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Wells Fargo's stock falls; Jefferies says EPS looks like a miss

Wells Fargo & Co.'s inventory WFC, -3.09% slumped 3.Zero% in noon trade Friday, as the bank appears to be like set to extend its streak of reporting disappointing quarterly results. The bank reported earlier a first-quarter profit and income that beat expectation, which initially sent the inventory to a premarket gain of as much as 2.2%, earlier than it reversed course. It is on the right track to say no at the day that the previous five quarterly stories have been launched, and at the day of the previous 10 of 11 stories. Wells reported first-quarter EPS of $1.12, above the FactSet consensus of $1.06, but Jefferies analyst Ken Usdin said the EPS appears to be like more like 95 cents, if positive factors from accounting changes, a reserve free up and increased running losses are excluded. Usdin also famous that internet pastime source of revenue and core fees overlooked, although core bills have been modestly better. The inventory has tumbled 15.eight% 12 months to date, whilst the SPDR Financial Select Sector ETF XLF, -1.31% has slipped 1.4% and the S&P 500 SPX, -Zero.08% has eased Zero.5%.