Why Wells Fargo Stock Is Down Today
Before their budding recovery effort had a chance of taking hold, shares of Wells Fargo (NYSE: WFC) were upended today. As of 12:30 p.m. ET Tuesday, in fact, this bank's stock is down 5%, seemingly moving back toward the multi-month low made in mid-March.
The culprit? Its first-quarter numbers. Although revenue and profits were both up year over year, several of the bank's other fiscal metrics fell short of expectations.
Mega-bank Wells Fargo turned revenue of more than $21.4 billion into net income of nearly $5.3 billion for the three months ending in March, up from year-earlier comparisons of $20.1 billion and $4.9 billion (respectively). And, per-share earnings improved from $1.39 to $1.60. Net interest income improved from $11.5 billion to $12.1 billion as well.
Source Fool.com
