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Wells Fargo’s Sliding Despite Double Beat

Wells Fargo & Co (NYSE:WFC) was trading in the green earlier this morning as the embattled company posted solid third quarter earnings of its own, which were better than analysts’ forecasts. However, shares have since slipped to 0.60% in the red. The bank, whose CEO stepped down this week due to pressure over the company’s fraudulent accounts scandal, earned $1.03 per share in the third quarter, versus the consensus estimate of $1.01 per share, while revenue came in at $22.33 billion, narrowly above the forecasts of $22.21 billion. Average loans totaled $957.5 billion, up by $62.4 billion compared to the same quarter of last year. Total average deposits of $1.3 trillion were also 5% higher than the deposits recorded at the end of the same period a year ago. On Wednesday, Wells Fargo announced that John Stumpf was stepping down from his roles as Chairman and CEO of the company, effective immediately, and that he would not receive a severance package. Mr. Stumpf is being replaced by the Bank’s President and Chief Operating Officer Timothy J. Sloan. Ken Fisher’s Fisher Asset Management has over 18.18 million shares of Wells Fargo & Co (NYSE:WFC) as of September 30.

JPMorgan Chase Crushes Analysts’ Forecasts

Investors are surprisingly timid on JPMorgan Chase & Co. (NYSE:JPM) today after the bank soundly beat third quarter earnings estimates. Earnings in the quarter came in at $1.58 per share on revenue of $25.51 billion, while analysts were eyeing $1.39 in EPS and $24 billion in revenue. Nonetheless, shares of the company opened strongly but have since faded slightly into the red for the session. JPMorgan CEO Jamie Dimon said that the bank had record income in its commercial banking segment and record loan balances in its asset management domains, while its Consumer businesses experienced double-digit loans and deposits growth. As of the end of the June quarter, 99 funds tracked by us were long JPMorgan Chase & Co. (NYSE:JPM).

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