Dicey Loans Ambush Wells Fargo's Stock
The earnings drop Wells Fargo announced on Jan. 15 was hardly a disaster--profits declined to $156.7 million from $158.5 million a year ago. But investors hammered the stock down 2 1/2 points, to 49 3/4. The reason for their alarm: an 18% uptick in Wells's problem loan portfolio, as well as concern over accounting changes for $2 billion in real estate loans.
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