Wells Fargo Just Misses Estimates and 2 Other Hot Stocks
Wells Fargo (NYSE:WFC): Wells Fargo net income clocked in at $5.2 billion, with EPS of $0.92, $0.03 over estimates. Revenue came in at $21.3 billion, shy of the $21.6 billion projections. CEO John Stumpf said that the current environment is not ideal for earnings growth, but took the call as an opportunity to flaunt the company’s diverse array of revenue streams.
Ford Motor Company (NYSE:F): Ford will issue a $0.10 quarterly dividend on its shares, in-line with previous dividends. The company is also expected to debut its new 1.5 liter EcoBoost engine in the new Fusion sedan, which has sold exceptionally well since the beginning of the year. The new engine will be quieter and more fuel efficient, offering a greater efficiency to power ratio.
Barrick Gold (NYSE:ABX): The company hopes that the Pascua-Lama project will enter production in early 2014, but TD Securities says that’s unlikely. Analyst Greg Barnes is now counting on a 12 month delay, and first production won’t occur until 2016, in addition to another $1 billion in costs. Barnes downgraded the shares from Buy to Hold, and brought his price target down to $31. He says there is little to no chance of Barrick folding the project altogether, as it plays a significant role in the company’s long-term strategy.