Articles tagged with concerns
Mon, May 21, 2012
Wall Street ends flat after late volatility
By Ryan Vlastelica
NEW YORK (Reuters) - Stocks closed mostly flat on Tuesday after volatility late in the session, with weakness in materials and energy ...
Thu, May 17, 2012
Strong Wal-Mart profit trumps bribery probe concerns
By Jessica Wohl
(Reuters) - Wal-Mart Stores Inc's profit and sales surpassed expectations as more people shopped at its established U.S. stores and ...
Wed, May 16, 2012
UK climate experiment canceled on patent concerns
By Nina Chestney
LONDON (Reuters) - British scientists have abandoned an experiment to test the possibility of spraying particles into the upper atmosphere to stem ...
Wed, May 16, 2012
UK climate experiment cancelled on patent concerns
By Nina Chestney
LONDON (Reuters) - British scientists have abandoned an experiment to test the possibility of spraying particles into the upper atmosphere to stem ...
Tue, May 15, 2012
Pentagon limits F-22 flights due to safety concerns
By Phil Stewart and David Alexander
WASHINGTON (Reuters) - The Pentagon announced on Tuesday new safety precautions for its F-22 fighter jets - including limiting how ...
Fri, May 11, 2012
U.S. resumes Bahrain arms sales despite rights concerns
WASHINGTON (Reuters) - The United States will resume some military sales to Bahrain, a key Gulf ally facing Iran, despite human rights concerns linked to ...
Thu, May 10, 2012
Lawmakers raise concerns about 2010 border death
By Marty Graham
SAN DIEGO (Reuters) - Sixteen Democratic lawmakers raised concerns on Thursday about the 2010 death of an illegal immigrant who was shocked ...
Thu, May 10, 2012
Intel CEO plays down concerns about tech spending
By Noel Randewich
SANTA CLARA, California (Reuters) - Intel Corp Chief Executive Paul Otellini said that he was not seeing unexpected weakness in enterprise technology ...
Thu, May 10, 2012
Messy Facebook debut marks weak day on Wall Street
By Chuck Mikolajczak
NEW YORK (Reuters) - Stocks fell on Friday after a sloppy debut by Facebook Inc
Wed, May 09, 2012
Cisco shares drop on tech spending worries
(Reuters) - Shares of Cisco Systems Inc
Mon, May 07, 2012
Almagro adds to Djokovic concerns over Madrid's blue clay
MADRID (Reuters) - Spanish clay-court specialist Nicolas Almagro did little on Monday to ease world number one Novak Djokovic's concerns about the controversial blue ...
Mon, April 30, 2012
S&P 500 flirts with two-month low before rebound
By Angela Moon
NEW YORK (Reuters) - Stocks fell for the fifth day in six on Wednesday as investors kept their focus on the turmoil ...
Sun, April 29, 2012
Shares steady near lows, investors fear Greece
By Richard Hubbard
LONDON (Reuters) - European shares and the euro steadied near their lows for the year on Monday as investor fears that Greece ...
Mon, April 23, 2012
S&P 500 rallies for week on Amazon, Expedia results
By Caroline Valetkevitch
NEW YORK (Reuters) - U.S. stocks advanced on Friday and posted their best weekly gains in a month as stronger-than-expected earnings ...
Sun, April 22, 2012
Spain downgrade jars, Italy auction calms
By Michael Dolan
LONDON (Reuters) - Spanish and Italian borrowing rates nudged higher on Friday after a two-notch downgrade of Spain's sovereign credit rating ...
Fri, April 20, 2012
Tasering video raises border agent abuse concerns
By Marty Graham
SAN DIEGO (Reuters) - In a grainy video clip shot in May 2010 on the California side of the U.S.-Mexico ...
Fri, April 13, 2012
Wells Fargo profit rises, but expense concerns weigh
By Rick Rothacker
(Reuters) - A surge in mortgage banking income helped lift Wells Fargo & Co's
Wells Fargo, the fourth largest U.S. bank and the country's biggest mortgage lender and servicer, said on Friday that net income increased to $4.25 billion, or 75 cents a share, from $3.76 billion, or 67 cents a share, a year earlier.
The results beat analysts' average forecast of 73 cents per share, according to Thomson Reuters I/B/E/S, but the bank's shares were off 2.4 percent at $33.19 in afternoon trading on a down day for the stock market.
Shares of JPMorgan Chase & Co
By another measure -- net income available to common shareholders after the payment of preferred dividends -- the bank earned $4 billion, compared with $3.6 billion a year earlier.
