Updated from 12:30 p.m. EDTWells Fargo ( WFC) succeeded on Wednesday in convincing some of Wall Street's doubting Thomases that its earnings were as robust as initially reported, but worries persisted that economic headwinds may stifle future results. Wells reported a first-quarter profit of $2.38 billion, or 56 cents per share, which translated into $3.05 billion when excluding preferred dividends. Its bottom line sailed 19% from the year-ago period when it posted a profit of $2 billion, or 60 cents per share. The earnings per share figure was higher in the earlier period, because there were fewer shares outstanding. The official results confirmed Wells' pre-announcement on April 9, which sent its shares up more than 31% that day. Wells was up much of Wednesday, but closed down 3.4% to $18.18 amid broad declines in bank shares following Morgan Stanley's ( MS) weak report. In prepared comments, CEO John Stumpf and CFO Howard Atkins sought to allay concerns that results were artificially boosted by mark-ups on Wachovia assets that were heavily written down in the fourth quarter. They also sought to give the impression that strong earnings generation lessened the firm's need for additional capital. "