Company News

BUZZ-Wells Fargo, Citi: Reverse course to drop after Q2 results

** Wells Fargo shares drop ~3 pct premarket after Q2 EPS misses estimates; was up ~0.7 pct ahead of the report

** Citigroup down 1.12 pct premarket, compared with a ~0.5 pct gain ahead of Q2 results

** WFC Q2 adj. EPS of $1.08 misses estimates of $1.12 (after a beat n Q1 and miss in Q4) as lending activity slowed due to higher interest rates and expenses

** Citi EPS of $1.63 tops consensus of $1.56, continuing its beat streak; But rev of $18.47 bln misses cons. of $18.51 bln after meeting estimates in prior two qtrs

** JPMorgan up 0.35 pct, holding on to gains after it beats Q2 EPS estimates

** Bank of America down 0.42 pct; Goldman dips 0.14 pct and Morgan Stanley edges up 0.15 pct

** Up to Thursday’s close, WFC and C neck-and-neck YTD, with shares down 7.7 pct and 7.9 pct, respectively

** JPM flat YTD, best performer among big six, Goldman’s 11 pct slide the most; S&P 500 banks down ~3 pct

** Citi’s NTM price-to-book ratio is 0.88, lowest among big banks; JPM is highest at 1.47x and WFC is next at 1.42x (Reporting by Savio D’Souza)