Total revenue at Wells rose to $21.6 billion, from $20.3 billion a year earlier, signaling stronger demand for consumer and commercial loans. The bank's executives said they continued to scout acquisitions with the potential to boost revenue.
The San Francisco-based bank's expenses rose to $13 billion from $12.5 billion in the fourth quarter, partly because of higher legal reserves and increased personnel costs related to mortgage banking compensation.
Wells said it is targeting expenses of $11.25 billion in the fourth quarter, at the upper end of the range set out in its efficiency program called Project Compass. The bank previously called for expenses to drop as low as $10.75 billion, but it said on Friday higher-than-expected revenue from its mortgage business and acquisitions would also result in higher costs.
Analysts peppered Chief Executive John Stumpf and Chief Financial Officer Tim Sloan throughout an analyst conference call with concerns that expenses were not failing as quickly as the bank previously signaled.
"Loan growth was softer than anticipated, while expenses were elevated," Barclays Capital analyst Jason Goldberg wrote in a note to clients. Goldberg has an "overweight" rating on Wells shares.
In an interview, Sloan said the bank's efforts to reduce expenses nearly $2 billion by the fourth quarter would be helped by a $476 million drop in seasonal personnel expenses and the elimination of $250 million in merger costs related its 2008 Wachovia Corp acquisition.
"Then, it's a little bit here and a little bit there," he said.
Echoing comments by CEO Stumpf in the call with analysts, Sloan said the bank would miss its expense target only if it were in pursuit of higher revenues.
MORTGAGE BUSINESS "PAYING OFF"
Mortgage banking income at Well Fargo increased to $2.8 billion from $2 billion a year ago, as homeowners rushed to refinance home loans at low interest rates. About 15 percent of the bank's applications came through government programs designed to help homeowners who owe more on their mortgages than their homes are worth, the bank said.
Sloan said the bank's "pipeline" of mortgage applications was higher going into the second quarter than at the beginning of the first quarter. As other banks have pulled back from the home loans business amid concerns about losses and lawsuits stemming from the housing bust, Wells Fargo has been gaining market share, he noted.
"We think we made the right decision by being consistent, and it's paying off," he said.
Wells Fargo recorded a loan-loss provision of about $2 billion, down from about $2.2 billion a year earlier. The bank for the eighth straight quarter boosted results by freeing up cash reserves it had previously booked for bad loans.
Loan growth in the bank's core portfolios grew by $984 million in the first quarter, on gains in commercial, auto and student lending. However, some analysts noted that 87 percent of the increase reflected asset-based loans purchased by Wells during the quarter, instead of "organic" growth, a sign of fundamental improvement in the economy.
The bank's total loans at the end of the first quarter fell 4 percent from the previous three months to $766.5 billion.
In the analyst call, executives said they expect continued core loan growth this year through acquisitions and organic growth. The bank's previously announced purchase of an energy lending business from French bank BNP Paribas
Wells reported a slight improvement in net interest margin, the difference between what banks earn on their investments and what they pay for their funding. But CEO Stumpf said that yield would remain under pressure this year.
"It was a good quarter," said Gary Townsend, chief executive of Hill-Townsend Capital, but "I had actually expected them to do a bit better."
LOOKING FOR DEALS
Wells Fargo and JPMorgan have emerged as two of the healthiest U.S. banks following the financial crisis. Both fared well in the Federal Reserve stress tests released last month and announced plans to increase their quarterly dividends and to buy back more of their own shares. Wells bought back 8 million shares during the quarter, primarily under a forward purchase contract it negotiated in the fourth quarter.
As some banks shed assets to build capital, Wells Fargo is "definitely looking at other acquisition opportunities," Sloan said. Because of a cap on deposit market share, the bank wouldn't be likely to buy a commercial bank, but it could purchase more loan portfolios or make non-depository acquisitions, he said.
Outside of the United States, the bank will continue to scout deals, but the likelihood of it buying a consumer or commercial bank is "pretty low," he said. The bank already has plans to open additional corporate banking offices overseas, he said.
"I would think about any sort of international acquisition being more consistent with our existing product set (rather) than something new or transformative," Sloan said.
(Reporting By Rick Rothacker in Charlotte, North Carolina; Additional reporting by Jed Horowitz and Ilaina Jonas in New ...
Wed, April 11, 2012
Energy costs raise concerns on growing economy: Fed
WASHINGTON (Reuters) - The U.S. economy kept growing moderately in the late winter months but rising prices for gasoline and other energy products were ...
