Wells Fargo & Co Earnings Buzz: Profit Rises 13 Percent

Category: Companies / Oct 11, 2013 10:35AM EDT

Wells Fargo & Co. (NYSE: WFC) reported third quarter net income rose to $5.32 billion, or 99 cents per share, from $4.72 billion, or 88 cents per share, a year earlier. Analysts were expecting the bank to issue 97 cents per share on revenue of $20.97 billion.

Shares of Wells Fargo fell 2.20 percent to $40.53 in morning trading.

U.S. stocks opened flat, but managed to edge slightly higher despite continuing worries about the budget deadlock in Washington.

The Dow Jones industrial average rose 47.13 points or 0.31 percent, at 15,173.20. The S&P 500 gained 3.02 points or 0.18 percent, at 1,695.41. The Nasdaq Composite added 7.33 points or 0.19 percent, at 3,767.81.


Video Credit: Reuters