Bank Stocks Getting Slammed: Wells Fargo (WFC)
Wells Fargo & Co (NYSE:WFC), the last of the Big Four bank stocks mentioned here, was already suffering on its own merits. When the company last resulted results on April 13, results were mixed, with revenues down 0.9% on a drop in mortgage originations — something management warned was set to continue.
However, WFC stock has now drifted down to test critical support at its 200-day moving average.
Shares already were down some 12% from its March high, but a breakdown here would set up a return to its pre-election level near $45. That would represent an additional 14% loss from here.