16 hours ago
Past week performance: +2.4%
52-week range: $146 to $218
Valuation model target price: $220
Implied upside: 0.9% over 2.3 years
Chevron (CVX) stock barely budged this week, but the commentary coming out of the company was anything but quiet. CEO Mike Wirth told an energy conference that the strategic buffers built up in global crude markets after the recent Iran conflict are now "played out." He added that it's "harder to envision a scenario where prices soften quickly," a notable shift from an executive who typically avoids bold near-term price calls.
#wirth
52-week range: $146 to $218
Valuation model target price: $220
Implied upside: 0.9% over 2.3 years
Chevron (CVX) stock barely budged this week, but the commentary coming out of the company was anything but quiet. CEO Mike Wirth told an energy conference that the strategic buffers built up in global crude markets after the recent Iran conflict are now "played out." He added that it's "harder to envision a scenario where prices soften quickly," a notable shift from an executive who typically avoids bold near-term price calls.
#wirth
2 days ago
There's an old investing rule, popularized by investing legend Peter Lynch, to invest in what you know. It's deceptively simple advice: The better you understand a business, the better equipped you are to recognize its opportunities.
Likewise, greater knowledge of a business improves your ability to recognize things that could potentially go wrong. That second part is especially important.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
When it comes to NuScale Power (NYSE: SMR), there's one thing investors should probably know before buying the dip: what its small modular reactors (SMRs) could actually cost to operate. This isn't, to be sure, a question investors can answer with much certainty today, mainly because NuScale doesn't have a commercial reactor in operation.
That said, a newly released study, which has not yet gone through peer review, offers a sobering estimate. And if the findings hold up, the operating costs for NuScale's reactors could pose a much bigger problem to its business than previously thought.
#recognize
Likewise, greater knowledge of a business improves your ability to recognize things that could potentially go wrong. That second part is especially important.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
When it comes to NuScale Power (NYSE: SMR), there's one thing investors should probably know before buying the dip: what its small modular reactors (SMRs) could actually cost to operate. This isn't, to be sure, a question investors can answer with much certainty today, mainly because NuScale doesn't have a commercial reactor in operation.
That said, a newly released study, which has not yet gone through peer review, offers a sobering estimate. And if the findings hold up, the operating costs for NuScale's reactors could pose a much bigger problem to its business than previously thought.
#recognize
12 days ago
With a market cap of $1.91 trillion, ****** eX is among the most valuable companies in the world.
SpaceX (SPCX) listed on the Nasdaq in June 2026, raising over $75 billion in its initial public offering.
Last month, New York University marketing professor Scott Galloway said Wall Street has gotten the math badly wrong on ****** eX, and he is not shy about putting a number on just how wrong.
In a recent podcast, Galloway said that ****** eX shares are worth somewhere between $10 and $30.
At the time of writing, SPCX stock trades at $148, which means Galloway believes the stock could fall 80% from current levels without undervaluing the company.
#galloway #spcx #Stock #NASDAQ
SpaceX (SPCX) listed on the Nasdaq in June 2026, raising over $75 billion in its initial public offering.
Last month, New York University marketing professor Scott Galloway said Wall Street has gotten the math badly wrong on ****** eX, and he is not shy about putting a number on just how wrong.
In a recent podcast, Galloway said that ****** eX shares are worth somewhere between $10 and $30.
At the time of writing, SPCX stock trades at $148, which means Galloway believes the stock could fall 80% from current levels without undervaluing the company.
#galloway #spcx #Stock #NASDAQ
13 days ago
Michael Burry, the investor famous for his subprime mortgage bets detailed in "The Big Short," said on August 23 that he has sold his stake in Alibaba Group Holding Limited (NYSE:BABA), calling the Chinese e-commerce and cloud giant's shares overvalued. Burry stated in a Substack article that he had intended to reinvest the majority of his investment in Alibaba within a month or two, but changed his mind. "No longer," he said, adding that the stock's price would need to "fall by half" before he became interested again.
Burry's statements came after Alibaba Group Holding Limited (NYSE:BABA) announced and subsequently completed an approximately HK$80 billion, or $10.2 billion, share placement, through a share offering to fund its artificial intelligence goals. The company has stated that all net proceeds will go into developing its "full stack" AI capabilities.
