WFC - Nasdaq Down Over 1%; Wells Fargo Beats Expectations | Benzinga
U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling more than 1% on Friday.
The Dow traded down 0.02% to 33,622.97 while the NASDAQ fell 1.27% to 13,401.56. The S&P 500 also fell, dropping, 0.64% to 4,321.66.
Check This Out: Top 5 Tech And Telecom Stocks That May Explode This Month
Leading and Lagging Sectors
Energy shares climbed by 2.4% on Friday.
In trading on Friday, information technology shares fell by 1.5%.
Top Headline
Wells Fargo & Company (NYSE: WFC) reported better-than-expected earnings for its third quarter on Friday.
The bank’s quarterly EPS reached $1.48, beating the consensus of $1.24 and $0.86 a year ago The bank reported Q3 revenues of $20.86 billion, up 21% Y/Y, above the consensus of $20.11 billion.
For FY23, Wells Fargo expects net interest income to be ~16% higher than the FY22 level of $45.0 billion, up from prior guidance of ~14% higher, with 4Q23 expected to be ~$12.7 billion.
Equities Trading UP
Sigma Additive Solutions, Inc. (NASDAQ: SASI) shares shot up 115% to $5.33 after the company announced the signing of a definitive agreement for the acquisition ...