Wells Fargo might be on its way to become the biggest bank ever. Shares of Wells Fargo are up almost 13 percent this year. That surge has given it a greater market value than such rivals as J.P. Morgan Chase, Bank of America and Citi, in fact it’s market value is now just $10 billion less, says the Wall Street Journal, than Citi’s all-time valuation record of $282 billion set in 2001. Today shares were off 1.5 percent to $51.09.
Some of AT&T’s wireless accounts have been breached in what the company says was an inside job. Employees of one of AT&T’s service providers allegedly stole personal information from customers, including social security numbers and call records. The number of customers affected hasn’t been disclosed. Shares were off a fraction to $34.98.
A glitch in Target’s checkout system caused lines and delays at its stores, but the company says it wasn’t due to a security issue. The technical problem comes as the retailer continues to deal with the fallout from a massive pre-Christmas security breach that compromised the personal information of millions of customers. Despite that, Target shares were up slightly to $57.74.
Hillshire Brands & Pinnacle Foods
Hillshire says its board is no longer recommending the company’s purchase of pinnacle foods. It will back away from the pending merger, saying that the offer from Tyson Foods to takeover Hillshire is a better deal for its investors. Hillshire and Pinnacle rose slightly. Hillshire closed at $61.97 and Pinnacle at $33.34.