Wells Fargo Kicks Off Big Banks' Earnings by Meeting Expectations

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.