Last week was one of the best earnings weeks Wall Street has seen in years.
Goldman Sachs delivered the strongest quarterly performance in its 157-year history. Record revenues, record EPS, beating estimates by a wide margin.
Morgan Stanley’s (MS) equities trading revenue hit a record $6.3 billion, nearly $2 billion above what analysts expected.
JPMorgan (JPM), Bank of America (BAC), Citigroup (C)… all of them crushed it.
And so did Wells Fargo (WFC)… but the story doesn’t stop there with this one.
WFC reported Q2 EPS of $2.00, a 25% jump year over year. Profit up 17%. Strong loan growth. Wealth management revenue up 13%. Beats on both the top and bottom lines.
Then the stock got sold anyway.
That’s the setup I’m watching.
The Trend Isn’t What It Looks Like
The WFC chart shows a stock that’s been stuck.
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