4 Financial Stock Stories to Track on Tuesday
Wells Fargo & Co. (NYSE:WFC): Current price $42.17
Wells Fargo’s Wells Fargo Insurance has been chosen as North America’s Best Insurance Broker by Global Finance as part of the magazine’s yearly Best Global Insurers awards program. Winners were selected on responses from over 1,200 readers globally, and a panel of risk management and financial executives from major world firms. The survey was centered exclusively on property and casualty insurance lines, and did not address life and health insurance matters.
CME Group Inc. (NASDAQ:CME): Current price $77.93
The United States futures exchange operator said on Tuesday that it will hike transaction fees for most all its major products in 2012, after making investments in resources and tech. Beginning on January 1, CME will increase its fees for trading in Treasuries, energy, metals, currencies, and stock-index futures. The heftiest increases will be for traders who do not own memberships at CME’s exchanges, among which include the Chicago Mercantile Exchange, Nymex, Chicago Board of Trade, and Comex.
Arch Capital Group Ltd. (NASDAQ:ACGL): Current price $57.83
Freddie Mac has taken out insurance that covers a portion of losses from a pool of home loans from Arch Capital Group Ltd.’s Arch Reinsurance Ltd. unit, expanding its risk-sharing endeavors. The policy will cover up to $77.4 million worth of losses on a pool of mortgages funded in the third quarter of 2012, according to a Tuesday emailed Freddie Mac statement. Kevin Palmer, vice president of strategic credit costing and structuring, commented that the loans are the same ones on which it shared some risk, through a new sort of securities sold earlier in 2013. At that time, the pool included 96,000 mortgages with a total balance figure at $22.5 billion.
M&T Bank Corp. (NYSE:MTB): Current price $111.12
M&T reports that both the Securities and Exchange Commission and the Justice Department are looking into financial reports issued by Wilmington Trust Corp. prior to M&T acquisition of the firm. The SEC sent a Wells notice on August 5, M&T said Tuesday in a regulatory filing. Either inquiry could entail civil or criminal consequences, including “enforcement actions, fines, penalties, restitution, or additional costs and expenses,” according to M&T.