Wells Fargo Surges as Earnings Top Estimates
20 minutes ago
Wells Fargo (WFC) shares climbed Wednesday morning after the bank reported fourth-quarter profit and net interest income that topped analysts’ estimates.
The lender reported $5.08 billion in net income for the quarter, up from $3.45 billion last year and above analysts’ expectations. Revenue lagged estimates at $20.38 billion, down from $20.48 billion a year ago.
The bank had been expected to post fourth-quarter net income of $4.83 billion and revenue of $20.53 billion, according to consensus estimates compiled by Visible Alpha.
Net interest income fell to $11.84 billion from $12.77 billion in the fourth quarter of 2023, but that was above the $11.69 billion analysts anticipated.
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Shares of Wells Fargo were up more than 5% about 20 minutes after the opening bell. The stock has gained 57% over the past year, far outpacing the S&P 500’s 24% increase over the period.
Eli Lilly Price Levels to Watch After Tuesday’s Slide
1 hr 50 min ago
Eli Lilly (LLY) shares could remain under the microscope today after falling sharply on Tuesday as the pharmaceutical giant lowered its 2024 full-year revenue forecast.
While the drugmaker said it anticipates sales of its flagship weight-loss drugs Mounjaro and Zepbound to accelerate as it ramps up production in the first half of this year, it noted that they grew slower than expected in the fourth quarter.
Eli Lilly shares climbed 32% last year but have slumped more than 16% since October after the company reported third quarter sales of the two drugs below Wall Street’s expectations, prompting concerns about moderating demand.
Since falling below the 200-day moving average (MA) in late October last year, Eli Lilly shares have consolidated within a textbook symmetrical triangle.
On Tuesday, the stock staged a decisive breakdown below the pattern’s lower trendline and 50-day MA, opening the door to further short-term downside. Importantly, the move occurred on the highest trading volume day in more than two months, indicating conviction behind the selling.
The stock was up 0.2% at $746.70 in recent premarket trading Wednesday after falling more than 6% yesterday.
Investors should watch key support levels on Eli Lilly’s chart around $720 and $625, while also monitoring important overhead areas near $860 and $965.
Read the full technical analysis piece here.
Stock Index Futures Higher Ahead of Inflation Data
2 hr 43 min ago
Futures tied to the Dow Jones Industrial Average were up 0.4%
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S&P 500 futures were also up 0.4%.
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Nasdaq 100 futures also added 0.4%.
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