Friday, 14 Aug 2020

Wells Fargo Hits Brakes on Student Loans Amid School Disruption

Stock Alert: Nu Skin Share Surge 21% On Upbeat Q2 Revenue Outlook

Shares of Nu Skin Enterprises Inc. (NUS) are currently trading at $46.84, up $8.39 or 21.83%. The stock has been trading in the range of $12.31 – $47.51 for the past one year. Trading volume totaled 451K versus an average volume of 852K shares.

The skin care products maker now expects Q2 revenue to be in the range of $603 million – $608 million, up from the previously communicated range of $520 million – $550 million. Analysts polled by Thomson Reuters expect revenues of $540.85 million for the quarter. Analysts’ estimate typically exclude certain special items.

The company lifted its outlook due to “strong global customer growth with particular strength in the Americas and Europe.”

Democracy activist Nathan Law says he has fled Hong Kong

HONG KONG (AFP) – Nathan Law, one of Hong Kong’s most prominent young democracy activists, announced on Thursday (July 2) he had fled overseas in response to Beijing imposing a sweeping security law on the city.

“I have already left Hong Kong and continue the advocacy work on the international level,” Law said in a short English message to journalists, declining to say which country he had gone to.

Wales keeps strict lockdown measures as England reopens

Despite low COVID-19 rates, Wales says harsher restrictions will remain in place because they are working.

While England wrestles with new lockdown measures, COVID-19 infection and death rates are much lower in Scotland and Wales.

With pubs and restaurants set to reopen across England this weekend, Wales says its harsher restrictions will remain in place – because they are working.

Al Jazeera’s Laurence Lee reports from South Wales.

West Hollywood Imposes $300 Fine For Anyone Not Wearing A Mask In Public

Not wearing a mask in West Hollywood will cost you. Los Angeles County sheriff’s deputies in West Hollywood will begin issuing citations for people without face coverings in public.

“Beginning this month, we will start issuing Administrative Citations for people who are not conforming to the Order to wear a face cover/mask in public,” a statement from the station said. “Our last option was to conduct enforcement by issuing an Administrative Citation, but the risk to Community health is too great.”

First-time offenders will face a $250 fine and a $50 fee for a total of $300, according to the department.

The move follows Governor Gavin Newsom’s statewide order June 18 requiring everyone to wear a face covering. The West Hollywood sheriff’s station says it has been educating the public about the need for face coverings since that time.

Newsom has tightened restrictions in 19 California counties, including Los Angeles, amid a surge in coronavirus cases. His order requires restaurants, wineries, tasting rooms, family entertainment centers, movie theaters, museums, zoos and cardrooms in the 19 counties to halt indoor operations for at least three weeks, along with the full closure of bars and breweries.

Facebook is killing Lasso, its TikTok copycat app

Facebook is shutting down its TikTok competitor Lasso.

The social network introduced the app — which allows users to make short form video clips similar to TikToks — back in November of 2018.

The digital white flag was spotted by a reporter from CNN, and informed users of the app that it would be killed on July 10.

It’s not the first time that Facebook has shut down copycat apps. It previous killed apps called Poke and Camera — imitations of Snapchat and Instagram — after they failed to gain much traction. Facebook later purchased Instagram for $1 billion. Facebook also recently shut down Pinterest clone Hobbi.

The shuttering of Lasso comes ahead of Instagram’s own TikTok-like tool, called Reels. Instagram has found great success copying the features of Facebook’s rivals, including stealing stories and face filters from Snapchat.

Reels will allow users to make 15-second video clips set to music and post them to their story. The videos will also have the potential to go viral on a Top Reels feed in the app’s Explore section.

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Stock Alert: Manitowoc Moving Up 3%

Shares of lifting equipment maker The Manitowoc Company, Inc. (MTW) are climbing more than 3% Thursday morning at $10.68. Its 52-week range is $7.24- $18.55. There have been no stock-centric news that influenced the upward movement.

However, the US stocks are moving sharply higher in morning trading, with Nasdaq reaching a new record intraday high. This follows the release of a Labor Department report showing another record spike in employment in the month of June.

In May when the company reported first-quarter earnings, it said it was anticipating lower demand due to the Covid19 pandemic to continue in the near term. The company has reduced its production levels and a set of cost reduction actions are in place.

The stock has recovered nearly 50% from its 52 week low of $7.24 touched in April.

Wells Fargo Hits Brakes on Student Loans Amid School Disruption

Wells Fargo & Co. is pulling back from student lending as the U.S. surge in coronavirus cases threatens to further disrupt higher education and the broader U.S. economy.

The firm, which has been reviewing businesses under new Chief Executive Officer Charlie Scharf, said student loans for the upcoming academic year will be granted only to people who submitted applications before July 1 or to customers who already have an outstanding balance on a prior student loan from the bank.

“Wells Fargo has decided to narrow its student-lending focus,” Manuel Venegas, a spokesperson for the bank, said in a statement.

The pandemic is disrupting academic programs and undermining the ability of many borrowers to repay as it halts commerce and costs tens of millions of Americans their jobs. Already, more than 40 million student-loan accounts were in deferment as of mid-June, according to Equifax.

San Francisco-based Wells Fargo had a $10.6 billion private student-loan book at the end of the first quarter — a portfolio that’s been shrinking in recent years. Private makes up about $130 billion of the $1.7 trillion student-debt pie, according to data provider MeasureOne.

— With assistance by Shahien Nasiripour

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