That funding structure prompted Burry to abandon his plan to reinvest in the stock. "I cannot bless share issuances," he said, adding that Burry objected to the dilution from the financing and said he expects Alibaba's return on invested capital to continue declining. In another post on X, he stated clearly that he wouldn't change his view on Alibaba, referring to share issuance as the company's "new paradigm."
Burry had acquired a new Alibaba Group Holding Limited (NYSE:BABA) stake in April, stating at the time that it comprised just over 6% of his portfolio according to his disclosures at the time. However, in late June, he reversed direction, stating that he had sold the entire holding and invested the proceeds in JD.com, Inc. (NASDAQ:JD), Alibaba's main domestic e-commerce rival. He subsequently described his JD.com position as large and argued that easing competition in China's delivery market could support higher margins.
Institutional opinions regarding the two companies have shifted in distinct directions. Alibaba Group Holding Limited (NYSE:BABA) saw hedge fund holdings decrease marginally, from 102 funds in the first quarter to 97 in the second quarter. JD.com, Inc. (NASDAQ:JD), by comparison, saw hedge fund ownership move up little, from 43 funds to 44 over the same period.
#burry #Share #fund
Burry's statements came after Alibaba Group Holding Limited (NYSE:BABA) announced and subsequently completed an approximately HK$80 billion, or $10.2 billion, share placement, through a share offering to fund its artificial intelligence goals. The company has stated that all net proceeds will go into developing its "full stack" AI capabilities.
That funding structure prompted Burry to abandon his plan to reinvest in the stock. "I cannot bless share issuances," he said, adding that Burry objected to the dilution from the financing and said he expects Alibaba's return on invested capital to continue declining. In another post on X, he stated clearly that he wouldn't change his view on Alibaba, referring to share issuance as the company's "new paradigm."
Burry had acquired a new Alibaba Group Holding Limited (NYSE:BABA) stake in April, stating at the time that it comprised just over 6% of his portfolio according to his disclosures at the time. However, in late June, he reversed direction, stating that he had sold the entire holding and invested the proceeds in JD.com, Inc. (NASDAQ:JD), Alibaba's main domestic e-commerce rival. He subsequently described his JD.com position as large and argued that easing competition in China's delivery market could support higher margins.
Institutional opinions regarding the two companies have shifted in distinct directions. Alibaba Group Holding Limited (NYSE:BABA) saw hedge fund holdings decrease marginally, from 102 funds in the first quarter to 97 in the second quarter. JD.com, Inc. (NASDAQ:JD), by comparison, saw hedge fund ownership move up little, from 43 funds to 44 over the same period.
#burry #Share #fund
17 days ago
The indicator that caught my eye this week is good ol' Bollinger Bands. Bollinger Bands are one of the most popular technical indicators and are available on any charting software that I've seen. Bollinger Bands typically use a 20-day moving average as the centerline, and upper and lower bands are drawn two standard deviations above and below the moving average. The conventional way to interpret the indicator is that when the stock closes below the lower Bollinger Band, it's oversold. When it closes above the top band, it's considered overbought.
What caught my eye was that at the close on Monday, the S&P 500 Index (SPX) was within 1.5% of its all-time high, but many stocks had Bollinger Band signals, and a large majority of them were to the downside. I wondered if this was common and if it could tell us anything about what to expect from the market going forward.
Also, one of the largest and most popular stocks, Apple (AAPL), was one of just a handful of stocks that recently signaled above its top Bollinger Band. In the article below, I dig into AAPL's historical signals to see how the stock tends to perform based on the indicator.
On Monday, the SPX was still within 1.5% of its all-time high (it fell below that today). Over the previous 10 days, there were over 100 Bollinger Band signals, and over two-thirds of those signals were stocks closing below their lower Bollinger Bands, as opposed to closing above the top bands.
Going back to 2016 and using the criteria above (SPX within 1.5% of the high, over 100 Bollinger Band signals, and over two-thirds of them oversold), there have been 20 previous signals. To avoid bunches of signals, I only considered the first signal over a 20-day period. The table below summarizes the SPX returns after these signals. The second table below shows typical index returns for comparison.
#signals #band
What caught my eye was that at the close on Monday, the S&P 500 Index (SPX) was within 1.5% of its all-time high, but many stocks had Bollinger Band signals, and a large majority of them were to the downside. I wondered if this was common and if it could tell us anything about what to expect from the market going forward.
Also, one of the largest and most popular stocks, Apple (AAPL), was one of just a handful of stocks that recently signaled above its top Bollinger Band. In the article below, I dig into AAPL's historical signals to see how the stock tends to perform based on the indicator.
