Seana Smith

Producer, Yahoo Finance

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JPMorgan posts record results; Under Armour upgrade; Amazon reaches new deal

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JPMorgan (JPM) – The big bank reported earnings and revenue that topped Wall Street estimates. JPMorgan’s fixed income revenue jumped 48% during the quarter from one year ago, driven by the Brexit vote, central bank actions and money-market fund reforms in the US.

Wells Fargo (WFC) – The embattled bank reported that third-quarter earnings dropped 3% as revenue rose 2% to $22.3 billion. The earnings results come just two days after John Stumpf stepped down as CEO and chairman. Wells Fargo has faced scrutiny for opening as many as 2 million unauthorized accounts.

Under Armour (UA) – The athletic retailer was upgraded by Piper Jaffray to overweight from neutral. The firm cited on-going traction for the company in the footwear and women’s segments as the reason for its bullish call. Piper Jaffray also upped its price target on the stock to $44.

Amazon (AMZN), VMWare (VMW) – The two companies have reached a deal to boost its competition among cloud providers. VMWare’s new cloud service will run on both its own VMWare-equipped data centers and Amazon’s web-based servers.

Citigroup (C) – The bank reported third-quarter earnings and revenue before the bell this morning that beat Wall Street expectations. Citi posted adjusted earnings per share of $1.24 on revenue of $17.76 billion.

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GoPro shares fall; Amazon hiring 120K temporary workers; Wells Fargo CEO steps down

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GoPro (GPRO) – Piper Jaffray analyst Erinn Murphy says the company is not currently shipping to Amazon.com, which represents about 12% to 14% of its sales. GoPro will reportedly resume shipping to the online retail giant at the end of the month.

Amazon (AMZN) – The company is hiring more than 120,000 seasonal employees for the upcoming holiday season. The new hires will work at Amazon’s fulfillment centers and customer service sites.

Wells Fargo (WFC) – Wall Street is keeping a close eye on the bank following news Wednesday that its CEO John Stumpf is stepping down, effective immediately. Stumpf came under fire after Wells Fargo was accused of opening 2 million fake accounts. President and chief operating officer Timothy J. Sloan will replace Stumpf.

Deutsche Bank (DB) – The German bank is reportedly implementing a company-wide hiring freeze as it looks to lower costs as concerns mount regarding the Department of Justice’s request that it pay $14 billion to settle a probe over misselling mortgage-backed securities. Deutsche Bank has lost nearly half of its market value so far this year.

Ulta Beauty (ULTA) – The company raised its third-quarter and full-year guidance ahead of its analyst day event. The company now expects third-quarter comparable sales to increase between 14% to 15%.

Delta Air Lines (DAL) – The airline reported mixed third-quarter results ahead of the bell, posting earnings per share of $1.70 on revenue of $10.48 billion.

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How the US Army prepared one CEO for success in the NHL

Plagued by bankruptcy fears, the National Hockey League’s Florida Panthers have been bogged down with money problems off the ice. Now, after shaking up its front office and reallocating funds, the team is focused on bringing the Stanley Cup home to South Florida.

The Panthers have an unusual plan for revamping its business: They’re bringing a military-type attitude to the front office. Panthers chairman, owner and governor Vincent Viola, who graduated from the U.S. Military Academy at West Point and served in the 101st Airborne Division, has hired seven front-office staffers with military backgrounds.

Among the recent hires is Matthew Caldwell, president and CEO of Sunrise Sports and Entertainment, the parent company of the Florida Panthers. Caldwell told Yahoo Finance’s Seana Smith in the video above how he is taking the skills he learned as a captain in the US Army to the National Hockey League.

“There are a lot of similarities between soldiers and hockey players. They take a team-oriented approach,” said Caldwell. “It’s a blue collar, hard-work mentality. Being in the Army for five years and leading soldiers from every ethnicity, every background, really helps you prepare for when you come in and try to lead a business.”

Caldwell served from 2002-2007 in Germany with deployments to both Iraq and Kosovo. But he’s also spent some time on Wall Street. Caldwell worked in financial services at Goldman Sachs as a vice president and was a managing director at Virtu Management.

One of the biggest concerns for Caldwell in his first year at Sunrise Sports and Entertainment is building attendance. “It all starts with season tickets and getting more fans interested in the team and filling the building. Tickets drive everything. It excites our players … It’s all about getting out in the community, spreading the brand and getting people in the seats.” The Florida Panthers ranked 24 in the league for attendance for the 2015-2016 season with an average of 15,384 fans per game. While there’s room for improvement, it’s significantly better than the previous season, when the team ranked last in the league with an average attendance of 11,265.

