Summit Wireless Technologies Inc
Change company Symbol lookup
Select an option...
WISA Summit Wireless Technologies Inc
JNJ Johnson & Johnson
VIPS Vipshop Holdings Ltd
CAT Caterpillar Inc
AAPL Apple Inc
ESLT Elbit Systems Ltd
AZO Autozone Inc
DITTF Daito Trust Construction Co Ltd
MYO Myomo Inc
CRVS Corvus Pharmaceuticals Inc
Go

*Nasdaq FSI: *Deficient: Issuer Failed to Meet NASDAQ Continued Listing Requirements

Information Technology : Semiconductors & Semiconductor Equipment |
Company profile

Summit Wireless Technologies Inc., formerly Summit Semiconductor, Inc. is an early-stage company that develops and sells wireless audio integrated circuits for home entertainment and professional audio markets. The Company develops and provides semiconductors and wireless audio modules to consumer electronics companies, which transmits and receives audio directly to speakers. Its technologies focus on providing wireless, interference free and uncompressed high-definition audio signals. Its subsidiaries include Summit Semiconductor, Inc., Summit Semiconductor K.K., and WiSA, LLC.

Postmarket

Last Trade
Delayed
$2.35
-0.06 (-2.49%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$2.41
Day's Change
-0.22 (-8.37%)
Bid close
--
Ask close
--
B/A Size
--
Day's High
2.54
Day's Low
2.29
Volume
(Average)
Volume:
464,301

10-day average volume:
425,464
464,301

UPDATE: Big bounce in Wells Fargo's stock helps financials snap losing streak

7:14 am ET May 15, 2020 (MarketWatch)
Print

By Tomi Kilgore, MarketWatch

Wells Fargo shares hit an 11-year low before turning around, with concerns over dividend cuts on hold

Financial stocks bounced higher Thursday, sparked by a recovery in Wells Fargo & Co.'s stock off an 11-year low, as concerns about potential forced dividend cuts were put on hold despite a gloomy economic outlook.

The SPDR Financial Select Sector exchange-traded fund(XLF) surged 2.6%, with 62 of 66 equity components trading higher, to snap a three-day losing streak in which the ETF had lost 7.3%. The ETF was down as much as 2.8% at its intraday low of $20.09 Thursday which was hit roughly a half-hour after the open.

The intraday rally was highlighted by Wells Fargo shares(WFC) , which ran up 6.8% on volume of 87.6 million shares, which was nearly double the full-day average. The stock had plunged 24.9% during a 10-day stretch in which it fell nine times, to close Wednesday at the lowest price since June 2009. It fell another 2.3% earlier Thursday to an intraday low of $22.02 before reversing course.

The stock, and the rest of the financial sector, have been under pressure this week after Federal Reserve Chairman Jerome Powell gave a somewhat downbeat assessment of the prospects of a post-COVID-19 economic recovery, and as Fed Vice Chairman Randal Quarles (http://www.marketwatch.com/story/fed-stands-behind-us-banking-sector-no-matter-what-the-coronavirus-demands-quarles-says-2020-05-11) was questioned by Congress as to whether banks should be required to cut dividends.

Hovde Group analyst Joseph Fenech said he believed Quarles' testimony (https://www.federalreserve.gov/newsevents/testimony/quarles20200512a.htm?mod=article_inline) this week suggested the prospects of forced dividend cuts "isn't quite so far-fetched" and could have further support than previously presumed.

Also read: There is a growing sense recovery will be slow, Fed's Powell says (http://www.marketwatch.com/story/more-fiscal-spending-may-be-worth-it-as-the-recovery-will-take-time-to-gain-strength-feds-powell-says-2020-05-13).

European banks have cut dividends (https://www.wsj.com/articles/europes-banks-urged-to-cut-dividends-to-shore-up-capital-11585665244) in response to the COVID-19 crisis. While U.S. banks have suspended stock repurchases (http://www.marketwatch.com/story/trade-group-that-represents-jp-morgan-b-of-a-citi-and-others-says-banks-will-suspend-share-buybacks-amid-coronavirus-pandemic-2020-03-15), they have remained committed to paying dividends.

Analyst Vivek Juneja at J.P. Morgan indicated that concerns about a dividend cut has hit Wells Fargo particularly hard, "because it has the highest payout ratio" among the banks he covers.

Based on current stock prices, Wells Fargo's current annual dividend rate of $2.08 a share implies a dividend yield of 8.48%. That compares with the yield for the financial ETF of 2.83% and the implied yield for the S&P 500 index of 2.02%, according to FactSet.

Don't miss: Opinion: Wells Fargo leads list of bank stocks at risk of dividend cuts (http://www.marketwatch.com/story/wells-fargo-leads-list-of-bank-stocks-at-risk-for-dividend-cuts-2020-05-14).

Separately, Juneja threw cold water on speculation that a merger between Wells Fargo and Goldman Sachs Group Inc.(GS) may be in the works:

"In our view, this speculation is unfounded because: 1) any bank acquisition by Wells Fargo is banned by law as Wells already exceeds the 10% deposit market share limit; and 2) this deal would be blocked by Wells Fargo's asset cap, which is already constraining growth."

Goldman's stock rallied 1.5%, erasing an earlier loss of as much as 3.8%.

Among other more actively traded banks, shares of Bank of America Corp.(BAC) hiked up 4.0% after being down 3.7% at its low; Citigroup Inc.(C) reversed an earlier loss of 4.5% to trade up 3.6%; and J.P. Morgan Chase & Co.(JPM) rallied 4.2%, after being down 1.9% at the intraday low.

Elsewhere, shares of Regions Financial Corp.(RF) ran up 4.7%, KeyCorp(KEY) gained 2.7%, Morgan Stanley(MS) tacked on 2.2%, American Express Co.(AXP) surged 7.4% and Warren Buffett's Berkshire Hathaway Inc.(BRKA) edged up 0.2%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

May 15, 2020 07:14 ET (11:14 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

Earnings Calendar and Events Data provided by |Terms of Use| © 2020 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., , and

Copyright © 2020. All rights reserved.