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Wells Fargo has been ordered to pay $832 million in damages after a jury found the bank mismanaged a trust fund for 2,000 children from the Seminole Tribe of Florida, charging unauthorized fees and breaching fiduciary duty. The bank's relationship manager admitted to mishandling funds and inadequate record-keeping during cross-examination. Following the verdict, Wells Fargo announced plans to appeal, asserting they adhered to the tribe's instructions and fulfilled their fiduciary responsibilities.
Dimensional Fund Advisors LP increased its stake in Wells Fargo & Company by 1.2% in Q4, now holding over 20 million shares valued at approximately $1.43 billion. Capital Research Global Investors significantly boosted its holdings by 932%, owning nearly 15.7 million shares worth about $1.1 billion. Institutional investors control 75.90% of the company's stock, which has a current price target of $75.50 and a "Moderate Buy" rating from analysts.
Musk criticized Navarro, a senior trade counselor, on social media, claiming he has "built shit" and dismissing his Harvard economics background as detrimental. This came after China imposed a 34% tariff on U.S. goods, causing Tesla shares to drop. Despite his jabs at Navarro, Musk continued to support other Trump administration policies.
Charlie Javice, founder of the startup Frank, was convicted of defrauding JPMorgan Chase out of $175 million by falsely inflating her customer base from 300,000 to over 4 million. A jury found her and co-defendant Olivier Amar guilty of conspiracy, bank fraud, and wire fraud after a five-week trial. Both face decades in prison, with sentencing set for July 23.
Synchrony Financial (NYSE:SYF) experienced a 12.8% decline in short interest in March, with 12.68 million shares short sold. The stock fell 14% to $47.35, with a market cap of $18.41 billion and a P/E ratio of 5.54. Analysts maintain a "Moderate Buy" rating, with an average price target of $67.35.
Elon Musk's support for the Republican Party and criticism of the Democrats in 2022 have led to significant backlash against Tesla, resulting in protests and vandalism, including arson. Musk expressed shock at the violence, emphasizing his non-violent stance while questioning the motives behind the protests. The Trump administration has labeled the arsonists as domestic terrorists.
Goldman Sachs views the recent decline in gold prices as a prime buying opportunity, maintaining a bullish long position as its top conviction in commodities. The bank attributes the dip to short-term technical factors and anticipates structural demand from emerging market central banks and ETF inflows to support prices, projecting a year-end forecast of $3,300 per ounce. In contrast, Goldman has adopted a bearish outlook on oil and industrial metals due to weaker global growth expectations and trade tensions.
Electronic Arts (NASDAQ: EA) experienced a 10.50% decrease in insider ownership, with recent insider sales totaling 22,000 shares valued at $3,015,990. Institutional investors hold 90.23% of the stock, while analysts maintain a consensus "Hold" rating with a price target of $155.30. The stock traded down 0.2% to $144.52, with a market cap of $37.66 billion.
Wells Fargo & Company reported a quarterly EPS of $1.43, exceeding estimates of $1.34, while revenue fell slightly to $20.38 billion, below the expected $20.58 billion. The firm announced a quarterly dividend of $0.40, yielding 2.62%, and has a Moderate Buy rating from analysts, despite a recent 6.7% drop in share price following a downgrade by JPMorgan Chase.
Citigroup Inc. (NYSE:C) reported a quarterly EPS of $1.34, surpassing estimates, with revenue up 12.3% year-over-year at $19.58 billion. The company declared a quarterly dividend of $0.56 per share and announced a $20 billion share repurchase program, indicating confidence in its stock value. Despite a recent analyst downgrade leading to a 7.8% drop in share price, Citigroup maintains a "Moderate Buy" rating among analysts, with a consensus target price of $83.23.
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wells fargo ordered to pay 832 million for mismanagement of trust fund
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