Mon, April 02, 2012
Wall Street ends worst two weeks since November
By Ryan Vlastelica
NEW YORK (Reuters) - U.S. stocks closed their worst two-week slide since November with a selloff on Friday as disappointing China ...
Wed, March 28, 2012
Face time with Facebook CEO stirs concerns on Wall Street
By Alistair Barr and Alexei Oreskovic
SAN FRANCISCO (Reuters) - Mark Zuckerberg wants at least $5 billion from Wall Street investors, but those investors will ...
Thu, March 22, 2012
Wall Street closes stellar quarter on up note
By Rodrigo Campos
NEW YORK (Reuters) - Stocks closed their strongest quarter in more than two years on a positive note on Friday, led by ...
Wed, March 21, 2012
Warm weather stoking fire concerns in northern U.S.
By James B. Kelleher and Brendan O'Brien
(Reuters) - The unseasonably warm weather giving many residents an early taste of summer has raised the ...
Thu, March 15, 2012
U.S. seeks to ease concerns over F-35 delays, costs
By James Regan
SYDNEY (Reuters) - The United States sought on Thursday to allay concerns over delays and escalating costs for its new F-35 fighter ...
Tue, March 06, 2012
Death magnifies Pradaxa hemorrhage concerns
By Ransdell Pierson
(Reuters) - The death of an elderly man from a massive brain hemorrhage after a routine fall suggests that bleeding complications from ...
Tue, March 06, 2012
Death magnifies Pradaxa hemorrhage concerns
By Ransdell Pierson
(Reuters) - The death of an elderly man from a massive brain hemorrhage after a routine fall suggests that bleeding complications from ...
Thu, March 01, 2012
LED night lights recalled on burn, fire concerns
WASHINGTON (Reuters) - American Tack & Hardware Inc is voluntarily recalling about 227,000 light-emitting diode (LED) night lights because of fire and burn hazards, the Consumer Product Safety Commission (CPSC) said on Thursday.
The Saddle River, New Jersey, company has said a short circuit can make the LED night light overheat, causing fire and burn threats to consumers, according to a statement on the CPSC website.
The company, also known as AmerTac, has received 25 reports of the night lights smoking, burning, melting and charring. No injuries have been reported.
Three models with the "SY" identification code on the back are being recalled. The lights were sold from March 2009 to October 2010 and were made in China, the statement said.
(Reporting By Ian Simpson; Editing by Paul Thomasch)
Wed, February 29, 2012
Universal Display slides on Samsung deal concerns
(Reuters) - Universal Display Corp shares fell 11 percent on Wednesday, after the LED supplier warned payments from a new contract with Samsung Electronics may ...
Tue, February 21, 2012
Wall Street up on jobs data, brushes off Greek default
By Angela Moon
NEW YORK (Reuters) - Stocks advanced on Friday as investors brushed off the technical default by Greece and focused instead on another ...
Sun, February 19, 2012
U.N. inspectors to press Iran over nuclear concerns
By Fredrik Dahl
VIENNA (Reuters) - U.N. nuclear inspectors headed to Iran on Sunday for talks aimed at getting Tehran to start addressing their ...
Mon, February 13, 2012
EU aviation carbon tax fuels concerns
By Harry Suhartono and David Fogarty
SINGAPORE (Reuters) - Global planemaker Airbus joined a chorus of concern that a European scheme to charge airlines for ...
Fri, February 10, 2012
China imports slump, raising demand concerns
By Aileen Wang and Kevin Yao
BEIJING (Reuters) - China's imports in January fell the most since the depths of the global financial crisis ...
Thu, February 09, 2012
Path fumble highlights Internet privacy concerns
By Gerry Shih
SAN FRANCISCO (Reuters) - A privacy debate surrounding fledgling social network Path went viral this week, triggering discussions on blogs and on ...
Wed, February 08, 2012
Groupon disclosure, growth concerns hit stock
By Alistair Barr and Gerry Shih
(Reuters) - Groupon Inc shares slumped Wednesday as the daily deal company's first quarterly results since it went ...
Thu, February 02, 2012
Euro, shares gain on Greek deal hopes
By Richard Hubbard
LONDON (Reuters) - European stock markets and the euro extended two months of gains on Thursday as Greece edged closer to a ...
Wed, February 01, 2012
Crackers recalled on egg allergens concerns
(Reuters) - President Global Corp is recalling Bin-Bin Snow Rice Crackers 5.3-ounce packages and Bin-Bin Rice Crackers 15.8-ounce packages because of undeclared egg ...
