Boston, MA 01/29/2014 (wallstreetpr) – Morgan Stanley (NYSE:MS) was among the financial services industry players who announced leadership changes Tuesday. The company has appointed Erskine Bowles as its independent lead director of its board in-line with the board’s policy to rotate lead directors. Mr. Bowles replaces Robert Kidder from the position of independent lead director. Mr. Kidder remained in Morgan Stanley’s board through the financial crisis. Mr. Bowles is an investor and prominent democrat. Changes are good for MS at this point when the financial services institution is still trying to trace its footing following the recent financial recession devastation that left many banks exposed to bankruptcy. Morgan Stanley (NYSE:MS) gained 0.53 percent to close $30.13 Tuesday.
Alcoa Inc (NYSE:AA) had informed the Quebec government that it would discontinue its operations at its smelters in the country on 1 January 2015. Currently, Alcoa Inc (NYSE:AA) receives a discount on electric costs at its smelters there. This agreement is slated to reach an end this year. Alcoa said that unless a new arrangement is considered, it will cease operations at the said smelters. On the line are 3,000 jobs and the Parti Québécois’ cabinet minister Martine Ouellet, said that she is currently in talks with the company to see how this issue can be resolved. The minister has expressed her confidence about the fact that they will be able to reach a mutually beneficial agreement.
Wells Fargo & Co (NYSE:WFC) has seen interesting insider trading over the past week. The company’s CFO Timothy Sloan sold 75,000 shares as the company’s stock price hit record high levels. Shares of Wells Fargo & Co (NYSE:WFC) have jumped more than 70 percent over the past two years and analysts assert that there is still more room for the stock to climb. The analysts are pointing at fundamentals and valuations which do not appear stretched even with the bank’s impressive recent run-up. And that being the said, investors are wise to note that a pullback in the stock offers a buy opportunity.