In terms of generating a larger fan base, Caldwell says it starts at the junior hockey level. “We have a practice facility where we have a junior Panthers team. We’re building a rink alliance with five other rinks in South Florida that all have travel teams, because we think if we can get in with the youngest generation and teach them the game of hockey, not only does that create a hockey fan but presumably their parents and siblings [will become fans] as well.”

And for all the skeptics out there, Caldwell says the team is “here to stay in South Florida.” The team’s owners, he says, “have signed top, young talent to long-term deals. Right now we have 10 players on the hockey team that have five or more years on their contracts. They’re proving it’s a great product.”

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Bullish call on Amazon; Apple price target lifted; Procter & Gamble gets an upgrade

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Amazon (AMZN) – Cantor Fitzgerald raised Amazon’s price target to $1,000 per share from $835. The firm sees e-commerce reaching a tipping point and thinks Amazon will be the biggest beneficiary.

Apple (AAPL) – Mizuho has raised its price target on Apple by $10 to $130 per share while maintaining a buy rating on the stock. Mizuho expects Apple to report revenue and EPS in-line to slightly above analysts’ estimates for its fiscal fourth quarter on October 25.  It also thinks the tech giant could surprise to the upside as it benefits from recent product issues at Samsung.

Procter & Gamble (PG) – Argus Research upgraded Procter & Gamble to buy from hold, bringing the total number of buy ratings on the stock to 14. Procter & Gamble is scheduled to report third-quarter earnings on October 25.

Toyota (TM) – The Japanese automaker is recalling 340,000 Prius cars to address an issue with the car’s braking system. The recall covers hybrid models produced between August 2015 and October 2016.

Boeing (BA) – The airliner has reached a $3.2 billion deal with China Southern Airlines for twelve 787-9 planes. The planes are expected to be delivered between 2018 and 2020.

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Wells Fargo warns of tough times ahead; Alcoa sinks on earnings miss; Ford closes factory amid falling sales

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Alcoa (AA) – The company posted adjusted earnings per share of 32 cents on revenue of $5.21 billion for the fiscal third quarter, missing analysts’ estimates on both the top and bottom lines. This was the last earnings before Alcoa splits into two companies.

Wells Fargo (WFC) – The Wall Street Journal is reporting that Wells Fargo managers pushed branch employees to come up with new ways to get customers to sign up for potentially costly overdraft protection. WSJ is also reporting that Wells Fargo held an hour-long call with top executives Monday to lay out the bank’s strategy to move past its scandal.

Ford (F) – The US auto giant is closing its Mustang factory in Michigan for a week after US sales for the vehicle plunged 32% in September. The plant, located in the city of Flat Rock, employs 3,702 workers.

Apple (AAPL) – The US Supreme Court will hear its first case involving the patent battle between Apple and Samsung. Apple claims Samsung copied many design features of the iPhone, including its shape, front screen and display grid.

Twitter (TWTR) – Reuters is reporting that Salesforce (CRM) is still considering a bid for Twitter, despite earlier reports that the company is no longer interested. Twitter now has a market cap of $12 billion.

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Deutsche Bank says sell Netflix; Under Armour upgrade; Twitter slides

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Netflix (NFLX) – Deutsche Bank (DB) initiated coverage on Netflix with a sell rating and a price target of $90 per share. The bank sees the risk/reward on the stock as unattractive and is skeptical that Netflix will be acquired.

Under Armour (UA) – Wells Fargo (WFC) upgraded Under Armour to outperform from market perform, noting that “noise” from Sports Authority’s bankruptcy is subsiding. The firm raised its price target range to between $44 and $46, up from $38 to $42.

Twitter (TWTR) – The stock is under pressure on reports that bids for the social media platform are unlikely. Bloomberg is reporting that Salesforce.com (CRM), Alphabet’s Google (GOOGL) and Walt Disney (DIS) are no longer interested in acquiring Twitter.

Delta Airlines (DAL) – The airliner is expanding its service. Delta announced it will begin daily nonstop service between Ronald Reagan Washington National Airport and Los Angeles International Airport next April. Boeing (BA) 757-200 aircraft will be used.

Bristol-Myers Squibb (BMY) – The pharmaceutical giant’s new lung drug, Opdivo, fell short of immunotherapy hopes after failing to beat chemotherapy in a large clinical trial for lung-cancer patients. Merck (MRK) announced positive results for its rival lung cancer drug over the weekend.

