Wells Fargo & Co. (NYSE: WFC) is trading up, unlike the initial reaction of the other moneycenter banks that have reported. The bank reported $0.08 EPS and $23 billion in revenues versus estimates of -$0.01 EPS and revenues $22 billion. Shares were trading up about 3.1% pre-market on the news, but at 8:45 AM EST we have shares up 0.75% at $28.50 on about 2.6 million shares. The 52-week high is $31.53 and the average volume is 48 million shares.
Bank of America Corp. (NYSE: BAC) is down 0.25% at $16.28 after it posted earnings of -$0.60 EPS vs. -$0.53 estimates and revenue of $25.4 billion vs. estimates of $26.8 billion. Shares were only down about 1% pre-market after the initial reaction. At 8:45 AM EST we have seen over 10 million shares already trade hands. The 52-week high is $19.10 and the average volume is over 200 million shares.
JON C. OGG