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Stock Alert: Wells Fargo Down 5% On Q2 Loss

Wells Fargo & Co. (WFC) shares are sliding on Tuesday morning trade as it reported net loss for the second quarter and reduced its third-quarter dividend. The shares are currently at $24.07, down 5.19 percent from its previous close of $25.41.

The diversified, community-based financial services company recorded second-quarter loss of $2.69 billion or $0.66 per share, while it reported profit of $5.85 billion or $1.30 per share last year. The latest results included an $8.4 billion increase in credit loss reserve as well as an operating loss of $1.2 billion.

Revenue for the quarter declined to $17.84 billion from $21.58 billion in the prior year. Net interest income was $9.88 billion, down 18 percent from $12.10 billion in the year-ago quarter. Non-interest income was down 16 percent to $7.96 billion from $9.49 billion in the previous-year quarter.

Wells Fargo said it would reduce its third-quarter common stock dividend to $0.10 per share from $0.51 per share.

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