Morgan Stanley to Lay Off Several Hundred in Wealth-Management Division, Sources Say — WSJ

/ / Financials /

Morgan Stanley plans to cut several hundred jobs in its wealth-management division as new Chief Executive Ted Pick seeks to rein in costs in an area that is critical to the Wall Street firm’s success but has shown signs of weakening lately. The cuts, which include a small number of managing directors as well as non-customer-facing employees, are expected to hit less than 1% of the wealth unit’s employees, which number less than 40,000 in total. Affected employees are expected to be notified as soon as this week, according to people familiar with the matter. The layoffs represent one of the first major moves under Pick, who took over as CEO from longtime Morgan Stanley chief James Gorman on Jan. 1. Wealth management has become a major driver of revenue and profit at Morgan Stanley following a string of big acquisitions. Morgan Stanley last year finished integrating E*Trade, which it […]

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Moody’s Strategic Investments to Help Deliver Growth in Mid Term, RBC Says

/ / Financials /

Moody’s (MCO) strategic investments across multiple areas could help the company deliver growth in the mid term despite weighing down on its margins currently, RBC Capital Markets said in a note emailed Wednesday. According to the investment firm, Moody’s $60 million investments in areas including generative AI and new products and enhanced offerings could end up delivering low-to-mid teens revenue growth in the Moody’s Analytics business segment over the mid term. The firm is also expecting a “potential upside” in the Moody’s Investors Service segment from capital market activity, which, along with growth in the Moody’s Analytics division “bodes well for the stock.” The firm has an outperform rating on the company’s stock with a price target of $450.

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Heard on the Street: Cisco Systems Is Having a Rough Hangover After a Big Year — WSJ

/ / Telecommunications /

By Dan Gallagher How good was Cisco Systems’s most-recent fiscal year? Too good, as it turns out. The maker of networking and telecommunications equipment said late Wednesday that revenue fell nearly 6% year over year to $12.8 billion in its fiscal second quarter ( ended January. That was in line with the company’s prior forecast, but also the most significant revenue decline Cisco has seen in more than three years. The company projected an even steeper drop of 16% for the current quarter, ending April. The recent declines mark a rapid change of fortune for Cisco. The company saw a boom in sales ( in the fiscal year that ended in July, as customers snapped up equipment that had been hard to come by during the pandemic’s supply shortages. Cisco’s revenue rose 10.6% for the year, its best annual performance in more than a decade. But many of the customers

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Pfizer’s Mixed Bag: A Look At The Fourth Quarter 2023 Earnings Call – Main Takeaways

/ / Health Care /

Pfizer Inc. (NYSE:PFE) recently held its fourth-quarter earnings call, revealing a year of contrasts for the pharmaceutical giant. While the company faced setbacks, particularly with its COVID-19 products, it also made significant strides in other areas, setting a foundation for future growth. The Positives: 1. Market Leadership: Despite a decline in revenue from COVID-19 products, Pfizer reported that it was the number one pharmaceutical company in terms of revenues from pharma-only products for the first nine months of 2023, a jump from fourth position in 2019. 2. FDA Approvals: Pfizer had a record year for FDA approvals, with nine new molecular entities approved, indicating a productive year for the company’s pipeline execution. 3. Seagen Acquisition: The successful closure of the Seagen acquisition amidst a challenging regulatory environment demonstrates Pfizer’s ability to navigate complex regulatory waters and positions the company for leadership in oncology. 4. Strategic Priorities: Pfizer outlined five key priorities for the year,

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Wells Fargo Resolves Regulatory Complaint

/ / Financials /

Wells Fargo & Co. is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. Wells Fargo’s key regulator said it closed the 2016 consent order placed on the bank for opening fake accounts, the subject of a yearslong scandal. The Office of the Comptroller of the Currency said Thursday the bank had made sufficient progress revamping its systems that guard against customer harm. Wells Fargo shares rose on the news. The bank remains under regulatory scrutiny, including an order from the Federal Reserve that restricts its growth until the regulator is convinced it is being run safely. When Chief Executive Charlie Scharf arrived at Wells Fargo in 2019, the bank was under 12 consent orders. It has now closed six of them, though also added two more during his tenure. Dow Jones & Co. owns Factiva.

