Odeon Capital Upgrades Wells Fargo (WFC) to Buy, says selling at a discount to book value

Wells Fargo (WFC) PT Lowered to $46 at Morgan Stanley

April 17, 2023 9:08 AM EDT

Morgan Stanley analyst Betsy Graseck lowered the price target on Wells Fargo (NYSE: WFC) to $46.00 (from $47.00) while maintaining a Overweight rating.... More

Wells Fargo (WFC) PT Raised to $47 at UBS

April 17, 2023 9:00 AM EDT

UBS analyst Erika Najarian raised the price target on Wells Fargo (NYSE: WFC) to $47.00 (from $46.00) while maintaining a Buy rating.... More

Dow Jones, Nasdaq, S&P 500 weekly preview: Tech takes the earnings stage

April 17, 2023 8:24 AM EDT

Despite analyst warnings that the earnings estimates remain too optimistic given macro risks, the U.S. indices continue to march higher.

The S&P 500 (SPX) closed 0.8% higher last week on the back of encouraging inflation data, which pointed toward moderating prices. On the other hand, Fridays retail sales report signaled that the consumer is weakening.

We think moderating demand and improvement on supply chain disruptions will foster lower inflation as we progress through the year, said Edward Jones investment strategist Craig Fehr.

The Dow Jones Industrial Average (DJI) rallied 1.2% to secure the first weekly close above the 100... More

Wells Fargo (WFC) PT Raised to $48 at Raymond James

April 17, 2023 7:11 AM EDT

Raymond James analyst David Long raised the price target on Wells Fargo (NYSE: WFC) to $48.00 (from $47.00) while maintaining a Strong Buy rating.... More

Wells Fargo (WFC) PT Lowered to $50 at Citi

April 17, 2023 3:35 AM EDT

Citi analyst Keith Horowitz lowered the price target on Wells Fargo (NYSE: WFC) to $50.00 (from $52.00) while maintaining a Buy rating.... More

S&P 500 slumps as Fed rate hike fears overshadow earnings-led rally in banks

April 14, 2023 2:45 PM EDT

By Yasin Ebrahim

Investing.com -- The S&P 500 slumped Friday, as a rally in bank stocks on strong quarterly earnings was offset by fresh fears of Federal Reserve rate hikes just as data flagged signs of a weaker consumer.

The S&P 500 fell 0.7%, the Dow Jones Industrial Average added 0.8%, or 261 points, and the Nasdaq fell 0.9%.

Fed Governor Christopher Waller said further rate hikes were still needed to curb inflation, adding that investors shouldnt expect rates to fall any time soon.

The hawkish remarks from Waller pushed the United States 2-Year... More

JPMorgan, Wells Fargo and BlackRock rise premarket; Boeing, Lucid fall

April 14, 2023 8:14 AM EDT

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Friday, April 14th. Please refresh for updates.

JPMorgan (NYSE: JPM) stock rose 5.9% after the banking giant reported a 52% jump in first-quarter profit with record revenues, helped by strong results in its consumer business in a period that saw two of the biggest... More

Wells Fargo (WFC) pops on Q1 EPS, NII beat

April 14, 2023 8:03 AM EDT

Wells Fargo (NYSE: WFC) shares are trading higher in pre-open Friday after the bank posted stronger-than-expected numbers for the first quarter.

WFC reported revenue of $20.73B to top the $20.12B expected, while Q1 EPS of $1.23 also came ahead of the expected $1.12. The... More

Dow futures fall 55 pts; big bank results, retail sales in focus

April 14, 2023 7:04 AM EDT

By Peter Nurse    

Investing.com -- U.S. stocks are seen opening marginally lower Friday, consolidating after the previous sessions gains as investors await earnings from a number of major banks, marking the start of the new results season. 

At 06:30 ET (10:30 GMT), the Dow Futures contract was down 55 points, or 0.2%, S&P 500 Futures traded 6 points, or 0.2%, lower and Nasdaq 100 Futures dropped 45 points, or 0.4%.

The main indices closed firmly higher Wednesday, boosted by more economic data that pointed to cooling inflation, increasing the chances that the Federal... More

Banks gain the following solid EPS

April 14, 2023 7:02 AM EDT

Banks gain the following solid EPS:

BlackRock (NYSE: BLK) +2% (beat)JPMorgan (NYSE: JPM) +4.5% (beat)PNC Financial Services (NYSE: PNC) +3% (beat)Wells Fargo (NYSE: WFC) +1.1% (beat)Bank of America (NYSE: BAC) +2.2% (reporting 4/18)Citigroup (NYSE: C) +1.7% (reporting soon)
... More

Wells Fargo profit exceeds estimates as rising rates bolster income

April 14, 2023 6:49 AM EDT

By Noor Zainab Hussain, Manya Saini and Saeed Azhar

(Reuters) -Wells Fargo & Co's profit surpassed expectations for the first quarter on Friday as it earned more from higher interest rates, even while executives forecast tighter monetary policy would dampen economic activity.

The bank also reported a $643 million increase in the allowance for credit losses, including for loans on commercial real estate, credit cards and cars.

