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Financial stocks advanced in late Monday afternoon trading with the NYSE Financial Index rising 0.9% and the Financial Select Sector SPDR Fund (XLF) up 1.2%.
The Philadelphia Housing Index added 0.6%, and the Real Estate Select Sector SPDR Fund (XLRE) advanced 0.4%.
Bitcoin (BTC/USD) fell 2.2% to $57,942, and the yield for 10-year US Treasuries dropped 2.9 basis points to 3.621%.
In economic news, the New York Federal Reserve's Empire State manufacturing index jumped to 11.5 in September from minus 4.7 in August, compared with an improvement to minus 4 expected in a survey compiled by Bloomberg.
In corporate news, Wells Fargo and Volkswagen Financial Services said the bank will be the preferred purchase financing provider for Volkswagen, Audi, and Ducati brands in the US market. Wells Fargo shares climbed 2%.
Carlyle (CG) is again considering plans to take Nouryon public and hired investment banks, including Barclays (BCS) and Goldman Sachs (GS), for help with the IPO, Bloomberg reported. Separately, Carlyle announced "a strategic investment" in North Bridge ESG, along with a commitment to provide up to $1 billion in clean energy loans to be issued by the real estate financing company. Carlyle shares rose 1.6%.
Sterling Bancorp (SBT) shares tumbled 19% after the company said it agreed to sell Sterling Bank & Trust to EverBank Financial for $261 million.
Citigroup (C) is selling its trust administration and fiduciary business Citi Trust to professional services provider JTC for $80 million. Citigroup shares rose 1.4%.
Financial stocks advanced in late Monday afternoon trading with the NYSE Financial Index rising 1% and the Financial Select Sector SPDR Fund (XLF) up 1.2%.
The Philadelphia Housing Index added 0.5%, and the Real Estate Select Sector SPDR Fund (XLRE) advanced 0.4%.
Bitcoin (BTC/USD) fell 2.2% to $57,942, and the yield for 10-year US Treasuries dropped 2.9 basis points to 3.621%.
In economic news, the New York Federal Reserve's Empire State manufacturing index jumped to 11.5 in September from minus 4.7 in August, compared with an improvement to minus 4 expected in a survey compiled by Bloomberg.
In corporate news, Wells Fargo and Volkswagen Financial Services said the bank will be the preferred purchase financing provider for Volkswagen, Audi, and Ducati brands in the US market. Wells Fargo shares climbed 2.1%.
Americans receiving Social Security payments may see less of an increase next year, according to a nonprofit group that represents senior citizens.
The Social Security Administration is poised to announce its yearly cost of living adjustment (COLA) for payments to 71 million Americans in the middle of next month, effective in January 2025. The government agency handed out a 3.2% increase for this year last October.
The Senior Citizens League expects a 2.5% increase for next year, based on inflation falling from 2.9% in July to 2.5% in August.
By law, the annual inflation adjustment is based on the average inflation during July, August, and September as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Read Also: Report Warns of $16,500 Annual Social Security Benefit Cut for Dual-Income Couples by 2033
The Bureau of Labor Statistics averages the CPI-W for these three months and then compares it with the same time frame from the previous year. The percentage difference between the two is the COLA, payable for checks received in January 2025.
The league says the expected 2.5% increase will not be enough for seniors to meet the higher cost of living.
Nearly 80% of senior households report that their monthly budget for essential items like food, housing, and prescription drugs had increased over the last 12 months, according to a 2024 survey taken by the organization. Almost two-thirds — 63% — say they’re worried that their income won’t be enough to cover these basic costs in the coming months.
“Ensuring that seniors have enough to feed and house themselves with dignity is a major reason why we advocate for a minimum COLA of 3%,” said Shannon Benton, the league’s executive director.
She said about two-thirds of seniors rely on Social Security for more than half of their monthly income, and 28% depend on it entirely.
Retirement Stocks
Dividend-yielding, retirement-oriented stocks, typically selected for their risk-averse nature, experienced mixed performance by midday trading on Monday.
