Bank of America Says Black Advisers Make Up 4.5% of Merrill Wealth Managers

Stock Alert: Foot Locker Up 4% After Upbeat Q2 Results, Reinstating Dividend

Shares of Foot Locker Inc. (FL) are rising almost 4 percent or $1.02 in Friday’s morning trade at $28.21, after the specialty athletic retailer’s second-quarter results beat analysts’ expectations and its board brought back the quarterly dividend program.

Friday, Foot Locker reported second-quarter net income of $45 million or $0.43 per share, down from $60 million or $0.55 per share in the prior-year quarter. Adjusted earnings were $0.71 per share, compared to $0.66 per share in the year-ago period. Total sales grew 17.1 percent to 2.08 billion from $1.77 billion last year. Analysts polled by Thomson Reuters had a consensus earnings estimate of $0.57 per share on revenues of $2.0 billion. Analysts’ estimates typically exclude special items.

The company also declared a quarterly cash dividend on common stock of $0.15 per share, payable on October 30, 2020 to shareholders of record on October 16, 2020.

Foot Locker has traded in a range of $17.46 to $47.86 in the past 52 weeks.

Judge denies Trump's bid for a stay of subpoena in Manhattan DA's tax records case

  • A federal judge on Friday denied President's Donald Trump's bid to temporarily block a ruling allowing a subpoena for his tax returns and other financial records.

A federal judge on Friday denied President's Donald Trump's bid to temporarily block a ruling allowing a subpoena for his tax returns and other financial records.

The ruling came a day after the judge rejectedTrump's latest attempt to stop the Manhattan District Attorney's office from enforcing a subpoena issued to his accounting firm.

Trump's lawyers on Thursday had filed a request for an emergency stay pending an appeal of that ruling.

But Judge Victor Marrero wrote in his order Friday that Trump "has not demonstrated that he will suffer irreparable harm."

"The Court notes that its views remain unchanged with respect to the President's likelihood of success on the merits," Marrero added, "particularly given the concerns addressed in the August 20 Decision regarding the effect of further delay on the grand jury's investigation."

This is breaking news. Please check back for updates.

Stock Alert: Pinduoduo Down 10% As Quarterly Revenues Miss Estimates

Shares of Pinduoduo Inc. (PDD) tanked 10% on Friday morning after the Chinese e-commerce platform’s second-quarter revenues failed to meet Wall Street estimates.

Second-quarter net loss narrowed to RMB899.3 million or RMB0.75 per share from RMB1.00 billion or RMB0.88 a share last year.

Excluding adjusted items, profit per share was RMB0.06 or $0.01 per share. Analysts polled by Thomson Reuters expected the company to post a loss of $0.02 per share.

Revenues for the quarter rose 67% to RMB12.19 billion or $1.73 billion, from RMB7.29 billion. Analysts had a consensus estimate of $1.75 billion.

Gross merchandise volume in the 12-month period ended June 30 rose 79% to RMB1.27 trillion or $179.6 billion. Average monthly active users in the second quarter grew 55% to 568.8 million.

PDD is currently trading at $86.82, down $10.31 or 10.61%, on the Nasdaq.

US elections: Biden promises to reverse many of Trump's changes

Biden will have to restore international trust in a nation that once prided itself as the leader of the free world.

The United States stance on Iran is one of many major foreign policy areas upended by President Donald Trump.

Presidential nominee Joe Biden says he would take a very different approach if he wins in November.

Al Jazeera’s Mike Hanna reports on how that might look.

Mass Testing In US Jails Identifies 12 Times More COVID Cases

Mass testing in 16 U.S. prisons and jails identified 12 times more cases of coronavirus than when testing was offered based on symptoms alone, according to the latest MMWR report by Centers for Disease Control and Prevention.

Median prevalence was three times higher in dormitory-based than in cell-based housing, the report says.

COVID-19 outbreaks in U.S. correctional and detention facilities are difficult to contain because of population-dense housing and limited space for medical isolation and quarantine. Testing in these settings has often been limited to symptomatic persons.

With 1,125 additional deaths in the last 24 hours, COVID casualties in the United States increased to 174306, Johns Hopkins University’s latest data shows.

With 49,209 new cases, the total number of infected cases in the country rose to 5579142.

Bank of America Says Black Advisers Make Up 4.5% of Merrill Wealth Managers

Bank of America Corp. released data on the racial and gender makeup of its Merrill Lynch Wealth Management unit that shows diversity has increased from five years ago.

The company’s so-called thundering herd of more than 17,500 financial advisers includes:

  • Black wealth managers totaling 780, representing 4.5% of the bank’s adviser population, up from 2.5%
  • Hispanic or Latino advisers numbering 1,570, comprising 9% of the group, an increase from 6%
  • Female wealth managers totaling 3,650, or 21% of advisers, up from 18%

“Continuing to build the modern Merrill requires a deep commitment to diversity and inclusion,” Andy Sieg, president of the unit, said in a statement. “As both a moral and commercial imperative, our wealth-management business must reflect the diverse markets in the communities we serve.”

The division has created advisory councils and held events to support diverse talent, BofA said. Over the past 18 months, 54% of adviser hires have come from diverse backgrounds, up from 39% in 2017.

The figures were reported earlier Friday byBarron’s.