The Dow Jones Industrial Average rallied late on Friday after a surge by tech stocks overshadowed growing banking concerns in Portugal.
- How the Dow Jones Industrial Average Did Today
- Wells Fargo (NYSE: WFC) Starts Big Banks Earnings Season with a Profit Rise and Revenue Drop
- Wells Fargo & Co (NYSE: WFC) Stock Falls Ahead of Earnings
- Stock Market Today Boosted by Better-than-Expected Bank Earnings
- Wells Fargo Stock Gets Lift From Earnings
Wells Fargo & Co. (NYSE: WFC) kicked off second-quarter bank earnings season Friday morning. While the bank didn't deliver any surprises, its numbers failed to impress.
Shares of the largest U.S. bank by market cap, up 28.5% since October, fell nearly 2% to $50.82 on brisk volume following the uninspiring report.
While analysts have trimmed estimates on a number of banks in the last several weeks, expectations for WFC held steady. Here’s the full story on Wells Fargo Q2 earnings, and what it means for WFC stock…
Well Fargo & Co. (NYSE: WFC) stock fell 0.83% Monday, the last trading session before Q4 earnings are released Tuesday before the bell.
We get a fresh read on health of the housing and mortgage markets when Wells Fargo Q4 earnings come out.
Analysts are expecting the San Francisco-based lender to book its 16th consecutive quarter of profit growth. Earnings are projected to have risen 8% year over year.
U.S. equities marched higher - by a smidge - in the stock market today, one day after benchmarks logged fresh records.
The Dow Jones Industrial Average finished at 15,464.07, up 3.15 points, or 0.02%. The Standard & Poor's 500 Index ended at 1,680.19, up 5.17 points, and the Nasdaq closed at 3,600.08, up 21.78 points.
The company reported earnings of $4.6 billion or $0.82 per share. This slightly beat analysts' expectations for earnings of $0.81 per share.
Wells Fargo posted a 17% rise in its profits from $0.70 a year ago, marking the fourth consecutive quarter in which the company has posted rising profits.
Unfortunately for Wells, the earnings report comes at a bad time.
A discriminatory lending scandal was reported yesterday and that is keeping Wells Fargo stock from experiencing better gains than rival JPMorgan Chase (NYSE: JPM) today. The scandal involved Wells discriminating against African-American and Hispanic families who were forced into costlier subprime loans than comparable white families.
"If you were African-American or Latino, you were more likely to be placed in a subprime loan or pay more for your mortgage loan, even though you were qualified and deserved better treatment," Assistant Attorney General Thomas Perez said in prepared remarks Thursday.
Wells Fargo denied the matter and will settle the issue to avoid contested litigation. The San Francisco-based company will pay a total of $175 million: $125 million in compensation to victims of discrimination and $50 million in down-payment assistance to borrowers in affected communities.