On October 13, Wells Fargo fell 3.02% in Pre-Market Trading, trading at $80.7 per share, with turnover of $40.85 million.

The move followed an earnings-driven update: third-quarter revenue was $21.87 billion, below the $22.31 billion market expectation, while net interest income of $12.52 billion also missed the $12.59 billion consensus, even though earnings per share of $1.87 came in slightly above expectations.

Management added that trading activity across clients slowed significantly in the last few weeks of September and hurt results. That commentary appears to have reinforced the negative reaction to the revenue shortfall, while large-bank sentiment was also pressured after weaker peer results. Separately, the company said its deal pipeline in M&A and investment banking remains solid and that consumer and business customers continue to perform well.

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