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Labor Secretary: Higher minimum wage and immigration reform will boost job growth

The US added 156,000 jobs in September, bringing the total number of workers added to the labor force to 3 million over the past year, the biggest gain since 2000. That, coupled with the fact that September was the 72nd consecutive month of rising nonfarm payrolls, is a sign of overall improvement in the job market.

“This report shows steady jobs growth and steady wage growth,” US Department of Labor Secretary Thomas Perez told Yahoo Finance’s Seana Smith in the video above. “We’ve now had 72 months in a row of jobs growth to the tune of 14.4 million jobs. The real wage growth we’re seeing in this business cycle is the best of any business cycle since the 1970s.”

Average hourly wages rose 6 cents to an annualized rate of 2.6% as the average workweek inched up one-tenth to 34.4 hours.

While there are a number of indicators moving in the right direction, Perez is quick to point out that there’s still “more work to do.”

“I still meet too many people who are struggling. We still have way too many people who are working a 50-hour job and getting their food at the food pantry, and you have to win the geographic lottery to have a decent minimum wage in this country,” said Perez. “If we had infrastructure investments at scale, if we had a higher minimum wage, if we passed immigration reform, our unemployment rate would be even lower,” said Perez.

The jobless rate rose one-tenth of a percent to 5.0% in September, its highest level in four months. It was projected to hold at 4.9%, close to its lowest level since 2007.

In terms of what needs to happen in order to get more Americans back to work, Perez says it’s important to “invest in skills” and “match people’s skills with in-demand jobs.”

“There are 5.9 million job openings right now, including about 10% in the IT sector, so there’s real opportunity out there,” said Perez. “We’re Match.com here at the Department of Labor. We match job seekers who want to punch their tickets to the middle class with businesses who want to grow.”

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Goldman adds Ralph Lauren to 'conviction buy' list; Gap shares rally; Honeywell cuts guidance

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Ralph Lauren (RL) – Goldman Sachs (GS) added the retailer to its “conviction buy” list, saying that it thinks the elements for a successful turnaround are in place. Goldman reiterated its buy rating on the stock and said shares could rally 18%.

Honeywell (HON) – The company issued lower-than-expected guidance for its third quarter and trimmed the top end of its full-year earnings forecast. Honeywell cited lower shipments in its aerospace division and the separation of its Automation and Control Solutions unit as reasons for its lowered outlook.

Gap (GPS) – The retailer reported September sales that were slightly better than analysts’ estimates, driven by a 4% climb in same-store sales at its Old Navy chain. Overall, Gap’s same-store sales dropped 3% in September. Analysts were expecting a drop of 3.6%.

Home Depot (HD) – The stock is in focus as Hurricane Matthew remains a dangerous Category 3 storm. Historically, Home Depot’s comparable sales have risen in the wake of hurricanes or tropical storms.

Zillow (Z) – Needham & Company initiated coverage on Zillow Group with a buy rating and set a price target of $40. Needham analyst Kerry Rice expects real estate agents to spend more on their marketing budgets and thinks Zillow will benefit.

Tyson Foods (TSN) – Pivotal Research downgraded Tyson Foods to sell and lowered its price target to $40. Pivotal Research warns a class action lawsuit that was filed last month alleging systematic collusion will weigh on the stock.

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Why companies need to focus on trust to turn a profit

To succeed in today’s transparent marketplace, businesses need to focus on ‘trust’ in order to produce big profits, even if it’s costly in the short term, that’s according to Martha Rogers, author of “Extreme Trust: Turning proactive honesty and flawless execution into long-term profits.”

“We can’t just rely on what we say about our company, because what we think about our company doesn’t matter nearly as much as what customers say to each other about our company,” Rogers told Yahoo Finance’s Seana Smith in the video above. “That means relationships really matter. It means that the value of customers really matter, and we raise that when we can engage in a trusting relationship with them.”

Right now, there are several companies that could benefit from Rogers’ advice. Wells Fargo (WFC) is in the midst of trying to win back trust after being fined $185 million for using customers’ personal information to create millions of fake accounts. And Wells Fargo is not the only company in hot water. Do you remember the big scandal that engulfed Volkswagen (VLKAY) last year? The German automaker is still clawing its way back after damaging its credibility when it was discovered that it had cheated on emission tests.

