What to Watch Friday: Wells Fargo Earnings
On Friday, October 14, Wells Fargo (WFC) - Get Report releases third quarter results. The San Francisco-based bank is expected to post earnings of $1.01 a share on revenue of $22.2 billion. During the same quarter a year ago, the bank posted profit of $1.05 a share on sales of $21.88 billion. Investors await commentary on the bank's future, especially with the retiring of CEO John Stumpf, who faced scrutiny over the company's fake bank account scandal. Aside from Wells Fargo, Citigroup (C) - Get Report , JPMorgan Chase (JPM) - Get Report and PNC Financial Services Group (PNC) - Get Report all release earnings before the markets open. It's a busy day on the economic calendar with the producer price index for September out at 8:30 a.m. EDT, along with retail sales for September released at the same time. Also at 8:30, Boston Federal Reserve Bank President Eric Rosengren is speaking at a conference. Cleveland Federal Reserve Bank President Loretta Mester speaks at 12pm, followed by a keynote address at 12:30pm by Chair Janet Yellen. TheStreet's Scott Gamm reports from Wall Street.
