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Gabelli Funds Forms

Gabelli Funds Forms

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major Banks kicking off earnings uh today we are awaiting City Group top of the hour JP Morgan Wells Fargo reported results earlier uh joining us now mcra Sy gabell funds portfolio manager Mt great to have you with us um Wells Fargo is down almost 7 6% yeah why so uh a couple things there I think the Top Line uh the nii came in a little lower than expectations 119 versus 123 kind of estimat so I think that was a disappointment number two I think the street was looking look for an increase in potential guidance uh from down 79% they reiterate that the guidance will be at the low end down 8 to 9% so I think that was a disappointment um I think there's probably some conservativism in that which we have seen uh and then a little higher expenses but partially that was due to kind of higher revenue from markets so not unexpected so when you put it all together and some expectations plus the stock being up 20% year to date it's not surprising it's down a little bit but

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