News Formal

We are upgrading our rating on Wells Fargo as investors dump stock post-earnings

  • 📰 CNBC
  • ⏱ Reading Time:
  • 13 sec. here
  • 10 min. at publisher
  • 📊 Quality Score:
  • News: 36%
  • Publisher: 72%

Wells Fargo & Co News

Bank Of America Corp,Citigroup Inc,Breaking News: Markets

We don't like to see guidance misses, but bank interest income estimates depend on interest rates, which Wells Fargo has no real control over.

Shares of Wells Fargo took a hit on Friday after the bank reported a beat on earnings but delivered softer guidance due to the uncertain economy and interest-rate environment. We see the drop as a chance to buy more shares. Total revenue for the three months ended June 30 ticked up less than 1% over last year, to $20.69 billion, exceeding analysts' expectations of $20.29 billion, according to LSEG. Adjusted earnings of $1.

Compounding the sub-optimal update on net interest income, non-interest expense guidance was increased to roughly $54 billion, up from the approximately $52.6 billion previously forecast. That's also above the $53.11 billion expected.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in UK
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks making the biggest premarket moves: Wells Fargo, JPMorgan, Tesla, Carvana and moreThese are the stocks posting the largest moves in the premarket.
Source: CNBC - 🏆 12. / 72 Read more »