August 22, 2020 | Daily JAM |
On Friday August 21, Reuters reported that Wells Fargo (WFC) had in early August resumed the job and cost cutting program that it had paused in March as the coronavirus pandemic raged toward its heights in the United States. In July the bank said it would resume...
August 21, 2020 | Daily JAM, Morning Briefing, Volatility, WFC |
The overall number of borrowers delinquent on their mortgages fell by 340,000 in July. That's down by 9% from June. (These are figures from Black Knight, which collects delinquency numbers monthly. The Mortgage Bankers Association, on the other hand, releases its...
July 21, 2020 | Daily JAM, Mid Term, Morning Briefing |
Of course, there isn't actually a Republican bill in the Senate yet, but in a floor speech today Senate Majority Leader Mitch McConnell said “The American economy needs another shot of adrenaline.” McConnell also noted that infections are “climbing in hot spots around...
July 20, 2020 | Daily JAM, Short Term |
This morning shares of Amazon (AMZN) burst higher out of the box, gaining 5.98% as of noon New York time. The catalyst, it appears, was a new target price from Goldman Sachs of $3800 a share, up from the previous target of $3000. The shares had closed at $2961.97 on...
July 14, 2020 | Daily JAM, Short Term, Stock Alerts, Volatility, WFC, You Might Have Missed |
On today's bad news from JPMorgan Chase (JPM), Citigroup (C), and, especially, Wells Fargo (WFC), the Wells Fargo Put Options (WFC201016P00025000) I hold in my Volatility Portfolio had gained 20.62% to $3.10 as of 2 p.m. New York time today. That still leaves this...
July 14, 2020 | C, Daily JAM, JPM, Morning Briefing, WFC |
“I don’t think anybody should leave any bank earnings call this quarter simply feeling like the worst is absolutely behind us and it’s a rosy path ahead,” Citigroup (C) CEO Michael Corbat said this morning as he announced the bank's second quarter earnings. “We don’t...
July 13, 2020 | Daily JAM, Morning Briefing, Short Term, You Might Have Missed |
At the high point during the day, the Dow Jones Industrial Average was up 2.2%. It closed with a gain of just 0.1% for the day. The trend wasn't limited to U.S. stocks. The iShares MSCI Emerging Markets ETF (EEM) was up 1.26% at noon New York time but closed off 0.67%...
July 9, 2020 | Daily JAM, Stock Alerts, WFC |
Wells Fargo (WFC) will cut thousands of jobs later this year, Bloomberg reported today. The bank, the largest employers among U.S. banks, is facing intense pressure to cut costs. So far in the coronavirus economic downturn,U.S. banks have resisted large-scale layoffs....
June 29, 2020 | Daily JAM, Volatility, WFC |
Wells Fargo (WFC) said today that it will cut its current 51-cent dividend after the Federal Reserve's most recent round of stress tests set new limits on dividend payouts and share buybacks. The bank said it will announce the size of the cut on July 14 when it...
June 26, 2020 | Daily JAM, Dip-O-Meter |
I think anyone who tells you they "know" where stocks are going next week is either smoking something (and I'd like some, please) or is looking to sell you something. In the last two weeks we've seen a market that was totally willing to look past all the evidence that...
June 25, 2020 | Daily JAM |
After the close for the New York markets, the Federal Reserve announced the results of its newest round of stress tests on 34 big U.S. banks. For the first time, the Fed added scenarios for a V-shaped recession and recovery; a slower, U-shaped recession and recovery;...
June 9, 2020 | Daily JAM, EWZ, Morning Briefing, Short Term, WFC, You Might Have Missed |
Prices on options market are saying that there's an awful lot of risk in some of the stocks that have soared the most in the rally of the last few weeks. Buyer beware! at this point. On Friday, when stocks soared on the May jobs report surprise, I went fishing in the...