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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 -0.67% 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 -1.73% has gained 3.9% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.20% has rallied 10.1%.

/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 25.02
-0.17 -0.67%
Volume: 27.39M
Aug. 13, 2020 4:03p
P/E Ratio
28.60
Dividend Yield
1.60%
Market Cap
$103.78 billion
Rev. per Employee
$392,114
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/zigman2/quotes/201006419/composite
US : U.S.: NYSE Arca
$ 32.93
-0.58 -1.73%
Volume: 2.34M
Aug. 13, 2020 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,373.43
-6.92 -0.20%
Volume: 1.96B
Aug. 13, 2020 5:10p
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