tyb
>Shit happens
Texas Instruments Execs sold $96.60m in shares-July 25-29
*updated as two additional transactions were missed on original.
TEXAS INSTRUMENTS : Ex-dividend day for
A dividend is removed today from Texas Instruments's share.
https://www.marketscreener.com/TEXAS-INSTRUMENTS-9730651/news/U-S-Currency-28937068/
Texas Instruments (TXN) Hits 52-Week High
The stock has a great record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters.
In its last earnings report on July 23, 2019, Texas Instruments reported EPS of $1.29 versus consensus estimate of $1.21.
For the current fiscal year, Texas Instruments is expected to post earnings of $5.31 per share on $14.7 billion in revenues.
This represents a -5.01% change in EPS on a -6.89% change in revenues.
For the next fiscal year, the company is expected to earn $5.82 per share on $15.42 billion in revenues.
This represents a year-over-year change of 9.6% and 4.94%, respectively.
https://finance.yahoo.com/news/texas-instruments-txn-hits-52-131501345.html
https://www.finviz.com/quote.ashx?t=TXN&b=2
from July 2018
Texas Instruments CEO resigns on code of conduct violation
Crutcher is third chip-industry leader sacked in two months.
Texas Instruments Inc. said on Tuesday that Brian Crutcher had resigned as the company’s chief executive officer just six weeks into the role, after finding following a report that he had violated the chip-maker’s code on personal behavior.
Chairman Rich Templeton will reassume the roles of chief executive officer and president and the chipmaker is not searching for a replacement, Texas Instruments said in a statement. The company said Crutcher’s violation was unrelated to the company’s “strategy, operations or financial reporting.”
Texas Instruments would not comment beyond its statement. In a video address to employees that was posted on the company’s website, Templeton said the board received a report that led to the resignation. He provided no details.
https://www.reuters.com/article/us-texas-instruments-ceo/texas-instruments-ceo-resigns-on-code-of-conduct-violation-idUSKBN1K72MP
T. Rowe Price VP sold $2.23m in shares-July 26
T. Rowe Price Group is an investment management company that provides investment advisory services to individual and institutional investors, retirement plans, and financial intermediaries.
The group manages a broad range of American and international stock, blended asset, bond, and money market mutual funds and other investment portfolios.
T. Rowe Price Group also provides investment advisory clients with related administrative services, including mutual fund transfer agent, accounting and shareholder services,
participant recordkeeping and transfer agent services for defined contribution retirement plans, discount brokerage, and trust services.
At the end of 2018, the group had USD962.3 billion in assets.
https://www.marketscreener.com/T-ROWE-PRICE-GROUP-INC-40311214/company/
https://www.finviz.com/insidertrading.ashx?oc=1763753&tc=2&b=2
from 2016
T. Rowe Price accused of charging excessive mutual fund fees
A group of investors in T. Rowe Price mutual funds have accused the U.S. investment manager of charging an estimated $388 million in excessive fees, according to a federal civil lawsuit.
T. Rowe Price Group said the claims made in the lawsuit, which was filed on Wednesday, were without merit. The company will aggressively defend itself against the litigation, spokesman Brian Lewbart said in an email.
The complaint targets some of T. Rowe Price’s most popular funds, including its $31 billion Blue Chip Growth Fund, according to documents filed in U.S. District Court in Oakland, California.
The company, for example, is accused of charging up to 69 percent more in management fees on its Blue Chip Growth Fund than what it charges as a subadviser on similar funds for other asset managers.
“(T. Rowe Price) breached its fiduciary duty by receiving investment management fees from each fund that are so disproportionately large that they bear no reasonable relationship to the value of the services provided … and could not have been the product of arm’s-length bargaining,” the complaint said.
T. Rowe Price is the fifth-largest U.S. fund company, with $466 billion in assets under management, according to Morningstar Inc data for March.
https://www.reuters.com/article/us-funds-troweprice-fees/t-rowe-price-accused-of-charging-excessive-mutual-fund-fees-idUSKCN0XQ1UT
After Nearly $200 Million Dell Flub, T. Rowe Price Seeks a Solution
Investment firm is likely to announce a plan to reimburse clients who lost out when it accidentally voted in favor of the 2013 buyout of Dell.
https://www.wsj.com/articles/after-nearly-200-million-flub-t-rowe-price-seeks-a-solution-1464910176
fat-finger voting an entire buyout quorum process
JP Morgan's CEO "worst fears"-really nigga?-for the banking industry realized with Capital One data hack
At just the two biggest U.S. banks – J.P. Morgan Chase and Bank of America – cyber security budgets have swollen to a combined $1.4 billion a year.
