With the new earnings season fast approaching, this is a quick follow-up to help us navigate the week's events. Delta Airlines, PepsiCo, and Conagra Foods will get us started as the first companies to report before the bell this Thursday. Yesterday, we spoke about how inflation might give a boost to nominal results. But, keep […]WFC
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Here's What to Expect as Another Pivotal Earnings Season Begins
With the new earnings season fast approaching, this is a quick follow-up to help us navigate the week's events. Delta Airlines, PepsiCo, and Conagra Foods will get us started as the first companies to report before the bell this Thursday. Yesterday, we spoke about how inflation might give a boost to nominal results. But, keep […]Earnings Season Starts This Week - Here's What to Expect
Postcards from the florida republic:An independent and profitable state of mind. Greetings from my daughter’s ballet class, where, as I’m writing to you, seven five-year-old girls are practicing tap dance. So… that's the world’s most annoying sound… If I can analyze the markets while this is happening, I can do anything. The S&P 500 and […]How the Dow Jones Industrial Average Did Today
The Dow Jones Industrial Average rallied late on Friday after a surge by tech stocks overshadowed growing banking concerns in Portugal.
Here's the scorecard from today's trading session:
Wells Fargo (NYSE: WFC) Starts Big Banks Earnings Season with a Profit Rise and Revenue Drop
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.
Wells Fargo & Co (NYSE: WFC) Stock Falls Ahead of Earnings
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.
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Stock Market Today Boosted by Better-than-Expected Bank Earnings
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.
Wells Fargo Stock Gets Lift From Earnings
Wells Fargo stock (NYSE: WFC) rose in early trading behind a strong earnings report.
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.
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.
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