Wells Fargo's stock falls ahead of earnings report; bank has long history of disappointing...

Discussion in 'Market News' started by sniper-academy, Jul 13, 2018.


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  1. sniper-academy

    sniper-academy Administrator Staff Member

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    Shares of Well Fargo & Co. slipped 0.4% in afternoon trade Thursday, a day before the bank helps kick off earnings-reporting season by revealing second-quarter results. Investors may have a reason to be a little cautious ahead of the bank's results, given the stock has declined on the day that the past five earnings reports were released, by an average of 2.3%, according to FactSet data. It has dropped on the day of 14 of the past 16 earnings reports, by an average of 1.7%, while the two times the stock gained was by an average of 1.2%. Wells Fargo's stock has lost 7.9% year to date, while the SPDR Financial Select Sector has slipped 2.9% and the S&P 500 has gained 4.6%. Meanwhile, shares of the two other large-capitalization banks reporting results before Friday's open gained ground, with J.P. Morgan Chase & Co.'s rising 0.2% and Citigroup Inc.'s climbing 0.7%.

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