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July 14, 2020, 10:17 a.m. EDT

Wells Fargo's stock heads for biggest 1-day, post-earnings selloff in nearly 9 years

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By Tomi Kilgore

Shares of Wells Fargo & Co. /zigman2/quotes/203790192/composite WFC +2.78% tumbled 6.5% in morning trading, enough to pace the the large-capitalization banking sector's decliners, after the bank reported second-quarter results that missed expectations. The stock is on track to suffer the biggest one-day post-earnings decline since it tumbled 8.4% on Oct. 17, 2011, after third-quarter 2011 results were released. The stock, which was headed for the lowest close since May 15, has now shed 21.3% over the past three months, while the SPDR S&P Bank ETF /zigman2/quotes/201006419/composite KBE +1.42% has gained 3.9% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.58% has rallied 10.1%.

/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 45.18
+1.22 +2.78%
Volume: 27.95M
June 24, 2021 4:05p
P/E Ratio
31.32
Dividend Yield
0.89%
Market Cap
$181.71 billion
Rev. per Employee
$299,217
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/zigman2/quotes/201006419/composite
US : U.S.: NYSE Arca
$ 52.19
+0.73 +1.42%
Volume: 1.83M
June 24, 2021 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,266.49
+24.65 +0.58%
Volume: 1.87B
June 24, 2021 5:29p
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