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

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

Shares of Wells Fargo & Co. (NYS:WFC) 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 (PSE:KBE) has gained 3.9% and the S&P 500 (S&P:SPX) has rallied 10.1%.

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