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Microsoft’s Game Pass Now Has 34 Million Subscribers

/ / Technology /

Microsoft says its subscription service Game Pass now has 34 million subscribers, after last saying it had 25 million in January 2022. During a podcast, company executives say the videogame “Diablo IV” will be the first from Activision Blizzard, which Microsoft acquired in October, to come to Game Pass. The multiplayer action title launched in June for around $70 on Microsoft’s Xbox, Sony Group’s PlayStation and computers. It arrives on Game Pass, which costs $9.99 a month for a basic plan, on March 28.

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Roku Hits Major Milestones, Surpassing 80 Million Active Accounts and More Than 100 Billion Streaming Hours in 2023

/ / Telecommunications /

TV streaming pioneer sees continued growth in scale and engagement as a top choice for viewers’ TV experience SAN JOSE, Calif. – Feb. 15, 2024 – Roku, Inc. (NASDAQ: ROKU) has more than 80 million active accounts and counting, a major marker of the company’s growth and scale as consumers continue to move to TV streaming. Viewer engagement on Roku is also at a record high—for the first time, more than 100 billion hours were streamed on the platform in 2023, averaging a record of 4.1 hours per day per account in Q4. Additionally, in the U.S., Roku’s active account base is now bigger than the subscribers of the six largest traditional pay-TV providers* combined. “As the leading TV streaming platform, Roku aims to make television better for everyone,” said Anthony Wood, Founder and CEO, Roku. “In a world where one day all TV will be streamed, we’re immensely proud to be the

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Applied Materials, Inc. (Nasdaq: AMAT) Stock Analyst Ratings

/ / Technology /

Applied Materials, Inc. (Nasdaq: AMAT) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/16/2024 13.52% Needham $180 → $240 Maintains Buy 02/12/2024 -10.13% Morgan Stanley $142 → $190 Maintains Equal-Weight 02/12/2024 -14.86% Cantor Fitzgerald → $180 Reiterates Neutral → Neutral 02/12/2024 4.06% B. Riley Securities $175 → $220 Maintains Buy 01/23/2024 -14.86% Cantor Fitzgerald → $180 Initiates Coverage On → Neutral 01/19/2024 -14.86% Raymond James $160 → $180 Maintains Outperform 01/16/2024 -33.78% Barclays $120 → $140 Maintains Underweight 12/12/2023 -12.5% TD Cowen $165 → $185 Maintains Outperform 11/22/2023 -17.23% Redburn Atlantic → $175 Upgrades Neutral → Buy 11/17/2023 -21.01% Mizuho $162 → $167 Maintains Buy 11/17/2023 -19.59% JP Morgan $165 → $170 Maintains Overweight 11/17/2023 -32.84% Morgan Stanley $139 → $142 Maintains Equal-Weight 11/17/2023 -14.86% Needham → $180 Reiterates Buy → Buy 10/13/2023 -14.86% Needham → $180 Upgrades Hold → Buy 10/05/2023

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Nike (NYSE:NKE) Stock Analyst Ratings

/ / Consumer Discretionary /

Nike (NYSE:NKE) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/16/2024 4.29% Oppenheimer → $110 Downgrades Outperform → Perform 12/28/2023 5.23% Truist Securities $107 → $111 Maintains Hold 12/22/2023 22.3% Stifel $135 → $129 Maintains Buy 12/22/2023 1.44% Piper Sandler $112 → $107 Maintains Neutral 12/22/2023 1.44% Truist Securities $108 → $107 Maintains Hold 12/22/2023 21.35% JP Morgan $139 → $128 Maintains Overweight 12/22/2023 11.87% BMO Capital $110 → $118 Maintains Outperform 12/22/2023 17.56% Raymond James $130 → $124 Maintains Outperform 12/22/2023 -1.4% TD Cowen $129 → $104 Downgrades Outperform → Market Perform 12/22/2023 21.35% Deutsche Bank $132 → $128 Maintains Buy 12/19/2023 23.25% Raymond James $121 → $130 Maintains Outperform 12/15/2023 32.73% Telsey Advisory Group $128 → $140 Maintains Outperform 12/12/2023 23.25% DZ Bank → $130 Upgrades Hold → Buy 12/11/2023 27.99% Citigroup $100 → $135 Upgrades Neutral → Buy 12/05/2023

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