Good morning. Over the past few years, Wells Fargo has been in the hot seat with regulators over a variety of issues. From creating fake accounts to selling customers products they don't need, a new class-action suit revealed the bank was also involved in another interesting space… auto insurance.
 | | Good morning. Over the past few years, Wells Fargo has been in the hot seat with regulators over a variety of issues. From creating fake accounts to selling customers products they don't need, a new class-action suit revealed the bank was also involved in another interesting space… auto insurance.
The company will have to pay $386 million to an estimated 600,000 claimants who said that the bank sold them unwanted and unnecessary insurance as part of funding auto loans. That works out to just over $640 per claimant.
The case was settled before reaching a jury, and, to the shock of nobody, Wells Fargo denied any wrongdoing. Wells has come a long way from a stagecoach company that used to avoid bandits, not be branded as one. | | |
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| | |  | DOW 30, 25,983.94 | +1.02% | | | | S&P 2,873.34 | +1.05% | | | | NASDAQ 7,742.10 | +1.66% | | | | | *As of market close | | | • | Stocks rallied on Friday, even after lower-than-expected jobs numbers implied a slowing economy. | | | | • | Oil enjoyed a rare rally as well, after hitting a bear market pullback of over 20 percent from its peak earlier last week. | | | |
| | | Jobs Numbers Come in Weaker than Expected | |  | | 75,000 jobs created in May lags expectations, but unemployment is still unchanged at 3.6 percent. | | Despite stronger jobs numbers from private data sources, the Bureau of Labor Statistics released jobs numbers on Friday. With an increase of 75,000 non-farm payrolls, the unemployment rate remains 3.6 percent.
Traders had been betting on a larger number, but now an unusual situation exists in the job market. If the jobs numbers are too good, the likelihood of an interest rate cut later in the year drops.
» FULL STORY | | | | |
| | This $5 Stock is Too Good to Ignore | |  | When mobile phones were sweeping the nation, a series of stocks — that traded for pennies on the dollar — surged 12,011% ... 24,588% ... and 46,197%. Now, those were rare and extraordinary gains, and history is not guaranteed to repeat itself. But the opportunity laid out here today is real. And even if you see a fraction of those gains, it could be life-changing. It could all start with this $5 stock here.
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| | Gold Prices Surge to Multi-Month Highs | |  | | After lagging year to date, the metal surges higher as Fed actions indicate weak economy. | | Thanks to a combination of economic and trade uncertainty, potential weakness in the U.S. dollar, and moderate inflation, gold prices have been heading higher in recent weeks.
Gold prices closed last week over $1,340 per ounce, managing to hold their gains during a strong week of stock market performance.
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| | | | Insider Activity: Encana (ECA) |  | | One director buys over $250,000 in shares. | | One director is betting that shares of oil and natural gas production company Encana (ECA) have gotten oversold.
Last week, director Bruce Waterman picked up 50,000 shares of the company for just over $5.00 per share, shelling out over $253,000. The purchase increased his stake in shares by 25 percent.
Shares of the company have been declining in recent weeks, in line with falling oil prices.
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| | Unusual Options Activity: Altice USA (ATUS) | |  | | Cable and internet provider shares see a surge in call option buying. | | At least one trader is betting on a big rally in Altice USA (ATUS) between now and September.
On Friday, over 2,500 contracts traded on a September $26 call option for the company. With a prior open interest of 120, this represents a massive surge in volume. Shares currently trade around $24.50, implying at least $1.50 in upside over the summer.
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| | | | TOP | | | ILMN | 5.315% |  | | | | TWTR | 3.662% | | | | | VRTX | 3.434% | | | | | FL | 3.33% | | | | | MNST | 3.258% | | | | | BOTTOM | | | ANET | 4.176% |  | | | | CF | 3.09% | | | | | WDC | 2.764% | | | | | MPC | 2.308% | | | | | LW | 2.244% | | | | | |
| | |  | | U.S. economic growth looks like it lost momentum in the second quarter. We've had a string of disappointing economic data and with the trade tensions escalating and the trade war looking like it could be with us for a while, the odds for a deal seem to have declined pretty significantly over the past month. That's something that could sour business and consumer confidence going forward. | - Ed Campbell, Managing director at QMA  | |
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