: : Wells Fargo stock drops after profit halved but topped expectations, while revenue missed #FinanceUSA #StockMarketNEWS Shares of Wells Fargo & Co. WFC slumped 2.6% in premarket trading Friday, after

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: Wells Fargo stock drops after profit halved but topped expectations, while revenue missed #FinanceUSA #StockMarketNEWS
Shares of Wells Fargo & Co. WFC slumped 2.6% in premarket trading Friday, after the bank reported fourth-quarter profit that was more than halved but topped expectations, while revenue fell short. Net income fell to .59 billion, or 67 cents a share, from .47 billion, or .38 a share, in the year-ago period. That beat above the FactSet consensus for earnings per share of 60 cents. Total revenue declined 5.7% to .66 billion, below the FactSet consensus of .99 billion, while net interest income climbed 45.0% to .43 billion to top expectations of .97 billion. The bank, which said earlier this week that it was shrinking its home-mortgage business and exiting the correspondent business, said consumer banking and lending loans increased 4% and commercial banking loans climbed 18%. Provision for credit losses was 7 million. The stock has tacked on 1.1% over the past three months through Thursday, while the SPDR Financial Select Sector ETF WFC has rallied 13.7% and the S&P 500 SPX has advanced 8.5%.

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