Stocks slip…SunTrust warns of potential data theft…Wells Fargo fined
NEW YORK (AP) – Stocks are slipping in early trading on Wall Street, as losses for technology and energy companies offset gains for industrial companies and banks. Mattel plunged after the struggling toy maker replaced its CEO. General Electric jumped after reporting results that were better than analysts were expecting. Bond prices fell. The yield on the 10-year Treasury rose to 2.93 percent.
NEW YORK (AP) – SunTrust says accounts for 1.5 million clients could be compromised following a potential case of data theft. The Atlanta bank says it became aware of the potential theft by a former employee and that an investigation is ongoing. Compromised information could include names, addresses, phone numbers and account balances. SunTrust says it will offer identity protection for all consumer clients at no cost. The company says it has not identified any fraudulent activity.
NEW YORK (AP) – Wells Fargo is being fined a combined $1 billion by two federal regulators for abuses tied to its mortgage and auto lending businesses. The bank will pay $500 million to the Office of the Comptroller of the Currency, its main bank regulator, as well as $500 million to the Consumer Financial Protection Bureau. The bank has been under investigation since it was fined $100 million in 2016 after its employees opened bank and credit card accounts without getting customers’ authorization.
NEW YORK (AP) – An audit of Facebook’s privacy practices for the Federal Trade Commission found no problems, even though the company knew at the time that a data-mining firm improperly obtained private data from millions of users. It’s not clear from the report, as posted online, whether the company informed PwC of the Cambridge Analytica issue. The audit by PricewaterhouseCoopers covers February 2015 to February 2017. Facebook agreed to outside audits every two years as part of a 2011 settlement with the FTC over its privacy practices.
MARIETTA, Pa. (AP) – Federal authorities have doubled the reward to $20,000 for information on the theft of hundreds of explosives from a worksite in Pennsylvania. The Bureau of Alcohol, Tobacco, Firearms and Explosives says approximately 700 pounds of dynamite and 400 blasting caps were stolen over the weekend from a Gregory General Contracting Company site in the southeastern part of the state. The company is a subcontractor of Williams Partners, which is managing the Atlantic Sunrise pipeline project in Lancaster County.