On Monday, the SPX was still within 1.5% of its all-time high (it fell below that today). Over the previous 10 days, there were over 100 Bollinger Band signals, and over two-thirds of those signals were stocks closing below their lower Bollinger Bands, as opposed to closing above the top bands.
Going back to 2016 and using the criteria above (SPX within 1.5% of the high, over 100 Bollinger Band signals, and over two-thirds of them oversold), there have been 20 previous signals. To avoid bunches of signals, I only considered the first signal over a 20-day period. The table below summarizes the SPX returns after these signals. The second table below shows typical index returns for comparison.
#signals #band
17 days ago
Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure.
Why we like it: The Chase Sapphire Preferred is one of the best cards for travelers because it earns Chase Ultimate Rewards points. These can be used for various redemptions, including flights or transfers to a Chase transfer partner. The Sapphire Preferred provides up to a 50% bonus on eligible travel redemptions made through Chase Travel℠.
Read our full Chase Sapphire Preferred review
Why we like it: The Southwest Rapid Rewards Plus makes sense if you want to earn Southwest points on everyday purchases and enjoy a few additional benefits when flying Southwest. That includes 3,000 anniversary points and a 10,000 Companion Pass qualifying points boost.
Read our full Southwest Rapid Rewards Plus review
#points #plus
Why we like it: The Chase Sapphire Preferred is one of the best cards for travelers because it earns Chase Ultimate Rewards points. These can be used for various redemptions, including flights or transfers to a Chase transfer partner. The Sapphire Preferred provides up to a 50% bonus on eligible travel redemptions made through Chase Travel℠.
Read our full Chase Sapphire Preferred review
Why we like it: The Southwest Rapid Rewards Plus makes sense if you want to earn Southwest points on everyday purchases and enjoy a few additional benefits when flying Southwest. That includes 3,000 anniversary points and a 10,000 Companion Pass qualifying points boost.
Read our full Southwest Rapid Rewards Plus review
#points #plus
23 days ago
Asset manager Grayscale Investments has launched the first exchange-traded fund (ETF) that tracks the spot price of cryptocurrency Zcash (CRYPTO: $ZEC).
Zcash is a decentralized, privacy-focused cryptocurrency that was launched in 2016 and derived from Bitcoin's (CRYPTO: $BTC) original codebase.
Grayscale has launched the Zcash ETF under the ticker symbol "ZCSH" on the NYSE Arca exchange.
More From Cryptoprowl:
Canadian Defense Tech Firm Jumps 92% as Government Revenue Boosts Margins
#Crypto #exchange #Investments
Zcash is a decentralized, privacy-focused cryptocurrency that was launched in 2016 and derived from Bitcoin's (CRYPTO: $BTC) original codebase.
Grayscale has launched the Zcash ETF under the ticker symbol "ZCSH" on the NYSE Arca exchange.
More From Cryptoprowl:
Canadian Defense Tech Firm Jumps 92% as Government Revenue Boosts Margins
#Crypto #exchange #Investments
24 days ago
Image source: The Motley Fool.
Thursday, Aug. 20, 2026 at 8:30 a.m. ET
Chairwoman and Chief Executive Officer-Angeliki Frangou
Chief Operating Officer-Stratos Desypris
Chief Financial Officer-Erifili Tsironi
#chairwoman #angeliki
Thursday, Aug. 20, 2026 at 8:30 a.m. ET
Chairwoman and Chief Executive Officer-Angeliki Frangou
Chief Operating Officer-Stratos Desypris
Chief Financial Officer-Erifili Tsironi
#chairwoman #angeliki
25 days ago
Premium healthcare stocks often trade at elevated valuations for very different reasons. Thermo Fisher's (NYSE:TMO) investment case increasingly depends on whether the life sciences industry is emerging from its post-pandemic slowdown, while Intuitive Surgical (NASDAQ:ISRG) continues to hold a dominant position in robotic surgery through factors such as its highly recurring revenue model. Both companies delivered encouraging quarters, but the market is asking different questions of each.
The key issue for investors in this scenario is which premium valuation is better supported by long-term fundamentals.