So what should business executives and employees do when they find their company in positions similar to Wells Fargo and Volkswagen? Rogers says it’s important to put the customer first by acknowledging you let them down and reassure them that you’re going to make up for it. All focus should be placed on building back lost trust, and Rogers says the best way to do that is by focusing on three major elements: do things right, do the right thing and be proactive.

“First, there’s the whole idea of competence. The idea of ‘doing things right’ is so we don’t waste [customers’] time,” said Rogers. “Next, ‘do the right thing,’ means you have to look out for the best interest of your customers, which may mean aligning a business strategy so that what is good for you is good for the customers. And finally, because we live in real time and in a transparent world, we have to think in terms of how we can be proactive.”

While Volkswagen has tried to contain the fallout from its year-old scandal, sales are still down as the company continues to feel the effects. The pressure is now on Wells Fargo to act fast and work to regain customers’ trust. In the past week, Illinois announced that it has suspended $30 billion in state investment activity with Wells Fargo while California declared a 12-month sanction against the bank.

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Citi's bullish call on EU banks; Twitter shares sink; American Express downgraded

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Deutsche Bank (DB) – Citi says EU banks are the “world’s biggest contrarian trade” and that they’ve gone from “value trap to value trade.” Citi upgraded its rating on Europe’s troubled banking sector to overweight, saying now is the “time to buy.”

Twitter (TWTR) – Recode is reporting that Alphabet’s Google (GOOGL) and Apple (AAPL) are unlikely to make an offer to buy Twitter. Sources are also telling Recode that Disney (DIS) is not pursuing a bid either. 

American Express (AXP) – Nomura downgraded American Express to reduce from neutral and lowered its price target to $56 per share from $62, implying 13% downside. Nomura is worried about American Express’ weaker-than-expected revenue and higher expenses.

Marriott International (MAR) – The hotel chain giant announced new properties Africa, totaling more than 1100 rooms. Marriott is adding hotels in Cape Town, Nairobi, Cairo and Mauritius.

Exxon Mobil (XOM) – The oil giant is targeting millennials with its new multi-year contract with the NBA. The agreement includes the NBA, the WNBA and the NBA Development League in the US and China. Terms of the deal have not been disclosed.

Walmart (WMT) – The world’s largest retailer is upping its presence in e-commerce as it looks to take on Amazon (AMZN). Walmart is now on track to double the number of warehouses dedicated to online sales to 10 by the end of the year. The company also raised its stake in Chinese shopping site JD.com to 10.8% from 5.9%

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Twitter bids expected this week; Netflix reaches deal with iPic Entertainment; Constellation Brands earnings beat

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Netflix (NFLX) – The online streaming service has reached a deal with iPic Entertainment to screen original movies in theaters and online at the same time. Netflix movies will play in iPic Entertainment’s 15 theaters nationwide.

Constellation Brands (STZ) – The company reported stronger-than-expected results for the fiscal 2017 second quarter and raised its full-year earnings outlook. Constellation Brands posted adjusted earnings of $1.77 per share on revenue of $2.02 billion.

Salesforce.com (CRM) – The Wall Street Journal is reporting that Salesforce is currently a top bidder for Twitter (TWTR), which is expected to field bids for the company as early as this week. Salesforce lost its battle with Microsoft (MSFT) for LinkedIn (LNKD) earlier this year.

Amazon (AMZN) – The online retail giant is boosting its Prime offering. Amazon has launched Prime Reading, which gives customers access to Kindle books, comic books and children’s book at no additional cost.

SolarCity (SCTY) – The company is bringing its solar residential service to South Carolina. SolarCity is planning to open a local operations installation center in Charleston at the end of October.

McDonald’s (MCD) – The fast-food chain is nearing a deal to sell its franchise in Singapore and Malaysia to Reza Food Services, according to a report by Reuters. Reza currently owns and operates all McDonald’s restaurants in the western and southern regions of Saudi Arabia. The deal is estimated to be worth up to $400 million.

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Netflix up on takeover talk; Best Buy fined for selling recalled products; Darden Restaurants raises outlook

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Netflix (NFLX) – The streaming giant is in focus on Wall Street on talk that Disney (DIS) could be looking to acquire the company. The rumors come as Netflix investors grow concerned over Netflix’s slowing subscriber growth. The stock is down about 10% since the start of the year.

Best Buy (BBY) – The consumer electronics giant has been fined $3.8 million by the Consumer Products Safety Commission for selling recalled products in violation of the law. Best Buy is accused of selling recalled computers, cameras and washing machines between 2010 and 2015.

