Markets
WFC

Financial Stocks Advancing After JPMorgan Beats Q4 EPS Consensus View; Wells Fargo Slips Despite Earnings Beat

A generic image of a pen and on top of a chart.
Credit: Shutterstock photo

Top Financial Stocks

JPM +0.06%

BAC +1.58%

WFC +0.11%

C +0.30%

USB -0.01%

Financial stocks are higher, with the NYSE Financial Sector Index advancing 0.6% and the S&P Financial 100 Index gaining about 0.6%.

In company news, Wells Fargo ( WFC ) shares were lower in afternoon trade, giving back a mid-day gain after earlier reporting Q4 earnings of $1.00 per share, up 10% from year ago levels and topping the Capital IQ consensus by $0.02 per share.

Revenue declined 5.4% from the same quarter last year to $20.7 billion, still edging out Wall Street expectations for the banking and financial services company by $100 million.

Shares were down 0.2% at $45.48 apiece in recent trade, retreating again into negative territory after posting small gains throughout much of the afternoon session. Shares were underwater throughout much of the morning, sinking as low as $44.92 each - down 2.2% - before crossing back to positive ground shortly after 12 p.m. ET.

In other sector news,

(+) JPM, (+0.4%) Reports Q4 earnings of $1.30 per share, beating Capital IQ consensus by $0.06. Adjusted EPS was $1.40, up from $1.35 in the year-ago quarter and topping analyst estimates by $0.06 per share.

(-) BCH, (-1.3%) Investment funds currently owning about 32.7% of the Chilean bank's stock file amended prospectus to sell 6.7 mln shares in a secondary offering. BCH will not receive any of the $335 mln in expected gross proceeds.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

WFC

Other Topics

Commodities