Why Wells Fargo Stock Is Higher Today

Shares of Wells Fargo (NYSE: WFC) were up a little over 5% at 1:39 p.m. EDT on Wednesday after the financial services giant topped earnings estimates and said its turnaround is progressing according to plan.

Before markets opened today, the bank reported first-quarter earnings of $1.05 per share on revenue of $18.06 billion, ahead of analyst expectations for $0.70 in EPS on $17.5 billion in sales. The results were aided by a $1.6 billion pre-tax reduction in the bank's allowance for credit losses, a sign that it sees the U.S. economy improving.

Image source: Wells Fargo.

Source Fool.com