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Wells Fargo Stock Dips on Mixed Second-Quarter Results

Wells Fargo & Co. (WFC) shares were down 1.26% to $54.90 in premarket trading Friday after the bank reported mixed second-quarter results.

The San Francisco-based commercial and investment bank reported second-quarter earnings of $1.07 a share, a 6% year-over-year increase that topped Wall Street's expectations of $1.01.

However, revenue for the period $22.2 billion fell short of analysts' consensus expectations of $22.47 billion.

"We remain committed to reducing expenses and improving the efficiency of our company, and we are very focused on our recently announced goals," said CEO Tim Sloan. "We continued to make progress this quarter in our efforts to rebuild trust and build a better Wells Fargo and, while there is still more work ahead of us, we are on the right track and I am confident about our future."

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More issues for food makers: As if food makers such as Kraft Heinz (KHC) and grocery retailers like Kroger (KR) and Walmart (WMT) didn't have enough issues on their plate thanks to Amazon's (AMZN) advances.

A significant demographic headwind could add further pressure on the packaged food and grocery store sectors in the years ahead, according to Wolfe Research analyst Scott Mnushkin. The U.S. government reported recently that...


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