Wells Fargo Under Pressure After Mixed Q1 Report

Wells Fargo & Co WFC shares are trading lower by $1.00 at $52.12 in Thursday's session.

The catalyst for the decline is a mixed Q1 report that revealed an EPS beat of $0.03 but came up shy on revenues by $300 million. The Street seems to be placing its emphasis on the revenue shortfall.

After a lower open, Wells Fargo's stock continued in that direction before finding a bottom at $51.35 and staging a rebound. That far exceeded its former low for the move made Wednesday at $53.05. The current low coincides with its November 28 low of $51.39.

So far, the rebound off the lows has come up shy of Wednesday's close ($53.12) as $52.75 stands as the current high for the session. The retreat off the high is finding intraday support in the lower $52.00 handle.