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Wells Fargo Revisits May Low After Fraudulent Accounts Count Escalates

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Wells Fargo & Co (NYSE: WFC) shares are trading lower by 46 cents at $50.91 in Thursday's session.

Before the open, the bank reported the "potentially unauthorized" customer account total is actually 3.5 million instead of 2.1 million. Also, the company will refund customers an added $3.7 million.

After a lower open, Wells Fargo attempted to rally but found sellers ahead of Wednesday's close ($51.36), only reaching $51.24 before continuing its move lower. At this time, it has breached the $51.00 level and is attempting to stabilize ahead of its May 31 low ($50.83) as $50.88 stands as the low for the session as of 1:35 p.m. EST.

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