WFC

15 Jul: Wells Fargo stock falls more than 4% on Q2 earnings and dividend cut

Wells Fargo stock news

Shares of Wells Fargo & Company (WFC) closed lower on Tuesday, July 14, 2020, more than 4%, at 24.25-1.16 (-4.57%).

“The bank took in $17.8 billion in revenue in Q2, down almost 18% year over year. Its net loss deepened to almost $2.4 billion ($0.66 per share), a dramatic flip from its net profit of $6.2 billion a year earlier. This was on the back of a 1.5% drop in total loans to $935 billion, and a 9% rise in average deposits to nearly $1.4 trillion.

On average, analysts tracking the bank had been modeling for $18.4 billion in revenue and a net loss of only $0.20 per share.

The main reason for Wells Fargo’s dive into the red on the bottom line was loan-loss provisioning in anticipation of the looming spike in loan defaults as the coronavirus-driven recession extends.

Following the pattern it (and most other lenders) set in Q1, the bank again significantly ramped up the amount of money it allocated to cover those expected losses. For Q2, its loan-loss provisions totaled $3.38 billion; a year ago, they were only $479 million.

As was widely expected, the struggling bank also cut its next quarterly dividend to $0.10 per share, an 80% chop from the previous $0.51 payout. At the current stock price, the new dividend yields about 1.6%.”

Stock market source: https://www.fool.com/investing/2020/07/14/wells-fargo-shares-fall-after-q2-miss-dividend-cut.aspx

Wells Fargo stock chart

Wells Fargo (WFC) stock chart
Wells Fargo (WFC) stock chart

Source: stockscharts.com

15 May: Stock market news for May 14, 2020

Stock market news

Latest stock market news for May 14, 2020. The US stock market started the trading session lower as the latest Initial Jobless Claims report came in at weaker than expected at 2981K compared to the forecast of 2500K. At the close, however, all major stock indices were higher.

Stock market close on May 14, 2020

S&P 500: 2,852.50,+32.50(+1.15%)
Dow 30: 23,625.34,+377.37(+1.62%)
Nasdaq: 8,943.72,+80.56(+0.91%)
Russell 2000: 1,237.56,+4.30(+0.35%)

Stock movers

Aurora Cannabis Inc. (ACB) stock was among the trending stocks, with a stock price of 6.64+0.84 (+14.48%). The following stocks were stock movers, stock gainers, stock losers, and most active stocks for May 14, 2020.

Stocks gainers

Applied DNA Sciences Inc. (APDN): 15.21,+6.32 +71.09%

Glory Star New Media Group Holdings Ltd. (GSMG): 3.5573, +1.1173 +45.79%

Allogene Therapeutics Inc. (ALLO): 42.12,+11.14 +35.96%

Stocks losers

CytomX Therapeutics Inc. (CTMX): 9.23,-5.21 -36.08%

Comstock Resources Inc. (CRK): 4.44,-2.06 -31.69%

Caladrius Biosciences Inc. (CLBS): 1.70,-0.46 -21.30%

Most active stocks

Wells Fargo & Co. (WFC): 24.06,+1.53 +6.7%

Bank of America Corp. (BAC): 21.71,+0.84 +4.02%

Delta Air Lines Inc. (DAL): 19.38,-0.03 -0.15%

Stock market source: https://www.wsj.com/market-data/stocks

Delta Air Lines Inc. (DAL) stock daily chart

Delta Air Lines Inc. (DAL) stock daily chart
Delta Air Lines Inc. (DAL) stock daily chart

Stock Market, U.S. Sectors & Industries Performance

Financials were the best performing sector +2.64%, Consumer Staples were the worst-performing sector -0.31%.

U.S. Sectors & Industries Performance for May 14, 2020
U.S. Sectors & Industries Performance for May 14, 2020

Source: https://eresearch.fidelity.com/eresearch/goto/markets_sectors/landing.jhtml

Stock market update

All data about the stock market, stocksstock investingstock trading is taken from Yahoo Finance, Fidelity, and stockcharts.com.

Investing

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15 Jan: Stock market news January 14 2020

Stock market news January 14 2020

The US stock market closed mixed as two stock market indexes Dow 30 and Russell 2000 closed higher, and S&P 500 and Nasdaq closed lower. This is the summary for US stock market at close on Tuesday, January 14, 2020:

How stock market closed on Tuesday, January 14, 2020-Financial and business news

  • S&P 500: 3,283.15,-4.98(-0.15%)
  • Dow 30: 28,939.67,+32.62(+0.11%)
  • Nasdaq: 9,251.33,-22.60(-0.24%)
  • Russell 2000: 1,675.74,+6.14(+0.37%)

Stocks biggest gainers

Denali Therapeutics Inc. (DNLI) was among stocks biggest gainers, closing at 22.74 +5.16 (+29.35%).

DNLI daily stock chart | stocks | stock market

Stocks biggest losers

OneConnect Financial Technology Co., Ltd. (OCFT) was among stocks biggest losers closing at 12.48 -3.20 (-20.41%).

OCFT daily stock chart | stocks | stock market

Stock investing | Stock trading | Most active stocks

Wells Fargo & Company (WFC) was among most active stocks closing at
49.30 -2.81 (-5.39%).

WFC daily stock chart | stocks | stock market

U.S. Sectors & Industries Performance

Health Care was the best performing sector +0.55%, Information Technology was the worst performing sector -0.60%.

Stock earnings today

The most notable earnings announcements scheduled for Wednesday include Bank of America (BAC), BlackRock (BLK), Goldman Sachs (GS), PNC (PNC) and UnitedHealth (UNH) before the market open and Alcoa (AA) after the market close.”, Source: https://finance.yahoo.com/news/trade-deal-fed-beige-book-bank-earnings-what-to-know-in-markets-wednesday-225152334.html

Stock market update

All data about stocks , stock investingstock trading is taken from Yahoo Finance, Fidelity and stockcharts.com.

This report is written by Stavros Georgiadis, CFA Equity Research Analyst, Investment Strategist.