Wells Fargo CFO Flags Sharp Trading Slowdown in Final Weeks of September
WFC is trading near its 52-week low of $72.775 (12% above the low).
Summary
Wells Fargo's CFO said client trading activity slowed sharply in the final weeks of September, dragging Q3 results. Trading gains fell 21% year over year, with markets revenue down 1% to $1.835 billion. FICC revenue dropped 7%, while equities jumped 21%. The bank beat EPS estimates ($1.87 vs $1.85) but missed revenue ($21.87B vs $22.317B). Shares fell 2.51% premarket. This follows the Q3 earnings release earlier today and adds management's explanation for the revenue miss. The bank reaffirmed full-year NII guidance of about $50 billion and Q4 NII of about $13 billion.
At the time of this announcement, WFC was trading at $81.45 on NYSE in the Finance sector, with a market capitalization of approximately $246.3B. The 52-week trading range was $72.78 to $97.76. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.