Investing Club: A potential recession doesn't shake our conviction in Morgan Stanley, Wells Fargo
Fears of an impending recession have been a drag on bank stocks for months. But we've stayed invested in our two financials — Wells Fargo and Morgan Stanley — on the belief that an economic slowdown isn't enough to take the shine off their attractive qualities. Wells Fargo has benefited from the Federal Reserve's higher interest rates and a focus on actively reducing expenses to boost profitability.
It's unlikely to significantly affect the bank's upcoming quarterly results, but management may offer insight into the future of the bank's mortgage business on Friday's earnings conference call. Overall, Wall Street expects Wells Fargo to earn 63 cents per share in the fourth quarter on $20.02 billion in revenue, according to estimates compiled by Refinitiv.
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