Mon, January 30, 2012
U.S. seeks to allay Russia concerns on UN plan on Syria
By Matt Spetalnick
WASHINGTON (Reuters) - The United States is seeking to overcome Russian objections to a proposed U.N. resolution against Syrian President Bashar ...
Mon, January 30, 2012
D. Boerse regulator says has concerns over NYSE deal
WIESBADEN, Germany (Reuters) - Deutsche Boerse's
Mon, January 30, 2012
Wall Street ends week higher before Greece decision
By Chuck Mikolajczak
NEW YORK (Reuters) - U.S. stocks edged higher on Friday, but investors stayed cautious before a long holiday weekend when hopes ...
Fri, January 27, 2012
"Former Terrorist" Speech in Allegan Cancelled Over Security Concerns
ALLEGAN, MI (WHTC) - A self-described “former Islamic terrorist” was supposed to speak at Allegan High School last night. However, the auditorium was cleared moments ...
Fri, January 27, 2012
Shares firmer, euro steady ahead of factory data
By Richard Hubbard
LONDON (Reuters) - Stocks rose and the euro steadied on Wednesday as investors remained on guard ahead of the release of manufacturing ...
Tue, January 24, 2012
Hit from dollar on McDonald's 2012 menu
By Lisa Baertlein
(Reuters) - McDonald's Corp's
Tue, January 03, 2012
Funding concerns for California high-speed rail
SAN FRANCISCO (Reuters) - California's effort to build a massive high-speed rail network suffered another setback on Tuesday when a peer review group charged ...
Tue, January 03, 2012
Arena says addressed FDA concerns on weight loss drug
By Bill Berkrot
(Reuters) - Arena Pharmaceuticals Inc said on Tuesday it submitted data to health regulators that should squash cancer concerns tied to the ...
Tue, January 03, 2012
Arena responds to FDA concerns on weight loss drug
By Bill Berkrot
(Reuters) - Arena Pharmaceuticals Inc said on Tuesday it submitted an official response addressing safety concerns of U.S. health regulators over ...
Thu, December 29, 2011
Amazon shares dip on growth concerns
(Reuters) - Amazon.com Inc shares fell to their lowest level since late March on Thursday on concern about sales growth during the online retailer ...
Fri, December 23, 2011
United Continental shares off on revenue concerns
(Reuters) - Shares of United Continental Holdings
United ...
Sun, December 18, 2011
Thorpe dismisses comeback concerns
MELBOURNE (Reuters) - Five-times Olympic champion Ian Thorpe has dismissed concerns about his underwhelming return to the pool as "premature", after disappointing at another meeting ...
Sat, December 17, 2011
Blatter makes 2014 a "personal dossier" as concerns mount
TOKYO (Reuters) - FIFA's growing concern at Brazil's lagging preparations for the 2014 World Cup have prompted president Sepp Blatter to make the ...
Thu, December 15, 2011
D.Boerse, NYSE ramp up lobbying amid EU concerns over merger
By Foo Yun Chee and Ilona Wissenbach
BRUSSELS (Reuters) - Deutsche Boerse and NYSE Euronext have stepped up their lobbying with an advertising campaign to ...
Mon, December 12, 2011
Fed stimulus pledge buoys stocks, Greece talks eyed
By Richard Hubbard
LONDON (Reuters) - The euro held firm against the dollar, while European shares and gold moved higher on Thursday, after the U ...
Sun, December 11, 2011
Analysis: U.S. focus on birth control may raise new concerns
By Anna Yukhananov and Alina Selyukh
WASHINGTON (Reuters) - A ruling last week on the morning-after pill, as well as government recommendations on new forms ...
Thu, December 08, 2011
Clinton says raised well-founded concerns on Russia
BRUSSELS (Reuters) - Secretary of State Hillary Clinton said on Thursday she had expressed "well-founded" concerns about the conduct of Russia's parliamentary election earlier ...
Tue, December 06, 2011
Online uproar as India seeks social media screening
By Devidutta Tripathy and Anurag Kotoky
NEW DELHI (Reuters) - India has urged social network companies including Facebook, Twitter and Google to remove offensive material ...
Mon, December 05, 2011
U.S. voices "serious concerns" about Russia vote
WASHINGTON (Reuters) - The United States voiced "serious concerns" about Russia's parliamentary elections on Monday and called for a full investigation of what it ...
