Financials Moving Lower on Wells Fargo (WFC), Morgan Stanley (MS) Q1 Earnings

Financial stocks are moving lower this morning on Q1 earnings out from both Wells Fargo (NYSE: WFC) and Morgan Stanley (NYSE: MS).

Wells Fargo reported quarterly EPS of $0.59, excluding the impact of a charge, about 18 cents better than the Street had been expecting. The bank also beat the Street on sales, reporting $21 billion compared to the consensus of $19.37 billion.

As for Morgan Stanley: the bank reported a Q1 loss of $0.57, wider than the $0.08 loss analysts had been looking for. Also, quarterly revenue came in at $3 billion, a 62% drop from the same quarter last year. Morgan Stanley also said it will cut its quarterly dividend from $0.27 to $0.05 per common share. Based on yesterday's closing price, the dividend yield falls from 4.38% to 0.81%. MS said it would retain about $1 billion annually due to the dividend cut.

Shares of Morgan Stanley appear to be leading the group lower in the pre-market session. The stock most recently traded at $23.17, down about 6% from yesterday's close. Meanwhile, shares of Wells Fargo are down about 3.5% to $18.12.

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