Thermo Fisher's (NYSE:TMO) investment case increasingly depends on whether life sciences spending is finally emerging from its post-pandemic slowdown. Thermo Fisher Scientific Inc.'s (NYSE:TMO) quarter suggests that the recovery in life sciences spending is becoming increasingly broad-based. Management highlighted improving customer activity across pharmaceutical and biotechnology markets, while multiple operating segments returned to healthy growth. That broadening recovery is particularly important because earlier signs of improvement had been concentrated in bioprocessing, and stronger demand across multiple businesses suggests the recovery is becoming more durable.
Thermo Fisher Scientific Inc.'s (NYSE:TMO) Life Sciences Solutions segment reinforced the recovery narrative. Reported revenue climbed 13% year over year, while organic revenue rose 3%, led by continued strength in the high-margin bioproduction business. Healthy demand in this segment suggests pharmaceutical and biotechnology customers continue investing in biologic drug manufacturing, supporting management's view that end-market conditions are improving.
Perhaps the biggest positive from the quarter was the recovery in **** ytical Instruments, a business that had faced weak demand for nearly two years as biotechnology funding slowed. Its return to growth provides another indication that laboratory spending is beginning to normalize.
#suggests
The key issue for investors in this scenario is which premium valuation is better supported by long-term fundamentals.
Thermo Fisher's (NYSE:TMO) investment case increasingly depends on whether life sciences spending is finally emerging from its post-pandemic slowdown. Thermo Fisher Scientific Inc.'s (NYSE:TMO) quarter suggests that the recovery in life sciences spending is becoming increasingly broad-based. Management highlighted improving customer activity across pharmaceutical and biotechnology markets, while multiple operating segments returned to healthy growth. That broadening recovery is particularly important because earlier signs of improvement had been concentrated in bioprocessing, and stronger demand across multiple businesses suggests the recovery is becoming more durable.
Thermo Fisher Scientific Inc.'s (NYSE:TMO) Life Sciences Solutions segment reinforced the recovery narrative. Reported revenue climbed 13% year over year, while organic revenue rose 3%, led by continued strength in the high-margin bioproduction business. Healthy demand in this segment suggests pharmaceutical and biotechnology customers continue investing in biologic drug manufacturing, supporting management's view that end-market conditions are improving.
Perhaps the biggest positive from the quarter was the recovery in **** ytical Instruments, a business that had faced weak demand for nearly two years as biotechnology funding slowed. Its return to growth provides another indication that laboratory spending is beginning to normalize.
#suggests
29 days ago
The U.S. Treasury said on Aug. 19 that it will double the amount of longer-term government bonds it buys back, from $2 billion to at least $4 billion per operation starting Sept. 9.
The move can help stabilize the bond market, push yields lower and ease some borrowing costs across the economy, including rates tied to mortgages and other loans.
Related: Mysterious trader buys millions ahead of Trump's 2:30 PM meeting
The key point is that this is not new stimulus or debt cancellation. It is a market-support measure designed to improve liquidity and reduce stress in longer-dated Treasurys.
Long-dated Treasurys are U.S. government bonds that mature 10-30 years from now. The Treasury said it is increasing buybacks to provide "greater liquidity support" in that part of the market, with the move coming a day after a sharp bond selloff pushed the 30-year yield to its highest level since 2007.
#buys #billion
The move can help stabilize the bond market, push yields lower and ease some borrowing costs across the economy, including rates tied to mortgages and other loans.
Related: Mysterious trader buys millions ahead of Trump's 2:30 PM meeting
The key point is that this is not new stimulus or debt cancellation. It is a market-support measure designed to improve liquidity and reduce stress in longer-dated Treasurys.
Long-dated Treasurys are U.S. government bonds that mature 10-30 years from now. The Treasury said it is increasing buybacks to provide "greater liquidity support" in that part of the market, with the move coming a day after a sharp bond selloff pushed the 30-year yield to its highest level since 2007.
#buys #billion
1 month ago
Reddit Inc. (NYSE:RDDT) saw its share price climb by 12.63 percent on Friday to close at $178.09 apiece following announcements that it would join the S&P 500 beginning next week.
In an updated report on Thursday, the S&P Dow Jones Indices said that Reddit Inc. (NYSE:RDDT) is set to become a member of the index beginning Tuesday, August 18, replacing AvalonBay Communities, which is set to be acquired by Equity Residential—also an S&P 500 constituent.
"We're proud to be added to the S&P 500, recognizing the growth, momentum, and consistency we've established as a public company," Chief Finance Officer Drew Vollero said.