Thu, December 01, 2011
Clearwire soars as Sprint eases liquidity concerns
By Sinead Carew
NEW YORK (Reuters) - Sprint Nextel Corp
Fri, November 25, 2011
"Fair value" accounting rule tweak raises concerns
By Huw Jones
LONDON (Reuters) - A global accounting rule that was rehashed under pressure from policymakers in the financial crisis has to be revised ...
Fri, November 25, 2011
Dow and S&P 500 post best week since Christmas
By Caroline Valetkevitch
NEW YORK (Reuters) - Stocks posted their best week since Christmas, even with a mixed finish on Friday after strong earnings from ...
Wed, November 23, 2011
FDA okays Boston Scientific stent despite concerns
By Debra Sherman
(Reuters) - The U.S. Food and Drug Administration has approved a Boston Scientific Corp heart stent, despite concerns about a rare ...
Wed, November 23, 2011
Bank shares fall on Europe, stress test concerns
By Rick Rothacker and Joe Rauch
(Reuters) - Bank stocks took a nose-dive on Wednesday on concerns about the European debt crisis and rigorous stress ...
Mon, November 21, 2011
McDonalds dumps egg supplier after safety, cruelty concerns
By Karin Matz
CHICAGO (Reuters) - McDonald's said on Friday it dumped a McMuffin egg supplier after a government agency found filthy conditions and ...
Fri, November 18, 2011
McDonald's dumps egg supplier after safety, cruelty concerns
By Karin Matz
CHICAGO (Reuters) - McDonald's said on Friday it dumped a McMuffin egg supplier after a government agency found filthy conditions and ...
Wed, November 16, 2011
Angie's List soars on debut, but concerns linger
By Aman Shah
(Reuters) - Shares of consumer review website Angie's List surged as much as 44 percent on their market debut Thursday as ...
Mon, November 14, 2011
Wall Street falls for sixth day
By Angela Moon
NEW YORK (Reuters) - Stocks suffered a sixth straight day of losses on Wednesday as frustration over the euro zone's debt ...
Mon, October 03, 2011
Dexia commits to clean-up, France, Belgium ready to act
By Philip Blenkinsop
LUXEMBOURG (Reuters) - Franco-Belgian financial group Dexia vowed on Tuesday to clean up its balance sheet, with France and Belgium poised to ...
Fri, September 30, 2011
Gibson Guitars wood imports case raises concerns
By Tim Ghianni
NASHVILLE, Tenn (Reuters) - The chief executive of Gibson Guitars wants to talk to prosecutors about U.S. allegations the legendary guitar ...
Fri, September 30, 2011
California lettuce recalled over listeria concerns
By Alina Selyukh
California-based True Leaf Farms is recalling 90 cartons of chopped romaine lettuce as it may be contaminated with listeria, though no ...
Fri, September 30, 2011
Morgan Stanley falls hard on concerns about Europe
By Lauren Tara LaCapra
NEW YORK (Reuters) - Morgan Stanley
Fri, September 16, 2011
Butler shrugs off weight concerns
The hunky 300 star has been shedding pounds from his muscular figure in recent months, sparking upset among his female fans, but the Scottish ...
Thu, September 15, 2011
Butler shrugs off weight concerns
The hunky 300 star has been shedding pounds from his muscular figure in recent months, sparking upset among his female fans, but the Scottish ...
Mon, September 12, 2011
U.S. seeks to allay drug access concerns in TPP talks
By Doug Palmer
WASHINGTON (Reuters) - The Obama administration on Monday sought to allay concerns that the U.S. push for stronger drug patent protections ...
Mon, September 12, 2011
Social Security concerns unnerve Florida seniors
By Jane Sutton
MIAMI (Reuters) - Florida seniors were so rattled by proposed changes to Social Security emerging in the U.S. political debate that ...
Mon, September 12, 2011
Italy under pressure as debt worries grow
By Giuseppe Fonte
ROME (Reuters) - Italy had to pay record interest to sell its bonds on Tuesday as it raced to calm market fears ...
Mon, September 12, 2011
U.S. seeks to allay drug access concerns in TPP talks
By Doug Palmer
WASHINGTON (Reuters) - The Obama administration on Monday sought to allay concerns that the U.S. push for stronger drug patent protections ...
Mon, September 05, 2011
Wall Street, finishing flat, posts 4 weeks of gains
By Chuck Mikolajczak
NEW YORK (Reuters) - Stocks closed out a fourth week of gains in quiet fashion on Friday, edging higher as the market ...
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