Why Shares of Wells Fargo Are Rising Today
Shares of Wells Fargo (NYSE: WFC) traded nearly 4% higher as of 11:19 a.m. ET today after the company reported better-than-expected earnings results for the third quarter of the year.
Wells Fargo reported diluted earnings per share of $0.85 in the third quarter on total revenue of $19.5 billion.
While revenue beat analyst estimates for the quarter, earnings came up short because the figure included a roughly $2 billion charge, or $0.45 earnings impact, due to litigation, customer remediation, and regulatory issues for historical matters such as the phony-accounts scandal. While these charges are likely to be ongoing, they are noncore in nature.
Source Fool.com