For Immediate Release
Chicago, IL—September 23, 2016—Zacks.com looks back on the hottest stories of the week featured in the Stocks in the News blog, where analysts and writers discuss the latest news and events impacting stocks, the financial markets, and the greater investing world.
Here are highlights from this week’s Stocks in the News blog:
Wells Fargo CEO Grilled By Congress, Denies Fraud Management
Tuesday wasn’t a great day for Wells Fargo (WFC - Analyst Report) CEO John Stumpf, the man whose company is at the center of a scandal involving fraudulent account-opening practices. The banking chief was called to a Congressional committee hearing to answer questions about the company’s fraud, and several key U.S. senators held nothing back while grilling Stumpf.
Stumpf’s most vocal critic was Elizabeth Warren, the senior senator from Massachusetts. The Democratic senator questioned Stumpf’s accountability, demanded his resignation, and suggested that he be criminally investigated.
In Bloomberg Deal, Twitter Will Live Stream Presidential Debates
On Wednesday, social media company Twitter (TWTR - Analyst Report) announced that it has partnered with news and media company Bloomberg to live stream coverage of the upcoming presidential debates. The partnership is an expansion of its deal with Bloomberg Television, and it is also exclusive, meaning that no other networks will be live streaming the debates on Twitter.
In Shimmering IPO, e.l.f. Beauty (ELF) Soars 41%
On Thursday, low-priced cosmetics maker e.l.f. Beauty Inc. (ELF) opened up sharply higher on its first day of trading at $24, soaring 41% after pricing its IPO yesterday above the expected range. The company raised $141 million on Wednesday by pricing 8.3 million shares at $17 per share, above its indicated range of $14 to $16 per share.
e.l.f. Beauty said it would use the proceeds from its IPO to pay off its approximately $204 million worth of debt, and for general corporate purposes.
Danish Oil Giant Maersk to Split in Two Separate Companies
On Thursday, Denmark’s biggest company A.P. Moeller-Maersk A/S (AMKBY - Snapshot Report) , an oil and shipping giant, announced that it will be splitting into two separate companies, one a transport division and the other an energy business.
Maersk plans to focus on its transport and logistics business, and any oil or oil related businesses will become a new energy unit; the oil businesses within the new unit may either remain part of the Maersk group or will become joint ventures, mergers, or a listing.
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