Wells Fargo shares may still have room to grow despite a downgrade from Morgan Stanley analysts. The bank’s asset cap has been lifted, but analysts see limited upside due to potential interest rate cuts. Despite the downgrade, Wells Fargo remains up more than 20% year-to-date and is pushing for growth in credit cards and fee-based services. Charlie Scharf, CEO of Wells Fargo, is focused on diversifying revenue streams beyond net interest income. Analysts may be underestimating the bank’s potential for growth in investment banking and capital markets. Jim Cramer sees opportunity for new investors to pick up shares of Wells Fargo.

Read more at CNBC

– Apple announced a new feature for its Health app that enables users to securely share their health data with family members, caregivers, and healthcare providers. The update aims to improve communication and coordination of care.

– The U.S. economy added 943,000 jobs in July, exceeding economists’ expectations. The unemployment rate also dropped to 5.4%, signaling a strong recovery from the pandemic-induced downturn.

– Amazon reported record-breaking profits in the second quarter, with a 27% increase in revenue compared to the same period last year. The e-commerce giant’s cloud computing and advertising businesses contributed significantly to its growth.: Why an analyst downgrade of Wells Fargo does not change our conviction in the stock