Retirement ETFs
Exchange-traded funds that are well suited for retirement trended upward on Monday.
Retirement Plan Stocks
Financial service firms that offer retirement plans were also on the upswing on Monday.
Read Now:
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
By Connor Hart
Wells Fargo and Volkswagen's U.S. financing unit entered a partnership making Wells Fargo the preferred purchase-financing provider of the automobile manufacturer's cars in the U.S., the companies said.
Under the terms of the multi-year co-branded agreement, San Francisco bank Wells Fargo will provide a dedicated purchase experience for more than 600 Volkswagen dealerships, 300 Audi dealerships and 130 Ducati dealerships, the companies said Monday.
The partnership is expected to launch for the Volkswagen and Audi brands in April, with Ducati following at a later date.
Volkswagen Financial Services U.S., the Wolfsberg, Germany, company's U.S. financial-services arm, will continue to service existing customer contracts. After this transition, the unit will switch focus to consumer leasing and delivering usage-based products, including mobility solutions.
Write to Connor Hart at connor.hart@wsj.com
A short straddle is an advanced options strategy used when a trader is seeking to profit from an underlying stock trading in a narrow range.
To execute the strategy, a trader would sell a call and a put with the following conditions:
Since it involves having to sell both a call and a put, the trader gets to collect two premiums up-front, which also happens to be the maximum gain possible.
Due to the two premiums collected upfront, beginners are often attracted to this strategy without realizing the risks they face.
A short straddle can result in unlimited loss potential whenever a substantial move occurs so it should be used with caution, particularly around significant market events like an earnings announcement.
The opening position of this strategy means that you will start with a net credit and you will profit if the stock trades between the lower break-even point and the upper break-even point.
Let’s take a look at Barchart’s Short Straddle Screener for September 16th.
I have added a filter to only include stocks with a market capitalization greater than $40b and total call volume greater than 2,000.
The screener shows some interesting short straddle trades on popular stocks such as , , , , , , , and .
Let’s walk through a couple of examples.
WFC Stock Short Straddle Example
Let’s take a look at the first line item – a short straddle on Wells Fargo.
Using the October 18 expiry, the trade would involve selling the $52.50 strike call and the $52.50 strike put. The premium received for the trade would be $398 which is also the maximum profit.
The maximum loss is theoretically unlimited. The lower breakeven price is $48.52 and the upper breakeven price is $56.48. The premium received is equal to 7.54% of the stock price.
The Barchart Technical Opinion rating is a 56% Sell with a Strengthening short term outlook on maintaining the current direction.
PYPL Short Straddle Example
Let’s take a look at the fourth line item – a short straddle on PayPal.
Using the October 18 expiry, the trade would involve selling the $70 strike call and the $70 strike put. The premium received for the trade would be $516 which is also the maximum profit.
The maximum loss is theoretically unlimited. The lower breakeven price is $64.84 and the upper breakeven price is $75.16. The premium received is equal to 7.36% of the stock price.
The Barchart Technical Opinion rating is an 88% Buy with a Strongest short term outlook on maintaining the current direction.
Long term indicators fully support a continuation of the trend.
TSLA Short Straddle Example
Let’s take a look at one final straddle using Tesla.
Using the October 18 expiry, the trade would involve selling the $230 strike call and the $230 strike put. The premium received for the trade would be $3,515 which is also the maximum profit.
The maximum loss is theoretically unlimited. The lower breakeven price is $194.85 and the upper breakeven price is $265.15. The premium received is equal to 15.26%.
The Barchart Technical Opinion rating is a 72% Buy with a Strengthening short term outlook on maintaining the current direction.
Long term indicators fully support a continuation of the trend.
The market is approaching overbought territory. Be watchful of a trend reversal.
Mitigating Risk
Short straddles involve naked options and are highly risky. They should not be used by beginner traders.
Position sizing is important so that a large loss does not cause more than a 1-2% loss in total portfolio value.
