Wells Fargo kicks off the big banks' earnings season by reporting quarterly earnings that met expectations with revenue that beat estimates. Wells Fargo reported earnings of $1.01 a share, up from 98 cents a share a year ago, on revenue of nearly $21.1 billion, down 1.5% from a year ago but beating analyst expectations for revenue of $20.8 billion, according to Reuters. The results ends a streak of 17 consecutive quarters in which Wells Fargo increased its earnings per share from the prior quarter. In a note, Bank of America Merrill Lynch research analysts said the market may pressure the stock on the results, but they recommend long-term investors take advantage of any weakness.
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