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3 Big Bank Stocks That Disappointed on Earnings

Bank stocks are being hit particularly hard at the start of earnings season

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Big Bank Stocks in Trouble: Wells Fargo (WFC)

Big Bank Stocks in Trouble: Wells Fargo (WFC)

Wells Fargo & Co (NYSE:WFC) shares are down 0.7%, after dropping as much as 2.7% after reporting results at the open. Last quarter, WFC attracted some attention for the poor loan growth trends it reported. This quarter repeated the theme. The company reported earnings of $1.03 per share, 2 cents ahead of estimates, on a 0.2% rise in revenue.

But here are the kickers: Auto loan originations fell 17% from the prior quarter and 45% from last year, mortgage loan originations fell 13% from last year and the mortgage loan pipeline contracted 28% from last year. Watch for a decline to support near the 200-day moving average, a level that has provided support for WFC multiple times since April.

Anthony Mirhaydari is founder of the Edge (ETFs) and Edge Pro (Options) investment advisory newsletters. Free two- and four-week trial offers have been extended to InvestorPlace readers.


Article printed from InvestorPlace Media, http://investorplace.com/2017/07/3-big-bank-stocks-that-disappointed-on-earnings-c-jpm-wfc/.

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