On Thursday, Shares of Wells Fargo & Co (NYSE:WFC), gained 0.33% to $58.15.
Wells Fargo Bank declared that it will withdraw from mortgage marketing services and desk rental agreements with real estate firms, builders and certain other referral sources. The decision was made as a result of increasing uncertainty surrounding regulatory oversight of these types of arrangements and as part of Wells Fargo’s ongoing efforts to simplify the process that customers experience as they weigh all of their choices when shopping for a mortgage.
“Real estate firms and builders always have been—and will continue to be—very important to Wells Fargo’s retail mortgage operations, and we are exploring a number of new options for enhancing and strengthening those relationships over the long term,” said Franklin Codel, executive vice president for mortgage production at the company. “Because we value our strong relationships with real estate professionals and builders, the decision to exit these marketing services agreements was difficult, but we are taking this action to ensure that we continue to conduct our business in a way that represents the best interests of all of our customers and clients. We believe the best way to earn the relationship with real estate firms and builders is through timely, dependable service delivered by the best team in the business.”
Wells Fargo & Company provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. Its Community Banking segment offers checking, savings, market rate, individual retirement, and health savings accounts, in addition to time deposits and remittances; and lines of credit, auto floor plan lines, equity lines and loans, equipment and transportation loans, education and residential mortgage loans, and debit and credit cards.
Shares of Vonage Holdings Corp. (NYSE:VG), inclined 20.50% to $6.23, during its last trading session.
Vonage Holdings Corp., declared results for the second quarter ended June 30, 2015.
Second Quarter Merged Financial Results
“We continue to drive market-leading growth at Vonage Business, while increasing profitability in Consumer Services,” said Alan Masarek, Chief Executive Officer of Vonage. “At Vonage Business, we delivered 118% revenue growth fueled by the successful execution of our acquisition strategy coupled with strong organic growth. We also made noteworthy investments in our sales infrastructure, brand and leadership team to enhance our position in the rapidly growing Unified Communications-as-a-Service (UCaaS) market.”
Vonage Holdings Corp. provides unified communications as a service solutions connecting people through cloud-connected devices worldwide. The company offers home telephone replacement services to residential customers through various service plans with basic features, such as voicemail, call waiting, call forwarding, simulring, visual voicemail, and extensions, in addition to area code selection, virtual phone number, and Web-enabled voicemail.
Finally, Platform Specialty Products Corp (NYSE:PAH), remained flat at $23.11.
OM Group declared that both proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis & Co., LLC have recommended that their clients vote FOR adoption of the merger agreement dated May 31, 2015 among the Company and funds managed by associates of Apollo Global Administration, LLC (APO) and a wholly-owned partner of Platform Specialty Products (PAH) at the Special Meeting of Stockholders on August 10, 2015.
The Merger Agreement provides OM Group stockholders with a cash price of $34.00 per share, representing an about 28% premium above OM Group’s closing share price on May 29, 2015, the last trading day preceding to the declaration of the merger.
Platform Specialty Products Corporation produces and sells specialty chemical products in the Americas, Asia, and Europe. The company’s Performance Materials segment manufactures and markets plating products that are used to plate holes; final finishes, which are used on printed circuit boards; circuit formation products to promote adhesion and form circuit patterns; oxides that are used in the fabrication of multilayer circuit boards; and pre-treatment and cleaning solutions.
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