Charles Scharf appointed new CEO of Wells Fargo
Wells Fargo (NYSE: WFC) announced early Friday that it has appointed BNY Mellon’s chief executive as its new CEO and president, following the departure of Tim Sloan earlier this year.
Charles Scharf was named as the San Francisco-based company’s CEO and president, effective October 21.
“I am delighted to welcome Charlie as our new CEO,” said Wells Fargo board chair Betsy Duke. “Charlie is a proven leader and an experienced CEO who has excelled at strategic leadership and execution and is well-positioned to lead Wells Fargo’s continued transformation.”
Shares of Well Fargo jumped 2.31% to $50 in premarket trade following the announcement.
U.S. futures point to a higher open on Wall Street
The U.S. stock market is looking to open higher today as market participants continue to shrug off the impeachment inquiry against President Donald Trump. At around 5:35 a.m. ET, the blue-chip Dow futures were up 56 points, or about 0.21% to 26,948.
Meanwhile, the S&P 500 futures rose 6.62 points, or around 0.22% to 2,987.12 while the tech-heavy Nasdaq 100 futures were seen gaining 14.25 points, or roughly 0.18% to 7,801.5.
Peloton slides 11% on rocky first day of trading
Peloton Interactive (NASDAQ: PTON) capped off a rocky first day of trading on Wall Street with its stock closing at $25.76 on Thursday, down more than 11% from its starting price of $27. The company sold 40 million shares and raised $1.16 billion in the offering. It has a market valuation of about $8 billion.
Timing seems to be a problem for the luxury fitness startup, which now joins a list of other loss-making startups that have seen their shares tank following their initial public offerings.
According to its IPO prospectus, Peloton had revenue of $915 million in its fiscal year ended June 30, up 110% from the year prior. However, the company is still yet to turn a profit.
Endeavor shelves $7.2 billion IPO
Endeavor Group announced Thursday that it had been forced to shelve its stock market listing, citing “market conditions” and limited investor interest. According to the Wall Street Journal, one of the reasons the company postponed its offering was because of Peloton’s poor performance in its market debut.
Endeavor, the owner of Ultimate Fighting Championship (UFC), was expected to go public today (Friday) under the symbol “EDR” on the New York Stock Exchange.
The company had hoped to offer a total of 15 million shares priced at $26 to $27, according to updated paperwork with the Securities and Exchange Commission (SEC). At the midpoint of that range, the company would have been valued at about $7.2 billion.
Last week, management planned to sell 19.4 million shares at a $30 to $32 price range.
