Investors prepare for a slew of Fed speakers

Yahoo Finance

Wall Street is treading carefully. All three major averages (^GPSC, ^DJI, ^IXIC) are little changed as investors gear up for a series of Federal Reserve speeches and as an OPEC meeting in Algiers wraps up.

Paying the price

Wells Fargo (WFC) will claw back $41 million in unvested equity awards from CEO John Stumpf in the wake of the phony account scandal rocking the bank. Carrie Tolstedt, the executive in charge of the unit where the allegedly illegal sales practices took place, will forfeit unvested stock awards worth about $19 million. Will this take off some of the heat when Stumpf faces a House committee Thursday?

Uber’s next meal

The ride-hailing company this week is expanding its UberEats food delivery business into Tokyo and Amsterdam as it expands to 22 more countries, up from six now. In Tokyo, UberEats bicycle couriers will carry dishes from more than 150 restaurants. What’s the payoff here?

Stocks to Watch

Nike (NKE) shares fell in early trading as a metric that gauges future orders was weaker than expected. That’s fueling concerns about the company’s growth prospects. The sneaker giant delivered a beat on both its top and bottom lines as revenue jumped nearly 8% from a year ago.

BlackBerry (BBRY) shares were sharply higher this morning after the Canadian smartphone maker raised its outlook for the year after reporting that earnings broke even in the second quarter. However, revenue missed estimates as sales plunged 28% from a year ago. BlackBerry also announced it is getting out of the hardware business and will outsource the production of its handsets as it shifts its attention to software.

AB InBev (BUD) has something to celebrate. The brewer’s $100 billion plus takeover of rival SABMiller has been approved by shareholders of both companies. The deal is expected to be completed by October 10th.

Tempur Sealy (TPX) shares sank in early trading late yesterday the mattress firm cut its revenue and profit outlook for the year as it sees weak sales in the current quarter.

Royal Bank of Scotland (RBS) agreed to pay $1.1 billion to a US regulator to settle claims that it sold toxic mortgage-backed securities to credit unions in the run-up to the financial crisis.