Why Wells Fargo Stock Is Falling Today
Banking giant Wells Fargo (NYSE: WFC) reported earnings results today, surpassing quarterly expectations, but its full-year guidance underwhelmed. Investors are viewing the glass as half-empty, sending Wells Fargo shares down 7% as of 11 a.m. ET.
Wells Fargo has done a good job rebounding after a difficult period, but the higher-for-longer interest rate cycle has weighed heavily on banks this year. Wells Fargo reported second-quarter revenue of $20.7 billion, topping the $20.2 billion estimate but falling from $20.9 billion in the previous quarter.
The bank delivered earnings of $1.33 per share, topping the $1.28-per-share consensus estimate.
Source Fool.com
