Mindtree Q3 Profit Rises – Quick Facts

Wells Fargo & Co Q4 Income Declines

Wells Fargo & Co (WFC) released a profit for fourth quarter that declined from last year.

The company’s profit totaled $2.55 billion, or $0.60 per share. This compares with $5.71 billion, or $1.21 per share, in last year’s fourth quarter.

Analysts had expected the company to earn $1.12 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 5.3% to $19.86 billion from $20.98 billion last year.

Wells Fargo & Co earnings at a glance:

-Earnings (Q4): $2.55 Bln. vs. $5.71 Bln. last year.
-EPS (Q4): $0.60 vs. $1.21 last year.
-Analysts Estimate: $1.12
-Revenue (Q4): $19.86 Bln vs. $20.98 Bln last year.

European Nations Trigger Dispute Mechanism Over Iran’s Failure To Follow Nuclear Deal

LONDON (AP) — Britain, France and Germany say they are triggering a dispute mechanism that is part of the nuclear deal with Iran over its failure to live up to terms of the pact.

The leaders of the three nations say in a statement Tuesday that they’ve been “left with no choice, given Iran’s actions, but to register today our concerns that Iran is not meeting its commitments.″

The group says it referring “this matter to the Joint Commission under the Dispute Resolution Mechanism, as set out” in the nuclear deal.

German Foreign Minister Heiko Maas said in a statement that the three European countries “could no longer leave the growing Iranian violations of the nuclear agreement unanswered.”

“Our goal is clear: we want to preserve the accord and come to a diplomatic solution within the agreement,” he added. “We will tackle this together with all partners in the agreement. We call on Iran to participate constructively in the negotiation process that is now beginning. ”

Wells Fargo Q4 Profit Drops; Stock Down

Wells Fargo & Co. (WFC) reported that its net income applicable to common stock for fourth quarter 2019 dropped to $2.55 billion or $0.60 per share, from last year’s $5.71 billion or $1.21 per share. The latest-quarter result included an impact of $1.5 billion or $0.33 per share, of litigation accruals for a variety of matters, including previously disclosed retail sales practices matter.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.12 per share for the fourth-quarter. Analysts’ estimates typically exclude special items.

Revenue of $19.9 billion, down from $21.0 billion in fourth quarter 2018. Analysts expected revenue of $20.14 billion for the quarter.

Net interest income was $11.20 billion, down from $12.64 billion last year, reflecting lower interest rate environment. But Non-interest income was $8.7 billion, up $324 million from the prior year.

In Tuesday pre-market trade, WFC is trading at $50.62, down $1.49 or 2.86 percent.

UK PM Johnson rejects Sturgeon's request for independence referendum powers

British Prime Minister Boris Johnson wrote to Scottish First Minister Nicola Sturgeon on Tuesday refusing her request to be given the powers to hold another Scottish independence referendum.

As things stand, a referendum cannot take place without the consent of the UK government. Sturgeon wrote to Johnson in December asking him to enter negotiations on transferring the power to hold a referendum from London to Edinburgh.

"I cannot agree to any request for a transfer of power that would lead to further independence referendums," Johnson wrote in a letter which he posted on Twitter, telling Sturgeon she had agreed a 2014 referendum, in which Scots opted to stay in the United Kingdom, would be a "once in a generation" vote.

"Another independence referendum would continue the political stagnation that Scotland has seen for the last decade … it is time that we all worked to bring the whole of the United Kingdom together."

NY Fed accepts $47 bln overnight repo bids

BOSTON, Jan 14 (Reuters) – The New York Federal Reserve said on Tuesday it accepted $47 billion in overnight bids from primary dealers in a repurchase agreement (repo) operation, a move intended to keep the federal funds rate within its target range. (Reporting by Ross Kerber, editing by Louise Heavens)

Joe Scarborough Names 2020 Democrat Who’s ‘Teflon’ Like Donald Trump

MSNBC’s Joe Scarborough on Monday explained to “The Late Show” host Stephen Colbert why he believes Democratic presidential candidate Joe Biden is, at least in one way, similar to President Donald Trump.

“Here’s the amazing thing about Joe Biden,” said Scarborough of the former vice president. “He’s like Trump in that he’s Teflon. It doesn’t matter how he does in debates, it doesn’t matter what clips you bring up about the guy, he just keeps on keeping on.”

Elsewhere in the interview, Scarborough (himself a former GOP House member) lambasted Republican lawmakers for selling out to Trump.

“That’s what I don’t understand, what job is worth selling your political soul for?” he asked. “You can look at the people who are running in Republican primaries, and you can predict what they’re going to do. It’s very disappointing.”

Check out the first and second parts of the interview here:

Mindtree Q3 Profit Rises – Quick Facts

Mindtree, a global technology consulting and services company, reported that its third-quarter net profit rose 3.1 percent year-on-year to $27.7 million. Revenues were $275.2 million, an increase of 9.4 percent from previous year. The company had 320 active clients as of December 31, 2019.

Debashis Chatterjee, CEO & Managing Director, Mindtree stated: “We continue to execute our growth strategy, proactively incubate deals by mining strategic clients and nurture a learning-led culture. The recently concluded Annual Customer Experience Survey results depict industry-leading scores, indicating our exceptional work in delivering quality services to our clients.”