Photo by Brett Jordan on Pexels
"Reddit's raw materials are special, and there is so much potential to continue building great products and scaling profitably. Our focus remains on executing against the many opportunities ahead," he noted.
#reddit #beginning
In an updated report on Thursday, the S&P Dow Jones Indices said that Reddit Inc. (NYSE:RDDT) is set to become a member of the index beginning Tuesday, August 18, replacing AvalonBay Communities, which is set to be acquired by Equity Residential—also an S&P 500 constituent.
"We're proud to be added to the S&P 500, recognizing the growth, momentum, and consistency we've established as a public company," Chief Finance Officer Drew Vollero said.
Photo by Brett Jordan on Pexels
"Reddit's raw materials are special, and there is so much potential to continue building great products and scaling profitably. Our focus remains on executing against the many opportunities ahead," he noted.
#reddit #beginning
1 month ago
The Wendy's Company (WEN) investors have a potentially significant catalyst on the horizon as activist investor Nelson Peltz's Trian Fund Management reportedly prepares a bid to take the fast-food chain private. According to reports, Trian is working with potential partners including BlueFive Capital and Wendy's franchisee Flynn Group, with a formal offer potentially coming within weeks.
The speculation has already jolted WEN stock, which jumped 14.7% on Aug. 12 after the reports emerged. The potential deal comes as Wendy's struggles with declining customer traffic, weaker U.S. sales and rising operating pressures, while its new management team works on a turnaround strategy. Trian, Wendy's largest shareholder, owning about 16% of Wendy's, has previously argued that the company is undervalued and began exploring strategic options earlier this year.
Analysts Keep Hiking Micron's Revenue and Price Forecasts - Shorting MU Puts Works Here
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#trian
The speculation has already jolted WEN stock, which jumped 14.7% on Aug. 12 after the reports emerged. The potential deal comes as Wendy's struggles with declining customer traffic, weaker U.S. sales and rising operating pressures, while its new management team works on a turnaround strategy. Trian, Wendy's largest shareholder, owning about 16% of Wendy's, has previously argued that the company is undervalued and began exploring strategic options earlier this year.
Analysts Keep Hiking Micron's Revenue and Price Forecasts - Shorting MU Puts Works Here
GOOGL Stock Alert: Google Unleashes Its Biggest Weapon Against Apple
Applied Materials Stock Is Down on Earnings. Here's What Barchart Options Data Says Could Come Next for AMAT.
#trian
1 month ago
Our ******* ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
Management attributes the 200 basis point sequential physical occupancy increase to deliberate market share gains and the ramping of record new business wins from the prior year.
The company is successfully winning business from smaller, capital-constrained competitors who are struggling operationally or exiting the industry as new project starts slow.
Strategic focus has shifted toward underpenetrated sectors, including retail footprints in Europe and convenience store capabilities in Asia Pacific, to diversify beyond traditional storage.
Pricing discipline remains a priority, with management choosing to lead with service excellence rather than participating in the price-cutting trends seen among smaller industry participants.
#management #tell #strategic #pacific
Management attributes the 200 basis point sequential physical occupancy increase to deliberate market share gains and the ramping of record new business wins from the prior year.
The company is successfully winning business from smaller, capital-constrained competitors who are struggling operationally or exiting the industry as new project starts slow.
Strategic focus has shifted toward underpenetrated sectors, including retail footprints in Europe and convenience store capabilities in Asia Pacific, to diversify beyond traditional storage.
Pricing discipline remains a priority, with management choosing to lead with service excellence rather than participating in the price-cutting trends seen among smaller industry participants.
#management #tell #strategic #pacific
1 month ago
Danaher Corporation (NYSE:DHR) delivered second-quarter results on July 21, marked by core growth improving compared to the previous quarter, along with disciplined execution that drove high-single-digit adjusted EPS growth. Despite beating earnings estimates, raising its adjusted EPS guidance, and reporting improving trends in its Life Sciences business, investors remain unconvinced following weaker-than-expected bioprocessing revenue and a reduction in its full-year core revenue growth outlook.
The mixed results raise an important question for investors: Is Danaher Corporation's (NYSE:DHR) recent weakness creating a buying opportunity, or are growth concerns beginning to outweigh its long-term strengths?