Darden Restaurants (DRI) – The company reported mixed results for its 2017 fiscal first quarter and lifted its guidance for the full year. Darden Restaurants reported earnings per share of 88 cents on revenue of $1.71 billion. Wall Street expected earnings of 82 cents on revenue of $1.72 billion.

Delta Air Lines (DAL) – The airline reported an increase in its monthly traffic. Delta Air Lines said its revenue passenger miles increased 1.4% while its capacity was up 1.8% from one year ago.

Apple (AAPL) – Apple Pay is in now available in Russia for Sberbank and Mastercard customers. The service, which originally launched in 2014, is now available in 10 countries.

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Facebook takes on eBay with new Marketplace; Bass Pro Shops to buy Cabela's for $5.5B; Tesla sets production record

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eBay (EBAY), Facebook (FB) – eBay’s stock is under pressure as it faces stiff competition from Facebook. The social media giant is launching a marketplace tab in its app that’s dedicated to peer-to-peer shipping. Marketplace is available today in the US, UK, Australia and New Zealand.

Cabela’s (CAB) – Bass Pro Shops has reached a deal to acquire Cabela’s for $5.5 billion. Bass Pro Shops’ agreement to pay $65.50 per share in cash represents a premium of about 19% over Friday’s closing price.

Tesla (TSLA) – The electric car maker reported its best-ever sales quarter. Tesla said it delivered 24,5000 vehicles in the third quarter, more than doubling the amount from one year ago. The company also said it’s on track to achieve its goal of delivering a total of 50,000 vehicles in the second half of the year.

Ford (F) – The auto giant reported US sales dropped 8% from one year ago, led by a 21% plunge in car sales. Ford’s SUV sales fell 3.4% while truck sales declined 1.8%.

Chipotle (CMG) – The Mexican food giant announced it will sell chorizo in restaurants nationwide following a successful test-run in five cities. Customers will be able to order chorizo in burritos, burrito bowls, tacos and salads.

ING (ING) – The company announced it is eliminating 7,000 jobs over the next couple of years as it looks to restructure its business. The cuts represent about 13% of the bank’s global workforce.

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Amazon hits all-time high; Qualcomm upgrade; Costco gains on earnings beat

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Qualcomm (QCOM) – Mizuho upgraded the chip maker to buy from neutral and upped its price target to $75 per share. Mizuho’s bullish call follows reports that Qualcomm is in talks to acquire NXP Semiconductors (NXPI).

Costco (COST) – The warehouse club chain posted a jump in quarterly profit , driven by lower credit card fees from its new deal to accept Visa cards. Costco reported fiscal fourth quarter earnings per share of $1.77 on revenue of $35.73 billion. The company is planning to open 31 new stores over the next 12 months.

Amazon (AMZN) – Guggenheim initiated coverage on Amazon with a buy rating and a $950 price target, pushing shares to all-time highs. Guggenheim is the latest company to join a number of positive analyst reports about Amazon. The stock is up more than 23% since the start of the year.

Facebook (FB) – The social media giant is set to launch Facebook at Work on Oct. 10, according to reports from TechCrunch. The communication tool will be a platform designed for businesses and their employees.

Deutsche Bank (DB) – The German bank is rebounding after falling to record lows following reports that a number of hedge funds were cutting back their exposure to the lender. This comes on top of the $14 billion fine US regulators want Deutsche Bank to pay to settle a probe tied to mortgage-backed securities.

Salesforce (CRM) – The company is looking to block Microsoft’s (MSFT) $26.2 billion deal to buy LinkedIn (LNKD). Salesforce argues that Microsoft’s control over LinkedIn’s data would be anti-competitive.

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Barclays removes Apple from top pick list; eBay upgrade; PepsiCo earnings beat

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eBay (EBAY) – Deutsche Bank (DB) upgraded its rating on eBay to buy and lifted its price target by $10 to $40 per share, implying 25% upside.

Apple (AAPL) – Barclays (BCS) has removed Apple from its top picks list and has lowered its price target on the stock to $114 per share.   Barclays says the move signals “possible near-term tumult after the stock’s recent run.”

PepsiCo (PEP) – The company topped Wall Street expectations in its fiscal third quarter, reporting earnings per share of $1.40 on revenue of $16.03 billion. PepsiCo also raised its earnings forecast for the year.

Delta Air Lines (DAL) – The airliner is expanding its service from New York and Boston to Europe next summer. Delta will now offer service between New York and Lisbon and between Boston and Dublin.

