✂️ Wells Fargo is the odd man out following Fed stress tests as they cut their dividend

Good Morning. I wrote about the possibility last week but it now a reality. Wells Fargo is cutting..

It's the monthly jobs numbers today and they're not going to be pretty and will be possibly the tip of the iceberg as we head into May.

Good morning. I wrote about the possibility last week but it now a reality. Wells Fargo is cutting their dividend in order to meet the Federal Reserve's requirements following the stress tests. While the exact payout hasn't been determined, it is a reflection of the difficulty of big banks in a recession. The question is going to be whether Wells is the first domino to fall. Now here's the rest of the news: Sponsored Content A New Market Superboom Coming In 2020 The first time this happened in 2009 one investment spiked a massive 10,518%. The last time it happened in 2016, this same investment soared 3,000%. Other similar investments took off by 8,000%, 12,300% and even more. Don't miss out again! 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The following list of five REITs are investment opportunities that may provide stable income in the recessionary age of COVID-19. » FULL STORY Option Traders Come Back to Las Vegas Sands Corp Stock (NYSE: LVS) on Holiday Shortened Week This week will be a short one as the market will be closed in observance of Independence Day on Friday, July 3. This weekend is a big one for travel and it will be interesting to see whether people are willing to get out as the COVID case count continues to increase. While not all the casinos will be open, it appears that analysts are expecting to see one of the busiest days of the summer. Option traders appear to have stepped up buying calls ahead of this weekend. » FULL STORY Insiders Selling into Resistance on Oracle Corporation Stock (NYSE: ORCL) In their June 16, 2020 earnings report, Oracle Corporation (NYSE: ORCL) saw a significant increase year-over-year increase in cloud revenue, a 3% increase in non-GAAP EPS, and a 9% increase in GAAP EPS. While cloud and earnings showed a positive change, revenues declined 6% and 4% with currency adjustments. As the share price continues to bang its head on the $55 ceiling, insiders just sold $360 million in stock. » FULL STORY IN OTHER NEWS • Stock market news live updates: Stocks rise, Boeing leads Dow higher • S&P 500 Erases June Losses After Record Home Sales: Markets Wrap • Chesapeake asks to cancel pipeline contracts, sets drilling cuts • Dollar edges higher before quarter-end • U.S. Supreme Court gives president more power over consumer financial agency • TREASURIES-Longer-term yields rise as risk appetite improves • Oil futures climb, with U.S. prices up more than 3% • Gold futures end modestly higher, on track to tally a monthly gain • Facebook Sales at Risk as Starbucks Bails, GM Plans Review • Nearly half the U.S. population is without a job, showing how far the labor recovery has to go S&P 500 MOVERS TOP BA 14.399% COTY 13.397% KSS 10.069% SPG 10.065% M 9.967% BOTTOM NBL 5.049% FTI 3.409% ZM 3.209% TTW0 2.401% ALXN 2.104% Quote of the Day These are certainly extremely challenging times for many and we remain committed to supporting our customers and communities, and we will continue to take appropriate measures to maintain strong capital and liquidity levels and to improve the earnings capacity of the company… The board recognizes the importance of dividends and just where those dividends go. Those dividends wind up in retirees' hands, in savers' hands. Those are the people that are investing either directly or through various funds, and it's important, and so we understand that. - Charlie Scharf, chief executive officer Wells Fargo, quoted by CNBC.com Sponsored Content A New Market Superboom Coming In 2020 The first time this happened in 2009 one investment spiked a massive 10,518%. The last time it happened in 2016, this same investment soared 3,000%. Other similar investments took off by 8,000%, 12,300% and even more. Don't miss out again! Here's how to get in on the action now… Not sure the best way to get started? 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