One of the biggest positives from the quarter was Danaher Corporation's (NYSE:DHR) Life Sciences business, which delivered its strongest performance in several years. Although bioprocessing revenue was affected by customer project timings, the underlying order trends remained strong, with bioprocessing orders growing mid-teens in the quarter. This shows that the underlying demand for bioprocessing remained strong, which includes consumables and equipment necessary to make biologic drugs.
Danaher Corporation (NYSE:DHR) stated that a little over $100 million of revenue has shifted into next year, primarily from the second and third quarters. This distinction matters because it suggests that customer demand has been delayed rather than cancelled, potentially supporting future revenue growth. While the academic and government markets have largely stabilized, more supportive government policies would be essential to safely call it an inflection point.
Key fiscal Q2 2026 results included a 5.5% year-over-year growth in revenue to $6.3 billion, as well as a 60% year-over-year rise in net earnings to $870 million, or $1.23 per diluted common share. The company also reported that non-GAAP core revenue increased 3.0% year-over-year and non-GAAP core revenue, excluding respiratory testing revenue, increased 4.5% year-over-year, suggesting improving trends in the company's operations. According to data compiled by LSEG, Danaher Corporation (NYSE:DHR) profits for the quarter reached $1.94 per share, above estimates of $1.83 per share.
#results
The mixed results raise an important question for investors: Is Danaher Corporation's (NYSE:DHR) recent weakness creating a buying opportunity, or are growth concerns beginning to outweigh its long-term strengths?
One of the biggest positives from the quarter was Danaher Corporation's (NYSE:DHR) Life Sciences business, which delivered its strongest performance in several years. Although bioprocessing revenue was affected by customer project timings, the underlying order trends remained strong, with bioprocessing orders growing mid-teens in the quarter. This shows that the underlying demand for bioprocessing remained strong, which includes consumables and equipment necessary to make biologic drugs.
Danaher Corporation (NYSE:DHR) stated that a little over $100 million of revenue has shifted into next year, primarily from the second and third quarters. This distinction matters because it suggests that customer demand has been delayed rather than cancelled, potentially supporting future revenue growth. While the academic and government markets have largely stabilized, more supportive government policies would be essential to safely call it an inflection point.
Key fiscal Q2 2026 results included a 5.5% year-over-year growth in revenue to $6.3 billion, as well as a 60% year-over-year rise in net earnings to $870 million, or $1.23 per diluted common share. The company also reported that non-GAAP core revenue increased 3.0% year-over-year and non-GAAP core revenue, excluding respiratory testing revenue, increased 4.5% year-over-year, suggesting improving trends in the company's operations. According to data compiled by LSEG, Danaher Corporation (NYSE:DHR) profits for the quarter reached $1.94 per share, above estimates of $1.83 per share.
#results
2 months ago
By Kenrick Cai
SAN FRANCISCO, Aug 1 (Reuters) - Capital One Financial hit back on Friday against a lawsuit over its decision to close the Trump Organization's bank accounts years ago, stating that it did so after a review by anti-money laundering experts.
The disclosure marks the first time a bank has formally tied money laundering concerns to U.S. President Donald Trump's family business. Capital One is seeking to dismiss the case by casting doubt on claims of illegally debanking — or denying services on religious or political grounds — the Trump Organization.
The Trump Organization and Capital One did not immediately respond to requests for comment.
Capital One has never accused the Trump Organization of illegal money laundering. But Friday's filing argues that "documents and Plaintiffs' own allegations make clear that Capital One closed Plaintiffs' accounts for anti-money laundering ("AML") reasons. The closures were the result of months of analysis and a careful review by Capital One's AML team in accordance with bank policies and regulatory guidance."
#accounts
SAN FRANCISCO, Aug 1 (Reuters) - Capital One Financial hit back on Friday against a lawsuit over its decision to close the Trump Organization's bank accounts years ago, stating that it did so after a review by anti-money laundering experts.
The disclosure marks the first time a bank has formally tied money laundering concerns to U.S. President Donald Trump's family business. Capital One is seeking to dismiss the case by casting doubt on claims of illegally debanking — or denying services on religious or political grounds — the Trump Organization.
The Trump Organization and Capital One did not immediately respond to requests for comment.
Capital One has never accused the Trump Organization of illegal money laundering. But Friday's filing argues that "documents and Plaintiffs' own allegations make clear that Capital One closed Plaintiffs' accounts for anti-money laundering ("AML") reasons. The closures were the result of months of analysis and a careful review by Capital One's AML team in accordance with bank policies and regulatory guidance."
#accounts
