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Wells Fargo Hit by Credit Woes

Stock quotes in this article: WFC , KEY , C  

Wells Fargo(WFC Quote) slid 4% in early trading after the big lender missed analysts' expectations over writedowns on mortgage securities and steep credit losses primarily related to home equity loans.

For the three months ending Sept. 30, the San Francisco bank reported net income of $2.28 billion, or 68 cents a share, compared to $2.19 billion, or 64 cents a share, in the third quarter of 2006. Revenue rose 10% to $9.85 billion.

Analysts had expected Wells Fargo would make 70 cents a share on $10 billion of revenue. ...

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