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Shares of Wells Fargo (WFC), Citigroup (C), Goldman Sachs (GS), Walt Disney (DIS) Fell On Friday

Wells Fargo & Company (WFC) fell -7.8% to $32.04. For its fiscal fourth quarter of 2020, Wells Fargo posted adjusted earnings per share of 64 cents, compared to a consensus of 60 cents. Quarterly sales from the California-based bank amounted to $17.9 billion, down from a forecast of $18.1 billion. The quarter’s restructuring costs had an effect of $781 million, or 14 cents per share. The board of directors of the bank also approved an expansion of 500 million shares in the authorization to buy shares.

Citigroup Inc. (C) to $64.23 was down -6.93 percent. For the fourth quarter, Citigroup reported GAAP earnings per share of $2.08, with sales of $16.5 billion (-10 percent). Revenues from consumer banking dropped by 14 percent, 1 percent from retail customers, and 19 percent from fixed-income trading. The consensus was EPS of $1.36 for the quarter’s sales of $16.7 billion. Credit defaults were $1.47 billion, relative to the previous quarter’s $1.92 billion.

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Goldman Sachs Group, Inc. (GS) declined by -2.23% to $301.01. According to three Reuters reports, the US investment banking giant is exploring acquisitions to boost its retail bank, called Marcus.

The Walt Disney Company (DIS) fell by -1.15% to $171.44. A Disney executive told reporters, according to the Los Angeles Times, that Disney was considering ending its annual pass service, which, based on customer tastes, would be supplemented with new and more personalized subscription offerings. Disney plans to reopen its reduced-capacity California parks, only by reservation, when the state permits.

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