The industry has been employing everything from low-tech reminders about passwords posted in offices to sophisticated data analytics and risk management programs to stay ahead of criminals.
“The threat of cyber security may very well be the biggest threat to the U.S. financial system,” Dimon said in an April letter to shareholders.
It’s among the worst fears of any bank CEO.
A lone hacker managed to steal the personal information of more than 100 million Capital One customers, the Virginia-based bank said Monday in a release. Most of what was taken related to customers’ credit-card applications from 2005 to early 2019, including names, addresses, dates of birth and income, the lender said.
Bank CEOs including Jamie Dimon have been highlighting the risks of a cyber assault for years. Amid a steady stream of high-profile hacks, including a 2014 breach at J.P. Morgan, the industry is engaged in a cybersecurity arms race, spending ever-increasing amounts on personnel and technology projects to throw up barriers against a growing array of bad actors.
While banks have been in cost-cutting mode since the financial crisis, security budgets have exploded, in part because of the ubiquitous nature of the risks. In 2015, Bank of America CEO Brian Moynihan said that cyber defense was “the only place in the company that doesn’t have a budget constraint. ”
At just the two biggest U.S. banks — J.P. Morgan Chase and Bank of America — security budgets have swollen to a combined $1.4 billion a year. Overall, the industry spends an average of $2,300 per employee annually on cyber defense, according to a Deloitte survey released in May.
“The threat of cyber security may very well be the biggest threat to the U.S. financial system,” Dimon said in an April letter to shareholders. “The financial system is interconnected, and adversaries are smart and relentless — so we must continue to be vigilant.”
Chase’s breach
Dimon knows this from personal experience: In October 2014, his bank said that hackers exploited an employee password to pull off one of the largest reported cyber attacks on a major financial institution, exposing data on 76 million households.
As a general rule, the industry has been loathe to give specifics about cyber defenses out of fear that it will give bad actors a blueprint to launch fresh attacks. But it’s been employing everything from low-tech reminders about passwords posted in offices to sophisticated data analytics and risk management programs to stay ahead of criminals.
On a 2016 visit to a J.P. Morgan office for technology workers in Delaware, much of the lobby was taken up with 8-foot tall billboards reminding staff to comply with the firm’s code of conduct to protect customer data. “The risks to the firm are very real, as are the consequences of non-compliance,” the bank warned employees.
Sharing secrets is key
Banks have also been pushing for greater cooperation between the private industry and government agencies including the FBI. That has included the National Cyber-Forensics and Training Alliance, a non-profit focused on detecting and neutralizing cyber threats.
“The most important role government has is to mandate that sharing to occur,” Cathy Bessant, chief operations and technology officer at Bank of America, said in an October interview. “There is no competitive advantage to secrets in this space, especially regarding risk, and sharing is the key to prevention and detection.”
The Capital One hack highlights the risks banks face from software firms they rely on to keep pace with customers’ expectations.
The breach is allegedly the work of Paige A. Thompson, an ex-employee of Amazon Web Services. She is accused of infiltrating the bank’s firewall to get customer information being stored on the servers of Amazon, the biggest cloud provider. Banks have been shifting more of their computing and storage to the cloud to cut costs and increase the speed in which they can introduce the latest apps.
“AWS was not compromised in any way and functioned as designed,” an Amazon Web Services spokesperson said in a statement to CNBC. “This type of vulnerability is not specific to the cloud.”
“Capital One is one of the most ‘cloud forward’ financial companies in the world,” said Tom Kellermann, chief cybersecurity officer at software firm Carbon Black. “They should be partnering with solution providers who are intimately aware of how to keep the cloud secure.”
https://www.cnbc.com/2019/07/30/jamie-dimons-worst-fears-for-banks-realized-with-capital-one-hack.html