Diamonds and Dogs
Wells Fargo (WFC) is up a percent to an eleven-month high on an upgrade and optimism of the removal of the extremely costly $1.95 trillion asset cap. Officials from the Federal Reserve, which placed the asset cap on the bank in 2018, have apparently approved the bank's proposal for overhauling its risk-management and governance structure. JP Morgan Chase upgraded the stock from an underweight with a $37 price target.
Profit-taking in Walmart (WMT). The big box retailer is down 5% to a four-month low after missing estimates as revenues rose 7.3% to $152.1 billion. As a big benefactor of the pandemic, Walmart expects sales to slow this year as the pandemic momentum ebbs.
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