A sell-off in chip stocks intensified following a report that chipmakers are cutting ties with Huawei after the Trump administration's ban.Marketsread more
Ford Motor said Monday that it is laying off about 7,000 salaried workers, about 10% of that global workforce, as part of a restructuring plan designed to save the No. 2...Autosread more
President Trump stands a chance of creating a new economic world order in his China trade fight, says the chief economic advisor of Allianz.Economyread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
The S&P 500 is only about 3% from its recent record high despite a tariff panic sell-off, negative investor sentiment and stock outflows.Trading Nationread more
More than 170 shoe retailers, including Nike, Under Armour, Adidas, Foot Locker, Ugg and Off Broadway Shoe Warehouse, have penned a letter to the White House asking President...Retailread more
Health officials confirmed another 41 measles cases last week, the Centers for Disease Control and Prevention said Monday, bringing the total to 880 for the year, already the...Health and Scienceread more
People investing in some technology stocks should not expect them to go up anytime soon, warns the "Mad Money" host.Investingread more
Google has suspended business activity involving the transfer of hardware, software and key technical services with Huawei. Analysts say that could be a big blow to the...Technologyread more
Little Caesars will sell a pizza topped with plant-based sausage crumbles made by Impossible Foods for the pizza chain. This marks the first time a national pizza chain is...Restaurantsread more
Wedbush cuts its price target on Tesla shares to $230 from $275.Investingread more
Wells Fargo, the biggest U.S. mortgage lender, reported a 14 percent rise in first-quarter net profit as the company set aside less money to cover bad loans and costs fell.
Net income applicable to common shareholders rose to $5.60 billion, or $1.05 per share, in the quarter ended March 31 from $4.93 billion, or 92 cents per share, a year earlier, the fourth-biggest U.S. bank said on Friday.
Analysts on average had expected Wells Fargo to earn 97 cents per share, according to Thomson Reuters I/B/E/S.
Wells Fargo's shares, which had risen about 8 percent since the start of the year to Thursday's close, were up 1 percent at $48.25 in trading before the bell.
Wells Fargo's mortgage business, which provides nearly one in five U.S. home loans, continued to suffer from a drop in refinancing. Income from mortgage banking fell to $1.5 billion from $2.8 billion in the first quarter of 2013.
For the week ending April 4, applications for refinancing fell to their lowest share of total mortgage applications since July 2009, according to the Mortgage Bankers Association.
Wells Fargo's new home loans fell to $36 billion in the quarter from $109 billion a year earlier and $50 billion in the fourth quarter.
February was the worst month for new home loans since at least 2000, according to Black Knight Financial Services.
Wells Fargo had $27 billion of mortgage applications in the pipeline at the end of the quarter, down from $65 billion at the end of the fourth quarter.
JPMorgan Chase, the biggest U.S. bank by assets, reported earlier on Friday that income from its mortgage business fell to $114 million in the quarter, a drop of $559 million from the year-earlier period.
Wells Fargo's net income got a lift from a drop in the amount it set aside to cover bad loans as the housing market and the overall economy stabilized.
The bank released $500 million from its loan loss reserves, higher than the $200 million released a year ago but less than the $600 million released in the fourth quarter.
Wells Fargo is experiencing historically low loan losses. Its net charge-off rate was 0.41 percent in the latest quarter, down from 0.47 percent in the fourth quarter and 0.72 percent in the first quarter of 2013.
Total lending rose 4 percent to $826.4 billion, while total revenue fell slightly to $20.6 billion from $21.3 billion a year earlier.