WS #15805
Wells Fargo reported a 51% rise in provisions to $1.03 billion, dragging its stock down 2.3%, although card charge-off rates remained stable, suggesting consumer credit is holding up. Citigroup also saw sliding stock prices amid broader financial sector pressure. Analysts at Morgan Stanley lowered price targets for Zillow and Yelp, reflecting caution on digital advertising and real estate exposure, while CVS agreed to a $315 million settlement over opioid prescriptions, adding to regulatory overhangs for the healthcare retail sector.
Financials Credit Quality
Wells Fargo reported a 51% rise in provisions to $1.03 billion, dragging its stock down 2.3%, although card charge-off rates remained stable, suggesting consumer credit is holding up. Citigroup also saw sliding stock prices amid broader financial sector pressure. Analysts at Morgan Stanley lowered price targets for Zillow and Yelp, reflecting caution on digital advertising and real estate exposure, while CVS agreed to a $315 million settlement over opioid prescriptions, adding to regulatory overhangs for the healthcare retail sector.