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Why Investors Are Buzzing About Tesla, Wal-Mart, Wells Fargo and More on Wednesday

In the age of Tesla’s autopilot and Uber’s self-driving cars, Wal-Mart Stores, Inc. (NYSE:WMT) is joining the autonomous revolution with potential plans for an autonomous cart. According to CNN, the retailer was recently awarded a patent from the U.S. government for carts that have sensors, video cameras, and motors that might enable it to be autonomous. Experts speculate that Wal-Mart might eventually use the autonomous carts to better manage inventory and to help return abandoned carts back to the store (and save on labor costs). 58 funds in our system had a long position in Wal-Mart Stores, Inc. (NYSE:WMT) at the end of June, up by four funds from the end of March.

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In relation to the recent revelation that some of its former employees had purportedly created over 2 million fake customer accounts to juice numbers, Wells Fargo & Co (NYSE:WFC) is back in the spotlight after its CEO, John Stumpf, placed the blame more on the employees who committed those shady acts rather than the company’s culture or systems. Wells Fargo has since fired over 5,300 employees associated with those practices. Stumpf said:

“I wish it would be zero but if they’re not going to do the thing that we ask them to do—put customers first, honor our vision and values—I don’t want them here. I really don’t.”

Stumpf also added that the bank as a whole did not have incentive to do those things. While he accepted responsibly for the crisis, he also stated that he will not resign. To prevent future occurrences and to hopefully quell the rising political controversy over the issue, Wells Fargo has curbed some cross-selling practices and will eliminate product sales targets in its retail banking segment beginning next year. 88 funds tracked by Insider Monkey were long Wells Fargo & Co (NYSE:WFC) at the end of June.

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Disclosure: None

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