Wells Fargo, Upwork, Arm Holding: 3 Stocks In Focus

The US Office of the Comptroller of the Currency (OCC) has found major bank Wells Fargo (WFC) to be taking proper steps toward addressing its money laundering issues and provide anti-money laundering protections.

Engine Capital has taken up a 4% stake in the freelancing platform Upwork (UPWK). The activist investor is now demanding that the company implement cost-cutting strategies and grow its enterprise business.

Lastly, Raymond James initiates coverage on chip designer Arm Holding (ARM) with an Outperform rating and a price target of $160 per share.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Transcripción del vídeo

Time for our stocks in 30 a look at today's trending tickers in 30 seconds or less.

Let's kick it off with Wells Fargo, the office of the Comptroller of the currency known in your hood as the OCC found the bank's protections against money laundering and other illegal transactions were too lax.

The agency did say that Wells Fargo is working to address these issues and declined to find the bank.

We also have a statement from Wells Fargo on this agreement as well here essentially saying that the agreement's requirements including enhancements to AM L and sanctions risk.

Uh anti money laundering is the AM L uh sanctions, risk management practices and then obtaining the O CCS acceptance of the bank's program as well.

They're looking to address the substantial portion of what's required here in the agreement.

All right, let's take a look at another trending ticker activism.

Mr Engine Capital, taking a 4% stake in upwork.

The Freelance Marketplace Engine will push upwork to revamp its board and fix what they call foundational issues in the company.

You're looking at shares now up just about 6% here for upwork over since the start of the year, you're looking at losses of more than 30% and some of those foundational issues, that's what we really want to get into.

Engine is pushing for the company to simplify the platform cut costs, also grow its enterprise business.

They also talk about the fact that there has been a number of changes within management over the last several years.

They stopped short of calling for the ouster of the company's CEO Hayden Brown.

But they did go on to express some frustration with uh how many different managers have been in place here over the last couple of years talking about the fact that Brown has actually had three CFO S in four years and one of the other tickers that we're tracking here today.

Finally watching semiconductor designer Arm as Raymond James initiates coverage on the company with an outperform rating and a price target of $160.

We're keeping close tabs on ship here on the day.

Uh Raymond James essentially saying that gen A I, that's the big tail wind behind arms CP US and data centers also saying that arms not directly participating in the data center A I accelerator market.

Um But they see that as a good possibility that could play out longer term.