation," can apply to Wells Fargo, which released earnings Friday, Raymond James analyst Anthony Polini tells CNBC.
Though Wells Fargo's earnings only met expectations, Jim Cramer says there are several reasons to be bullish on the banking giant.
Wells Fargo reported Q2 earnings per share of $1.01 on revenue of $21.07 billion. The "Squawk on the Street" crew, share their view of the bank's performance.
U.S. stock index futures pointed to a higher open, after a bumpy day which saw concerns over Portugal's banking sector cross the Atlantic.
July 11- Wells Fargo& Co, the largest U.S. mortgage lender, reported a 3 percent rise in quarterly profit and said it was seeing a number of signs that the U.S. economy was improving. Wells Fargo shares were down 1 percent at $51.25 before the opening bell on Friday.