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$WFC's expenses rose $402MM sequentially, hurt by $243MM of higher operating losses, reflecting higher litigation accruals. $WFC expects operating losses to continue to increase going forward related to outstanding legal matters like sales practice issues. Efficiency ratio for 3Q16 was 59.4% and this ratio is expected to remain at higher levels.
$WBA is yet to receive US anti-trust clearance for its Rite Aid acquisition. The deadline for the deal expires on January 27.
$BMY plunge 7.2%. No credits to the non-acceleration of approval for lung cancer combination treatment.