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Editor’s note: This story is developing and will be updated. The Office of the Comptroller of the Currency has issued an enforcement action against Wells Fargo. Anti-money laundering deficiencies Regulators said Thursday they found problems with the bank’s internal controls and financial crime risk management practices. The agency said: deficiencies in several areas of the San Francisco-based financial institution’s controls and practices, including reporting of suspicious activity and currency transactions, customer due diligence and Wells’ customer identification and beneficial ownership programs; According to a news release:. The agreement will require Wells to strengthen its AML and sanctions risk management practices,…

Moderna on Thursday pushed back its breakeven target by two years after it slowed development timelines for several key products and forecast 2025 sales below expectations for this fiscal year, sending its shares near a four-year low.Shares of the vaccine maker were down 17.1% to $65.88 at midday. The company now sees sales of $2.5 billion to $3.5 billion in 2025, below analysts’ expectations of $3.74 billion, according to LSEG data. That midpoint was also below the $3 billion to $3.5 billion the company predicted for 2024.The company, which has been struggling to pivot from its COVID-19 vaccine, said at…

The exterior of Moderna’s headquarters in Cambridge, Massachusetts, USA. PlexiImages | GHI | UCG | Universal Image Group | Getty ImagesModerna The company said Thursday it plans to cut about $1.1 billion in expenses through 2027 and secure approvals for several new products as it charts a path after a sharp COVID-19-related decline in business. Biotechnology company Moderna Inc. said it expects to have 10 new products approved by 2027. But it said it would pause development of some products in its pipeline and scrap others as it seeks to “pace” new research and development spending. The company aims to…

Whether something looks like a good investment is relative. The Technology Select Sector Index tracked by the ETF XLK is down about 9% from its all-time high on July 10. Its year-to-date total return is 13%, nearly 4% below the overall market total return. This is despite the fact that the technology sector’s earnings have experienced a 2.7% higher compound annual growth rate than the S&P 500. The chart below shows the earnings growth of the technology sector and the S&P 500 over the past 20 years on a logarithmic scale. Not only has the technology sector’s earnings growth been…

Rgstudio | E+ | Getty ImagesOwning a home may give some people confidence in their retirement prospects, but some experts say that may be a misconception.According to the Your Money Retirement Survey conducted by SurveyMonkey and CNBC.com, about 37% of people surveyed, including those with part-time or full-time jobs, the self-employed, and business owners, said they are “ahead of schedule” (7%) or “on track” (30%) with their retirement savings.Of those who say they are ahead of or on schedule, 42% say starting retirement savings early has helped them be prepared. Other factors that contributed to readiness include having little or…

Wholesale prices rose about as much as expected in August, the final inflation reading, as the Federal Reserve prepares to cut interest rates.The Bureau of Labor Statistics said Thursday that the producer price index — a measure of the cost of final-demand goods and services received by producers — rose 0.2% from the previous month, in line with the Dow Jones consensus estimate.Excluding food and energy, the PPI rose 0.3%, slightly above the consensus forecast of 0.2%, while excluding traded services, the core increase was the same.On a trailing-12-month basis, headline PPI rose 1.7%. Excluding food, energy and trade, the…

NEW DELHI: ICICI Lombard General Insurance Company shares were down 0.59 per cent as of 12:12 pm IST on Thursday with around 3,683 shares traded. The stock price opened at Rs 2,135.35 and hit an intraday high of Rs 2,157.65 and an intraday low of Rs 2,111.5 respectively during the previous trading sessions. ICICI Lombard General Insurance Company Ltd’s stock price hit a 52-week high of Rs 2,284.15 and a 52-week low of Rs 1,266.0. ICICI Lombard General Insurance Company Ltd.’s total market capitalization stood at Rs 10447.675 billion at the time of writing this report. Key Financial Information The…

Wingbits, a Stockholm-based protocol creating a DePIN flight tracking network built on the Solana blockchain, announced it has raised $3.5 million in seed funding led by Borderless Capital and Tribe Capital, alongside Antler and angel investors. According to the team, “Wingbits rewards the quality of data captured by antennas maintained by amateurs and enthusiasts. Individuals are rewarded based on performance, coverage and uptime, and there is a global leaderboard comparing the best performing antennas. As of the end of 2023, 40 nodes were on the Wingbits platform. Today, there are nearly 2,000 nodes.”

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, USA, September 4, 2024. Brendan McDiarmid | ReutersStocks @ Night is our daily after-hours newsletter, bringing you the latest on what’s on the horizon for tomorrow and what’s on the horizon for today. Sign up for free to receive it straight to your inbox.As the major stock averages staged a stunning recovery from the day’s lows, here’s what CNBC TV producers were watching and what to watch in the upcoming session.Today’s Big Stock NewsNVIDIA The stock price fluctuated about $10 from the session low…

Let’s take a look at the companies making waves in midday trading. Trump Media & Technology – Shares fell more than 10% following Tuesday’s debate between major shareholder former President Donald Trump and Democratic Vice President Kamala Harris. On Wednesday, Trump Media hit its lowest intraday level since listing on the Nasdaq in late March. Rentokil Initial – Shares plunged 21% after pest control company Rentokil said it expects second-quarter organic sales growth in North America to slow to about 1%. GameStop – The meme stock plunged 12% after the video game retailer reported a big decline in second-quarter sales…