Wells Fargo (WFC) CEO John Stumpf this morning testifies before the House Financial Services Committee. Since last week's Senate Banking hearing on the bank's sales practices mess, Stumpf agreed to forfeit $41 billion. The board also launched an independent investigation. (CNBC)
The California treasurer took the unusual step of suspending many of the state's ties with Wells Fargo for at least a year, including the lucrative business of underwriting certain California municipal bonds. Treasurer John Chiang joins CNBC for an interview at 1:30 p.m. ET.
More than three-quarters of Americans believe the cost of prescription drugs are "unreasonable," according to a new Kaiser Family Foundation survey. Over EpiPens, Mylan (MYL) is the latest drugmaker to draw the wrath of Congress and customers. (CNBC)
Samsung Electronics, already reeling from a global recall of its Note 7 smartphones for fiery batteries, is in talks with a U.S. watchdog after a lawsuit against the firm over "exploding" washing machines. (BBC)
HP Incorporated (HPQ) apologized for how it handled a recent software update that stopped ink cartridges supplied by others from working with some HP printers and said it would offer new software that lets those cartridges work again. (WSJ)
Amazon (AMZN), Alphabet's (GOOGL) Google, Facebook (FB), IBM (IBM), and Microsoft (MSFT) are teaming up in an attempt to demonstrate to consumers and federal regulators how artificial intelligence can be used for good, not evil. (Recode)
Facebook (FB) is teaming up with the World Bank and the OECD to pioneer a new way of collecting data, in what they hope will generate broader, less expensive and more timely economic insights. (WSJ)
PepsiCo (PEP) this morning reported adjusted quarterly profit of $1.40 per share, 8 cents above estimates, while revenue also exceeded forecasts. PepsiCo raised its full-year forecast as well, as demand for snacks and beverages increases.
A month after a bitter fight over Viacom's leadership was settled, National Amusements, the controlling shareholder in Viacom and CBS, plans to send letters to both companies, instructing them to consider a merger. (NY Times)
The Senate and the House have approved a short-term spending bill, allowing lawmakers to avoid a government shutdown this week and return to their home states to campaign. The stopgap measure funds agencies through Dec. 9. (NY Times)
In the lead-up to the second 2016 presidential debate, set for a week from Sunday, Donald Trump's campaign is crowdsourcing ideas via an email survey to supporters on how the GOP nominee might attack Democratic rival Hillary Clinton. (CNBC)
A company controlled by Donald Trump secretly conducted business in Cuba in the late 1990s in violation of the long-running trade embargo, Newsweek is expected to report today, citing interviews with former executives, internal company records and court filings.
Steve Case, co-founder of America Online, is making the case for why he's going to vote for Hillary Clinton. Case endorsed the Democratic nominee in a Washington Post op-ed, saying he usually tries to stay out of politics but made an expectation in this election.
In another gaffe, Libertarian presidential candidate Gary Johnson struggled to name a foreign leader when asked who his favorite was during an MSNBC town hall last night. Johnson finally landed on former Mexican Presidential Vicente Fox.
BY THE NUMBERS
It's a busy day for economic numbers, starting at 8:30 a.m. ET when both initial jobless claims and revised second quarter GDP figures are released. The National Association of Realtors is out with pending home sales for August at 10 a.m. ET.
Fed-speakers are on parade again today, starting with Kansas City Fed President Esther George on "Squawk Box" for an 8:30 a.m. ET. In speech Wednesday, George said she wants to raise rates "slowly but surely."
Atlanta Fed President Dennis Lockhart, Fed Gov. Jerome Powell, and Minneapolis Fed President Neel Kashkari also make public appearances throughout the day.
STOCKS TO WATCH
Intra-Cellular Therapies (ITCI) shares were losing two-thirds of their value in premarket trading, after disappointing study results for its lead drug, which is designed to treat schizophrenia.
Novo Nordisk (NVO) plans to cut 1,000 jobs, about 2 percent of its global workforce, as the world's largest insulin maker tries to deal with what it calls a challenging 2017 environment.
Pier 1 Imports (PIR) late Wednesday reported a quarterly loss of 5 cents per share, matching estimates, but revenue missed. The home goods retailer also warned on full-year guidance.
Wal-Mart (WMT) is reportedly in talks to buy a minority stake worth up to $1 billion in India's largest e-commerce firm Flipkart, as the world's biggest retailer aims to break into a fast growing online retail market.
Carl Icahn has cut his stake in Transocean (RIG) to 1.5 percent from 5.9 percent, although the billionaire investor did say he continues to have confidence in the oilfield services provider's management.
WATERCOOLER
Fantasy-sports website DraftKings is investigating whether a player who shared a $1 million first prize last weekend violated the site's guidelines on colluding with other users. (WSJ)