- Fiat Chrysler (FCAU): The automaker is recalling 292,000 minivans in North America due to airbag issues. Fiat Chrysler said a wiring problem could cause “inadvertent deployment of the driver-side front air bag.” The recall affects 2011-2012 Dodge Grand Caravan minivans and includes 209,000 vehicles in the U.S. and 88,000 in Canada.
- Wells Fargo (WFC):The bank is finding itself in the hot seat again. This time, it’s being accused of making unauthorized changes to home loans held by customers in bankruptcy. The New York Times is reporting that a new class action suit and other lawsuits allege the bank lowered monthly payments while extending the terms of the loans by decades.
- Bank of America (BAC): The big bank is cutting jobs in its operations and technology division as it looks to cut costs and boost its business. A spokesman for the bank did not specify the number of layoffs.
- Amazon (AMZN): The e-commerce giant is looking to broaden its business. Bloomberg is reporting that Amazon is in talks to acquire the messaging system Slack. The buyout could value Slack at $9 billion. Amazon’s stock is up about 30% so far this year.
- Alphabet (GOOGL): Canaccord Genuity downgraded the parent company of Google to hold from buy but maintained its $1,000 price target on the stock. Analyst Michael Graham said Alphabet’s current valuation is “expensive by historical standards.” Google’s stock has climbed about 32% over the past year.
By: Seana Smith (Yahoo).
Photo: Ice Magazine.
Review: Emerging Market Formulations & Research Unit, Flagship Records.