Wells Fargo (WFC) – CEO Jon Stumpf is heading back to Capitol Hill to testify before the House Financial Services Committee as pressure mounts following an investigation that found that Wells Fargo opened as many as 2 million unauthorized accounts to meet sales quotas. The scandal has wiped more than $20 billion from Wells Fargo’s market value.

Transocean (RIG) – Activist investor Carl Icahn has cut his stake in Transocean to 1.5% from 5.88%. Icahn says he reduced his position in the company “in order to recognize a capital loss for tax planning purposes.”

McDonald’s (MCD) – The fast-food giant has boosted its quarterly dividend payout rate by 6% to 94 cents a share. McDonald’s has raised its dividend every year since 1976.

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Robert Shiller: There's ‘always reason to worry’ about a coming collapse in housing

US home price gains slowed slighting in July, as many on Wall Street are speculating that the Federal Reserve will raise rates before the end of the year. The S&P/Case-Shiller 20-City Composite Index rose 5.0% year-over-year, missing analysts’ expectations of a 5.1% increase but still above the 4.8% pace of the prior two years.

The recent surge in real estate demand has pushed home prices near their pre-crisis peak in 2006, which is making it increasingly difficult for new home buyers to enter the market. Home sales fell 0.9% in August from the previous month, according to the National Association of Realtors. That’s the second straight month of declines.

Higher home prices have begged the question by many as to whether the current pace is sustainable, or if there’s reason to fear another massive collapse in real estate.

“There’s always reason to worry [about a coming collapse],” Robert Shiller, Nobel Prize–winning economist and co-creator of the S&P/Case Shiller Index, told Yahoo Finance’s Seana Smith in the video above. But he is quick to point out one stark difference between today’s housing market and that of 2006. “We’re in a holding pattern right now … People are less excited about buying because they themselves don’t believe [home prices] will be going up a lot. Back in 2006, when the homeownership rate was setting records, people had extravagant expectations.”

His comments on Americans’ hesitation to buy echo the findings of a recent study by Pulsenomics, which found that just 38% of renters surveyed think now is a good time to buy. Today, home values have reached or surpassed peak levels in about a quarter of US markets.

How rising rates could impact the housing market

While prospective buyers continue to benefit from relatively low borrowing costs, the big question is whether a series of rate hikes will increase mortgage rates and prompt a fallout in the housing sector. Fed funds futures suggests a roughly 57% chance of higher US interest rates by December, according to data from CME Group.

Shiller says it’s very difficult to forecast how the housing market will react to rising rates but is quick to point out that even in an uncertain environment, rate hikes shouldn’t be a factor for potential buyers.

“The Fed raised [rates] in December just a quarter of one percent, and plausibly they’ll raise [rates] by another quarter or a half percent, and it may not be a big deal,” said Shiller. “On the other hand, it might be a big deal because we’re in this strange period of near zero interest rates, and if people see it as a major turning point, it could affect home prices … My opinion is if you want a house, go out and buy it. It’s not an extremely unusual time. There are always risks. ”

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Apple ups iPhone 7 component orders; Wedbush downgrades Alphabet; Blackberry ditches hardware business

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Apple (AAPL) – The tech giant has reportedly boosted its part and component orders for its iPhone 7. That’s according to the Digitimes, which cited sources from TPK Holding and General Interface Solution.

Alphabet (GOOGL) – Wedbush downgraded Google’s parent company Alphabet after weighing the cost of search ads against return on investment. Wedbush lowered its rating to underperform and cut its price target to $700 per share.

Blackberry (BBRY) – The company announced in its latest quarterly report that it is ending all internal hardware development and will outsource that business to its partners. Moving forward, Blackberry plans to focus its efforts on software.

MGM Resorts (MGM) – In a new note to clients, Deutsche Bank makes a bullish call on MGM, saying its near-term outlook for the casino operation looks attractive. The German bank has a buy rating on MGM with a price target of $29.

Nike (NKE) – The athletic retailer is under pressure after missing analysts’ estimates for future orders for the third time in a row. Nike forecasts that worldwide orders for delivery from September 2016 through January 2017 will rise 7%, missing estimates of 8%.

Wells Fargo (WFC) – Wells Fargo CEO John Stumpf is forfeiting $41 million in stock awards following the scandal over illegally created accounts at the bank.  Former retailer banking executive Carrie Tolstedt will lose $19 million of her stock awards. Both are also giving up their bonuses for 2016.