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Why Shares of Wells Fargo Are Rising Today

TheMotleyFool

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Why Shares of Wells Fargo Are Rising Today: https://g.foolcdn.com/editorial/images/704838/generic-upward-13.jpg

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

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