Wells Fargo Beats the Street
Wells Fargo beat the earnings estimate. They did so on the growth of their commercial lending and a growth in deposits. It's also apparent Wells has managed their sub prime exposure proactively since 4th quarter 2006. I imagine the previous corporate experience with the California market's previous two real estate slow downs is one reason why Wells was able to manage the turn in the sub prime market. Wells did set aside 715 million for the softening home equity market. Earnings were reported at $.64/share
Here are the stories reporting on Wells Fargo's earnings.
Marketwatch:Wells reassures on subprime exposure, warns on home equity loansLabels: 1stQuarter2007, earnings, mortgagebrokeinCalifornia, WellsFargo
Wells Fargo Announce 1st Quarter 2007 earnings
I am waiting for the announcement. It looks like they are announcing EOD today.
Labels: 1stQuarter2007, Fargo, WellsFargo
