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Today in the Market (1/11/2023)

Good Evening! Wednesday saw a rise in U.S. equities as Wall Street awaited the publication of crucial consumer pricing data, which is anticipated to reveal a further decline in inflation.

The S&P 500 increased by 1.28%, and the Dow Jones climbed by 0.80%. The Nasdaq Composite rose 1.76%.

EVERYTHING MUST COME TO AN END

Wells Fargo & Co. (WFC), in unveiling a “new strategic direction” for a mortgage empire that was once the biggest in U.S. banking, said that it would cease backing home loans negotiated by third parties and reduce its portfolio of serviced obligations.

What is the reason? The withdrawal from correspondent lending and decrease in servicing concludes years of attempts to clean up a business that embroiled Wells Fargo in regulatory investigations and litigation. In August, Bloomberg News reported the company’s intention to withdraw from such industries.

Do they have any plans for the new direction? In addition to reducing these activities, the company said that it would extend a program begun last year to assist minority homeowners. In addition to committing an extra $100 million to promote racial fairness in homeownership, the San Francisco-based lender will make “ongoing investments in this area” in the years to come.

READY TO GO?

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Disney (DIS) has unveiled long-awaited adjustments to its parks reservation system and annual pass-holder program in response to customer anger over long lines and exorbitant ticket pricing.

What changes to expect? Changes include additional incentives for premium programs for park members, such as the chance to purchase the lowest-priced ticket option for $104 per person at the Disneyland Resort in California.

But wait, there’s more… Other new offers include expanded complimentary services such as free parking for resort visitors and free digital picture downloads for subscribers of the Genie+ app, a premium service that enables customers to bypass the wait and enter chosen attractions via the Lightning Lane entrance.

How does it play a role in the company? The importance of Disney’s parks division to the company’s economic line necessitates continued customer satisfaction. In fiscal 2022, the parks division generated $28.7 billion in revenue, a 73% year-over-year increase. In fiscal 2022, operational income climbed to $7.9 billion, representing 65% of Disney’s total sector operating income of $12.1 billion.

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