Short straddles can also contain early assignment risk, so be mindful of as it gets close to the expiration date. Also, watch out for earnings dates as stocks can make big moves following their announcement.
Please remember that options are risky, and investors can lose 100% of their investment.
This article is for education purposes only and not a trade recommendation. Remember to always do your own due diligence and consult your financial advisor before making any investment decisions.
On the date of publication, Gavin McMaster did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
Shares of Wells Fargo & Company WFC lost 4% following the announcement of a formal agreement with the Office of the Comptroller of the Currency (OCC) concerning the bank’s anti-money laundering (AML) and sanctions risk management practices.
The agreement points out flaws in the bank's anti-money laundering internal controls and risk management procedures in several areas, such as the reporting of suspicious activity and currency transactions, customer due diligence and the bank's customer identification and beneficial ownership initiatives.
The bank first disclosed this probe in its second-quarter Securities and Exchange Commission (SEC) filing, where it mentioned that it is in “resolution discussions” with the U.S. SEC about an investigation related to the cash sweep options it provides to new investment advisory clients.
Wells Fargo has taken a significant step in strengthening its AML and sanctions risk management capabilities with the official agreement with the OCC. The latest agreement is in line with the bank's continuous efforts to enhance its risk management system and adhere to regulatory requirements.
WFC’s management stated, “We have been working to address a substantial portion of what’s required in the formal agreement, and we are committed to completing the work with the same sense of urgency as our other regulatory commitments.”
Other Details of WFC's Agreement With OCC
The agreement mandates the establishment of a Compliance Committee to oversee Wells Fargo's adherence to its terms. Specifically, the action plan should be targeted at areas, such as front-line risk management, independent risk management, independent testing, customer identification and suspicious activity detection.
The agreement stipulates that the bank must improve its AML and sanctions risk management procedures, get the OCC to approve its program for evaluating the AML and sanctions risks of new offerings, and notify the OCC prior to expanding any of those products.
WFC’s Other Regulatory Issues
Since September 2016, WFC faced significant challenges with numerous penalties and sanctions, including a cap on the asset position by the Federal Reserve.
The bank faced another class action lawsuit in July 2024, alleging that it mismanaged its employee health insurance plan, forcing thousands of U.S.-based employees to overpay for prescription medications. Per the former employees, Wells Fargo's health plan pays inflated prices to pharmacy benefit managers, who negotiate with drugmakers, health insurance plans and pharmacies to set prescription drug prices.
In June 2024, WFC faced a proposed class action lawsuit alleging the bank for taking part in a $300-million Ponzi scheme. This scheme affected more than 1,000 investors, mainly senior citizens, and left them without substantial life savings. The lawsuit filed stated that WFC knew about the fraudulent activities from 2011 to 2021, and the company provided substantial assistance to the perpetrators while reaping benefits from the scam.
Over the past six months, shares of WFC have lost 8.9% against the industry’s growth of 9.1%.
Wells Fargo currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Finance Firms Under Litigation Probes
On Sept. 11, 2024, The Toronto-Dominion Bank TD agreed to pay a $28 million penalty in response to the Consumer Financial Protection Bureau (CFPB) order concerning credit reporting issues. The bank has been accused of mishandling customers’ credit information and failing to make necessary amendments to its practices.
TD signed a consent agreement with the CFPB admitting that it provided false information to consumer reporting companies, at times intentionally, and acknowledging its shortcomings in rectifying the failures that took place.
Earlier this month, in a settlement with the California Department of Justice over crypto withdrawals, Robinhood Markets, Inc.’s HOOD cryptocurrency platform is set to pay $3.9 million. Per the claims, HOOD prevented its customers from withdrawing cryptocurrency from their accounts between 2018 and 2022.
Per California’s Attorney General Rob Bonta, HOOD violated California law as it failed to deliver cryptocurrencies that its customers bought, and because of this, customers were unable to withdraw their assets, forcing them to sell the same to exit the platform.
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