Apple's WWDC is a prove it moment, says Wells Fargo's Aaron Rakers
CNBC's Steve Kovach and Aaron Rakers, Wells Fargo senior analyst, join 'The Exchange' to discuss what investors want from Apple WWDC and his expectations to come out of the event.
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Business Insider
43 minutes ago
- Business Insider
Can JPMorgan be unionized? Employees turn to their peers at Wells Fargo for advice.
A budding movement is taking shape to unionize staffers at JPMorgan Chase, America's biggest bank by assets. If the yearslong unionization effort at Wells Fargo is any indication, they could have a long road ahead. Last week, JPMorgan's organizers hosted a virtual meeting with a unionizer who was involved in Wells Fargo's effort to "share lessons learned," according to an email shared with members earlier this week. The Wells Fargo drive, which is also supported by a coalition called the Committee for Better Banks, has stretched on for two years with little success. The meeting resulted in the following advice, according to a post on the JPMC Workers Alliance's official website: "Build trust before going public." "Use natural workplace conversations (e.g. breaks, lunch, text conversations) to test the waters and build confidence." "Talk outside of work with colleagues to gauge their sentiment." "Keep management in the dark about the process." "Push back against illegal management activity. Managers may not *SPIT: Surveil, Promise, Interfere, or Threaten with respect to unionizing activity or outcomes — but they may not know this." "Reframe the risks to increase confidence: The status quo is the real hazard. Would they fire the whole department?" JPMorgan's unionization effort was spawned in large part by the bank's return-to-office policies. Earlier this year, JPMorgan summoned the roughly 40% of its workers who were still on a COVID-era hybrid work schedule back to their desks five days a week, kicking off complaints from employees of the Polaris campus, a major technology hub for the firm. Unlike JPMorgan's investment bankers, tech workers had been working from home a couple of days a week. It's unclear how many JPMorgan workers have agreed to unionize as a result, but the JPMC Workers Alliance website boasts members from a number of US states, including New York, Delaware, Florida, Illinois, Ohio, Texas, as well as multiple cities in the United Kingdom. To build support, JPMorgan's organizers have been handing out flyers and hosting events, including a recent pizza party at JPMorgan's massive Polaris campus in Columbus, Ohio, which attracted hundreds of employees. New members are vetted by a group of organizers responsible for confirming their identities and welcoming them to the alliance's group chat on Discord, a messaging app popular with video gamers. The event drew an estimated 250 to 300 workers, said a JPMorgan employee affiliated with the union who requested anonymity to protect his job. As employees lined up to grab a slice, organizers approached them to discuss the labor movement and its goals, this person said. "Happy International Workers Day," read the flyers, which were viewed by Business Insider. "Did your leadership thank you today? You deserve better." The handouts asked questions like: "Have you had to stand in the rain waiting for the shuttle?" "Was 30 days enough notice for you to find child care before RFTO?" The acronym refers to the full-time return to work. "Have you struggled to find an open desk?"
New York Post
5 hours ago
- New York Post
Calif. teacher accidentally leaves $5K tip at vape shop
This slip-up was a real tipping point. A special education educator inadvertently left a $5,000 tip at a vape shop — and reportedly spent the next several months fighting with her bank to smoke out the eye-watering number. Linda Mathiesen, a Peninsula single mother who struggles with shoulder pain, made a $129.28 purchase for CBD gel to help with the nagging issue at a Bay Area shop last year — and wanted to leave an additional token of appreciation, according to a KGO report Wednesday. She told the station she only wanted to leave a $5 tip, but struggled to see the credit card pad on the tall checkout stand even on her tippy toes. Advertisement 3 Linda Mathiesen left the huge tip at a vape shop by accident. ABC 7 'He says enter a tip — so I did… I push what I thought was only two zeroes. Ended up being three zeroes,' Mathiesen claimed. 'But, there's no decimal point… I'm like, 'Wait, I want to delete this.'' Advertisement The clerk processed the charge and then claimed to Mathiesen he didn't know how to void it, she said. The employee also claimed the tip never went through, but Mathiesen's bank statement said otherwise, the station reported. 'Who would ever?' Mathiesen reportedly said. 'Like, $5,000? I don't have that kind of money.' The mother of two grown sons claimed she contacted her bank, Wells Fargo, 22 times, including calling them five minutes after leaving the store. Advertisement She was left frustrated for months to the point of tears before the bank recently stepped in after KGO reached out to them, the station reported. 3 Wells Fargo eventually refunded the money. Kristina Blokhin – The bank reportedly contacted Mathiesen and told her they would refund her the shocking figure, as well as interest. Wells Fargo told People in a statement Friday that when it became aware of the problem, it worked to 'resolve this situation.' Advertisement 3 She has been sifting through piles of paperwork. ABC 7 'We are committed to working with our customers to find solutions when they encounter issues,' the bank also said. The Post has sought comment from Wells Fargo late Friday. Meanwhile, a worker at the vape shop told KGO that ownership changed in January and had no comment.
Yahoo
8 hours ago
- Yahoo
Why Costco Stock Was Sliding Today
Costco reported solid comparable sales for May, but it was slower than April and the rest of the fiscal year. In a note, Wells Fargo expressed concern over the company's valuation. The stock now trades at a price-to-earnings ratio of 57. 10 stocks we like better than Costco Wholesale › Shares of Costco Wholesale (NASDAQ: COST) fell after the warehouse retailer posted comparable sales for May that were slightly below estimates. For a stock that's priced to perfection like Costco, that was enough to send the stock down 3.9% as of 2:01 p.m. ET. Costco is one of the few retailers left that reports monthly comparable sales, as others have backed away from the practice, in part because they think it adds volatility to the stock. Investors sometimes overreact to the numbers. That may be what's happening here. In May, Costco's comparable sales rose 4.3%, or 6% after adjustment for fuel prices and foreign exchange. That was below its growth rate of 5.8%, or 7.9% after adjustments for the first 39 weeks of the fiscal year. Costco also said that overall revenue rose 6.8% for the four-week period ending June 1. Those are hardly concerning numbers, but Wells Fargo said in a note this morning that those results were just below expectations of 6.2% adjusted comparable-sales growth. Though the bank said the retailer continued to perform well, it noted its high valuation and reiterated an equal weight, or neutral rating, with a price target of $1,000. Investors shouldn't change their thesis on Costco stock based on one month of comparable sales, but today's pullback is a good reminder of why valuation matters. Costco now trades at a price-to-earnings ratio of 57, meaning high expectations are baked into the stock. While the business is strong, the valuation assumes that its superior growth rate will continue. However, even a moderation to mid-single-digit comps is enough to send jitters through investors, as we saw today. If Costco's numbers disappoint again, the stock could fall further. Before you buy stock in Costco Wholesale, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Costco Wholesale wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $668,538!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $869,841!* Now, it's worth noting Stock Advisor's total average return is 789% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 2, 2025 Wells Fargo is an advertising partner of Motley Fool Money. Jeremy Bowman has positions in Wells Fargo. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy. Why Costco Stock Was Sliding Today was originally published by The Motley Fool Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
