Sunday, 25 Oct 2020

Wells Fargo swings to profit as coronavirus blow softens

One Of Donald Trump’s Dirty Tricks Is Laid Bare In Damning New Ad

President Donald Trump’s penchant for projection is exposed in a new ad released by the anti-Trump group Really American PAC on Tuesday.

The 79-second spot weaves footage of Trump accusing Democrats of things he has actually done with analysis of the dirty distraction technique from MSNBC anchor Ari Melber and Lance Dodes, a former professor of psychiatry at Harvard Medical School.

“This is a projection. He tells other people that they are what he is,” Dodes says in the video. Adds Melber: “Donald Trump is often guilty of the very things he accuses of others.”

It’s unclear if the ad will air on television. It has proved successful on social media, however, garnering more than 1.2 million views on Twitter by early Wednesday.

The clip also caused the #TrumpProjection hashtag to trend.

Check out the ad here:

The jury remains split on the effect that such viral political ads have on swaying swing voters, with critics suggesting they only serve to reinforce filter bubbles.

In its previous videos that have gone viral, Really American has called out Trump for spreading conspiracy theories, and stoking racism and violence with his rhetoric.



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Progressive Corp. Q3 Income Advances

Progressive Corp. (PGR) announced earnings for its third quarter that increased from the same period last year.

The company’s profit came in at $1.53 billion, or $2.59 per share. This compares with $0.84 billion, or $1.42 per share, in last year’s third quarter.

The company’s revenue for the quarter rose 14.4% to $11.01 billion from $9.62 billion last year.

Progressive Corp. earnings at a glance:

-Earnings (Q3): $1.53 Bln. vs. $0.84 Bln. last year.
-EPS (Q3): $2.59 vs. $1.42 last year.
-Revenue (Q3): $11.01 Bln vs. $9.62 Bln last year.

Datto Launches IPO – Quick Facts

Datto Holding Corp. announced the launch of its initial public offering of 22 million shares of common stock. The company currently anticipates the initial public offering price to be between $24.00 and $27.00 per share. Datto intends to list its common stock on the NYSE under the ticker, MSP.

Datto Holding Corp. is a provider of cloud-based software and technology solutions purpose-built for delivery by managed service providers (MSPs). With headquarters in Norwalk, Connecticut, Datto has global offices in the United Kingdom, Netherlands, Denmark, Germany, Canada, Australia, China, and Singapore.

Infosys Announces Increase In Revenue, Margin Outlook For FY21 – Quick Facts

Infosys (INFY) said, for fiscal 2021, the company revised operating margin guidance upward to 23%-24%. Revenue growth guidance was revised upward to 2%-3% in constant currency.

For the second quarter, earnings per share was $0.15 compared to $0.13, a year ago. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.14, for the quarter. Analysts’ estimates typically exclude special items. Operating profit was $840 million, growth of 20.7% from last year.

Second quarter revenues were $3.31 billion, up 3.2% from prior year. Analysts expected revenue of $3.24 billion, for the quarter. Digital revenues were $1.57 billion, at 47.3% of total revenues.

Nilanjan Roy, CFO, said: “Free Cash Flows grew significantly in first half driven by our consistent focus on liquidity and cash management. Consequently, we are increasing our interim dividend per share by 50% to INR 12.”

Horn of Africa Better Able to Fight New Locust Swarms, FAO Says

Nations in Horn of Africa are “better prepared” to fight the latest wave of desert locusts than they were a year ago even though the situation is likely to deteriorate in the coming months, the Food and Agriculture Organization said.

The outbreak that began late last year is the worst that parts of the region have experienced in more than seven decades.

Swarms could arrive in Somalia and the northern parts of Kenya by mid-November from Yemen in the northeast, the United Nations body said. In Ethiopia, swarms of hoppers have formed in the northeast and are moving southwest. More swarms are also forming in Eritrea, Yemen, Sudan and Somalia, it said.

Ground and aerial control is in progress across the region, but operations are “hampered by insecurity” in Yemen, the FAO said, referring to a five-year conflict between the government, backed by a Saudi-led military coalition, and the Iran-aligned Houthi group. Still, the situation “is less dramatic than a year ago and countries are better prepared,” it said.

Read More
  • Ethiopia Plans More Control Measures to Combat New Locust Swarms
  • Locusts Battle Gets $500 Million Boost From World Bank

Wells Fargo swings to profit as coronavirus blow softens

Wall Street betting heavily on Biden win in home stretch of campaign: Gasparino

Sources tell FOX Business’ Charlie Gasparino that firms and banks are giving almost twice as much to Biden than to Trump.

Wells Fargo & Co. returned to profitability in the third quarter after the lender wrote off fewer loans amid a downturn related to the COVID-19 pandemic.

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The San Francisco-based lender earned $2.04 billion, or 42 cents per share, missing the 45 cents that Wall Street analysts surveyed by Refinitiv were expecting. The results were an improvement from last quarter’s $2.38 billion loss, but marked a 56% decline from the $4.61 billion earned a year ago.

Revenue, meanwhile, fell 14% to $18.9 billion, outpacing the $17.98 billion that was anticipated.

Ticker Security Last Change Change %
WFC WELLS FARGO & COMPANY 24.74 -0.94 -3.66%

“Strong mortgage banking fees, higher equity markets, and declining sequential charge-offs positively impacted our results, while historically low interest rates reduced our net interest income and our expenses continued to remain elevated,” CEO Charlie Scharf said in a statement.

This story is developing. Check back for updates.

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