Analysts have warned of further weakness in the commercial real estate (CRE) market as widespread remote working emptied offices in major cities. Wells Fargo executives detailed the bank's exposure... More

Wells Fargo (WFC) Tops Q1 EPS by 11c

April 14, 2023 6:47 AM EDT

Wells Fargo (NYSE: WFC) reported Q1 EPS of $1.23, $0.11 better than the analyst estimate of $1.12. Revenue for the quarter came in at $20.73 billion versus the consensus estimate of $20.12 billion.

Chief Executive Officer Charlie Scharf commented, We had strong results in the first quarter including revenue growth from both the fourth quarter and a year ago, and we continued to make progress on our efficiency initiatives. Delinquencies and net charge-offs... More

Wells Fargo (WFC) April weekly 39.50 straddle is priced into quarter results

April 14, 2023 4:56 AM EDT

Wells Fargo (NYSE: WFC) April weekly 39.50 straddle is priced for a move of 4.5% into the expected release of quarter results today before the bell.

... More

Stocks expected to have increasing option volume: JPM WFC C BLK PNC USB

April 14, 2023 4:37 AM EDT

Stocks expected to have increasing option volume: JPM WFC C BLK PNC USB

... More

Stock market today: Dow closes higher as big tech rallies; Bank earnings eyed

April 13, 2023 4:16 PM EDT

By Yasin Ebrahimd

Investing.com -- The Dow closed higher on Thursday, as big tech led a sea of green after data showed further sings of cooling inflation and easing labor market tightness that could encourage less aggressive Federal Reserve policy action.

The Dow Jones Industrial Average added 1.1%, or 383 points, the Nasdaq rose 2%, and the S&P 500 rose 1.3%. 

Big tech was led by higher by Alphabet (NASDAQ: GOOGL), up more than 2%, and Apple (NASDAQ: AAPL), up more than 3%, as investors cheered data showing... More

Retail sales, bank earnings, UnitedHeath report: 3 things to watch

April 13, 2023 4:16 PM EDT

By Liz Moyer

Investing.com -- Stocks came on strong on Thursday after mixed economic data that soothed concerns about the Federal Reserve's interest rate increases.

Friday's mood might change, however, depending on what bankers say about the economic outlook, consumer credit quality, and business activity. Big banks kick off first-quarter earnings season early in the day with reports from JPMorgan Chase,... More

Wells Fargo (WFC) faces US regulatory heat after Silicon Valley Bank meltdown - NYP

April 13, 2023 3:59 PM EDT

Wells Fargo (NYSE: WFC) faces US regulatory heat after Silicon Valley Bank meltdown - NYP

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S&P 500 rides tech rally higher as Treasury yields stutter on easing inflation

April 13, 2023 2:55 PM EDT

By Yasin Ebrahim

Investing.com -- The S&P 500 jumped Thursday, as big tech climbed as Treasury yields stuttered on data showing cooling inflation and easing labor market tightness that could encourage less aggressive Federal Reserve policy action.

The S&P 500 rose 1.3%, the Dow Jones Industrial Average added 1%, or 350 points, and the Nasdaq rose 2%.

Big tech was led by higher by Alphabet (NASDAQ: GOOGL), up 2%, and Apple (NASDAQ: AAPL), up 3%, as Treasury yields slipped on data showing that wholesale inflation cooled more than... More

Wells Fargo names Saul Van Beurden as CEO for consumer banking unit

April 13, 2023 11:03 AM EDT

(Reuters) - Wells Fargo has named Saul Van Beurden as the chief executive officer of its consumer and small business banking (CSBB) unit, effective May 15, it said on Thursday.

Van Beurden will continue to report to the bank's CEO Charlie Scharf. A former JPMorgan Chase executive, Van Beurden... More

Wells Fargo (WFC) announces Saul Van Beurden named CEO of Consumer & Small Business Banking

April 13, 2023 10:46 AM EDT

Wells Fargo & Company (NYSE: WFC) today announced that Mary Mack will retire from the company this summer and Saul Van Beurden, head of Technology at Wells Fargo, will succeed Mack as CEO of Consumer & Small Business Banking (CSBB), effective May 15. Van Beurden will continue to report to CEO Charlie Scharf and will continue to serve on the companys Operating Committee. Tracy Kerrins, current head of Consumer Technology, will become head of Technology for the company, reporting to Scharf and serving on the companys Operating Committee.

Mary has spent her entire... More

U.S. stocks rise as economic data ease rate hike worries

April 13, 2023 10:42 AM EDT

By Liz Moyer

Investing.com -- U.S. stocks were rising after more data showed inflation is cooling, easing fears about Federal Reserve interest rate increases.

At 10:10 ET (14:10 GMT) the Dow Jones Industrial Average was up 21 points or 0.1%, while the S&P 500 was up 0.4% and the NASDAQ Composite was up 1.1%.

Producer prices were weaker than expected for... More

Wells Fargo (WFC) April weekly option implied volatility at 89, April at 46 into quarter

April 13, 2023 10:08 AM EDT

Wells Fargo (NYSE: WFC) April weekly call option implied volatility is at 89, April is at 46; compared to its 52-week range of 22 to 51 into the expected release of quarter results before the bell on April 14.

... More

Wells Fargo (WFC) April weekly 39 straddle priced into quarter results

April 13, 2023 4:00 AM EDT

Wells Fargo (NYSE: WFC) April weekly 39 straddle is priced for a move of 4% into the expected release of quarter results before the bell on April 14.

... More