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Friday, July 11, 2014

Daily Investor Briefing: Wells Fargo mortgage revenue drops,...

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07/11/2014
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Wells Fargo mortgage revenue drops, shares fall
(Reuters) - Wells Fargo & Co, the fourth-largest U.S. bank, reported a 39 percent drop in mortgage revenue for the second quarter as lending volume dropped, underscoring the urgency for the bank to find other sources of income growth.
Wall St. ends up; indexes post losses for week
NEW YORK (Reuters) - U.S. stocks rose slightly on Friday, but the S&P 500 posted its biggest weekly percentage decline since April as investors showed tepid enthusiasm after their first glimpses of earnings.
U.S. cigarette maker Reynolds in talks to buy rival Lorillard
LONDON (Reuters) - U.S. cigarette maker Reynolds American Inc is in talks to acquire rival Lorillard Inc in a multi-billion dollar deal that would reshape one of the world's biggest and most profitable tobacco markets, the companies said on Friday.
Chrysler to recall 900,000 SUVs to fix mirror wiring
(Reuters) - Chrysler Group LLC [CHRY.UL] will recall about 900,000 sport utility vehicles (SUVs), its largest recall this year, weeks before a shareholder meeting called by its parent Fiat SpA to seek approval for their merger.
America Movil asset sale should be across the board: Slim
NEW YORK/MEXICO CITY (Reuters) - America Movil, Latin America's biggest telecoms company, will move quickly to put an "attractive" cross-section of the company up for sale as it sheds assets to escape tougher regulation of the phone and broadcasting markets in Mexico, billionaire owner Carlos Slim said.
Shire confirms in talks with AbbVie on takeover bid
(Reuters) - Shire Plc on Friday confirmed it has held a meeting with U.S. drugmaker AbbVie Inc to discuss AbbVie's takeover bid for the Dublin-based maker of drugs for rare diseases.
Former Macau partner sues Las Vegas Sands for $5 billion
HONG KONG (Reuters) - A former Macau business partner of Las Vegas Sands Corp accused the casino operator of misappropriating trade secrets and is suing Sands for at least $5 billion in profits that it says are owed via their joint ownership of copyright related to a casino license bid.
Mondelez to separate cheese & grocery business in Europe
(Reuters) - Mondelez International Inc, maker of Cadbury chocolate and Oreo cookies, said it would create a "stand-alone" European cheese and grocery business to focus on its fast-growing snacks business, including biscuits, gum and candy.
Portugal's PM tries to soothe investors; BES says can cover any losses
LISBON (Reuters) - Portugal's government and central bank assured investors on Friday that the southern European country's financial system was sound, aiming to quell worry about the spillover effects of trouble at the Espirito Santo business empire.
Slim says he could exercise NY Times stock warrants
MEXICO CITY/NEW YORK (Reuters) - Mexican telecoms billionaire Carlos Slim says he could exercise stock warrants in The New York Times Co which expire early next year, a move that would more than double his stake in the media company.
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