Action Alerts PLUS holding Wells Fargo (WFC) may be taking a beating on Capitol Hill today, but the stock is bobbing and weaving on Wall Street, rising more than 1% in the aftermath of the $185 million fine levied against it for the creation of thousands of fraudulent accounts.
CEO John Stumpf faced questioning from a Senatorial committee Tuesday just days after the fine was levied and more than 5,000 employees were fired for making more than 2 million fake accounts without the knowledge of the bank's customers.
It may seem like opposite day in FiDi because T-Mobile (TMUS) shares were down more than 2%, despite the telecom carrier reiterating its third-quarter and full-year guidance in a press release Tuesday. However, the company announced that it added more than 750,000 monthly subscribers so far this quarter. That leaves just two weeks for the company to add 1.1 million monthly subscribers, like it did in the year-ago quarter.
Shares of Ascena Retail (ASNA) folded like a cheap suit Tuesday, falling nearly 30% following a downbeat 2017 forecast. Analysts at RBC Capital subsequently downgraded the the parent of clothing retailers including Justice and Lane Bryant after it provided earnings guidance between $0.60 and $0.65 per share for 2017 vs. Wall Street's consensus expectations of 2017 earnings of $0.83 per share.
Finally, General Electric (GE) is looking to prove that you can teach an old company new tricks as it attempts to reposition itself by expanding its software division in an effort to leverage competition against industry standard bearers like Action Alerts PLUS holding Alphabet (GOOGL) and Growth Seeker holding Amazon (AMZN) .