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To: Johnny Canuck who wrote (60371)	10/11/2024 5:39:43 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68046

First of the bank earnings. It looks like traders are ignoring the slight miss on revenues. This backs up the bullish bias we have seen. No idea if this bullish bias continues as earning season progresses. >>>>>>>>> Skip Navigation Share Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email Markets Wells Fargo shares jump after earnings top Wall Street expectations Published Fri, Oct 11 20247:21 AM EDTUpdated Fri, Oct 11 20249:41 AM EDT Yun Li @YunLi626 WATCH LIVE watch now VIDEO01:59 Wells Fargo posts lower earnings and revenue amid an 11% decline in net interest income Wells Fargo on Friday reported third-quarter earnings that exceeded Wall Street expectations, causing its shares to rise. Here’s what the bank reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Adjusted earnings per share: $1.52 vs. $1.28 expected Revenue: $20.37 billion versus $20.42 billion expected Shares of the bank rose more than 4% in morning trading after the results. The better-than-expected earnings came even with a sizeable decline in net interest income, a key measure of what a bank makes on lending. The San Francisco-based lender posted $11.69 billion in net interest income, marking an 11% decrease from the same quarter last year and less than the FactSet estimate of $11.9 billion. Wells said the decline was due to higher funding costs amid customer migration to higher-yielding deposit products. “Our earnings profile is very different than it was five years ago as we have been making strategic investments in many of our businesses and de-emphasizing or selling others,” CEO Charles Scharf said in a statement. “Our revenue sources are more diverse and fee-based revenue grew 16% during the first nine months of the year, largely offsetting net interest income headwinds.” Wells saw net income fall to $5.11 billion, or $1.42 per share, in the third quarter, from $5.77 billion, or $1.48 per share, during the same quarter a year ago. The net income includes $447 million, or 10 cents a share, in losses on debt securities, the company said. Revenue dipped to $20.37 billion from $20.86 billion a year ago. The bank set aside $1.07 billion as a provision for credit losses compared with $1.20 billion last year. Wells repurchased $3.5 billion of common stock in the third quarter, bringing its nine-month total to more than $15 billion, or a 60% increase from a year ago. The bank’s shares have gained 17% in 2024, lagging the S&P 500. Don’t miss these insights from CNBC PRO What the Google breakup threat means for Alphabet’s stock Berkshire Hathaway owns 100% of this utility giant, but it’s been a weak spot for the conglomerate Nvidia shares to remain stuck for the rest of the year, says Citi ‘That’s it?’ Morgan Stanley rips Tesla robotaxi event for lack of detail WATCH LIVESTREAM Prefer to Listen? NOW Fast Money UP NEXT Mad Money Subscribe to CNBC PRO Subscribe to Investing Club Licensing & Reprints CNBC Councils Select Personal Finance CNBC on Peacock Join the CNBC Panel Supply Chain Values Select Shopping Closed Captioning Digital Products News Releases Internships Corrections About CNBC Ad Choices Site Map Podcasts Careers Help Contact News TipsGot a confidential news tip? We want to hear from you. Get In Touch CNBC NewslettersSign up for free newsletters and get more CNBC delivered to your inbox Sign Up NowGet this delivered to your inbox, and more info about our products and services. Advertise With Us Please Contact Us Privacy Policy CA Notice Terms of Service © 2024 CNBC LLC. All Rights Reserved. A Division of NBCUniversal Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Market Data Terms of Use and DisclaimersData also provided by