Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. The Consumer Banking and Lending segment offers diversified financial products and services for consumers and small businesses. Its financial products and services include checking and savings accounts, and credit and debit cards, as well as home, auto, personal, and small business lending services. The Commercial Banking segment provides financial solutions to private, family owned, and certain public companies. Its products and services include banking and credit products across various industry sectors and municipalities, secured lending and lease products, and treasury management services. The Corporate and Investment Banking segment offers a suite of capital markets, banking, and financial products and services, such as corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity, and fixed income solutions, as well as sales, trading, and research capabilities services to corporate, commercial real estate, government, and institutional clients. The Wealth and Investment Management segment provides personalized wealth management, brokerage, financial planning, lending, private banking, and trust and fiduciary products and services to affluent, high-net worth, and ultra-high-net worth clients. It also operates through financial advisors in brokerage and wealth offices, consumer bank branches, independent offices, and digitally through WellsTrade and Intuitive Investor. The company was founded in 1852 and is headquartered in San Francisco, California.

Wells Fargo & Company

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the SPDR S&P 500 ETF Trust (Symbol: SPY) where we have detected an approximate $2.5 billion dollar outflow -- that's a 0.4% decrease week over week (from 1,013,632,116 to 1,009,982,116). Among the largest underlying components of SPY, in trading today UnitedHealth Group Inc (Symbol: UNH) is up about 0.3%, Coca-Cola Co (Symbol: KO) is up about 0.8%, and Wells Fargo & Co (Symbol: WFC) is up by about 0.2%. For a complete list of holdings, visit the SPY Holdings page » The chart below shows the one year price performance of SPY, versus its 200 day moving average:
Looking at the chart above, SPY's low point in its 52 week range is $481.80 per share, with $687.225 as the 52 week high point — that compares with a last trade of $685.91. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Also see:
VC Next Dividend Date
CHWA Historical Stock Prices
Institutional Holders of CLNS
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy ETF Outflows: SPY, UNH, KO, WFC

For Immediate Release
Chicago, IL – October 24, 2025 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Amazon.com, Inc. AMZN, Wells Fargo & Co. WFC, Amgen Inc. AMGN, IDT Corp. IDT and Village Super Market, Inc. VLGEA.
Here are highlights from Thursday’s Analyst Blog:
Top Research Reports for Amazon, Wells Fargo and Amgen
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Amazon.com, Inc., Wells Fargo & Co. and Amgen Inc., as well as two micro-cap stocks IDT Corp. and Village Super Market, Inc. The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today's research reports here >>>
Ahead of Wall Street
The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.
You can read today's AWS here >>> Pre-markets Mostly Lower on Biggest Earnings Day of the Week
Today's Featured Research Reports
Amazon.com's shares have outperformed the Zacks Internet - Commerce industry over the past year (+18.1% vs. +17.6%). The company's top-line is driven by steady momentum in Prime and AWS. Strengthening AWS services portfolio and its growing adoption rate is contributing well to AWS performance. Ultrafast delivery services and expanding content portfolio are beneficial.
Strengthening relationships with third-party sellers is a positive. Robust advertising business is also contributing well. Growing capabilities in grocery, pharmacy, healthcare and autonomous driving are other positives. Deepening focus on GenAI is a major plus.
The Zacks analyst expect 2025 net sales to grow 10.6% from 2024. However, weak third-quarter operating income guidance of $15.5-20.5 billion and concerns about margin pressure from heavy AI investments totaling $100+ billion in capital expenditure plans are overhangs. Elevated operating expenses amid intensifying cloud competition remain headwinds.
(You can read the full research report on Amazon.com here >>>)
Shares of Wells Fargo have gained +33.5% over the past year against the Zacks Financial - Investment Bank industry's gain of +36.2%. The company's third-quarter 2025 results benefited from an improvement in net interest income (NII), fee income and lower provisions. Its earnings surpassed the estimates in each of the trailing four quarters.
The Fed's June 2025 removal of the $1.95 trillion asset cap allows growth in deposits, loans and fee-based services. After clearing the 2025 Fed stress test, Wells Fargo raised its dividend, backed by strong liquidity and capital position. Also, strategic investments in talent and technology support long-term growth.
Yet despite the recent Fed rate cut, NII recovery may remain slow, pressuring near-term revenue growth. The mortgage banking income remains weak amid ongoing mortgage rate volatility. Also, rising technology and compensation costs may weigh on profitability.
(You can read the full research report on Wells Fargo here >>>)
Amgen's shares have outperformed the Zacks Medical - Biomedical and Genetics industry over the year-to-date period (+15.4% vs. +11.1%). The company's key medicines like Evenity, Repatha and Blincyto and newer medicines like Tavneos and Tezspire, are driving sales, more than offsetting declining revenues from oncology biosimilars and mature products like Enbrel.
New biosimilar launches are also contributing to growth. Amgen has some key pipeline assets with a focus on the obesity candidate, MariTide. Data from studies on MariTide are expected in the fourth quarter. However, increased pricing headwinds and competitive pressure are hurting sales of many products.
Weakness in some key brands like Otezla and Lumakras creates potential revenue strains. Sales of best-selling drugs Prolia and Xgeva are expected to decline from the second half of 2025 due to biosimilar competition. Estimates have declined ahead of Q3 results. Amgen has a positive record of earnings surprises in recent quarters.
(You can read the full research report on Amgen here >>>)
Shares of IDT have gained +6.5% over the past year against the Zacks Diversified Communication Services industry's gain of +10.2%. This microcap company with a market capitalization of $1.25 billion has scalable, high-margin platforms — NRS, BOSS Money and net2phone — which drive sustained EBITDA and cash flow growth. NRS recurring revenues rose 27% with expanding margins and POS growth, positioning for deeper monetization via digital coupons.
BOSS Money's digital pivot lifted EBITDA, aided by margin expansion and WhatsApp integration. net2phone's AI rollout supports 54% EBITDA growth and rising ARPU. Core communications remain a cash engine funding growth. Strong liquidity ($253.8 million, no debt) and a 43% EBITDA increase underpin flexible capital returns.
Risks include working-capital drag, customer concentration, pricing elasticity and rising CapEx intensity. The valuation suggests investors can access strong earnings growth and cash generation at a discounted entry point, offering significant multiple expansion potential.
(You can read the full research report on IDT here >>>)
Village Super Market's shares have gained +15.4% over the past year against the Zacks Retail - Supermarkets industry's gain of +30.1%. This microcap company with market capitalization of $488.08 million delivered strong FY25 results, with 12% net income growth to $56.4 million, driven by 2.1% same-store sales gains, digital adoption, and pharmacy strength.
Operating margin held firm at 23.95% due to labor and occupancy efficiencies. Strategic store replacements — like the larger-format Watchung and Old Bridge locations — boosted productivity and fulfillment. FY26 includes another replacement store in East Orange. A healthy balance sheet with $110.7 million in cash and reduced debt offers financial flexibility. Dividends remain consistent and sustainable, with a low payout ratio (<25%).
Village's mix of urban and suburban formats enables targeted customer engagement. Risks include legal disputes with Wakefern, internal cannibalization, labor contract expirations, cybersecurity dependence, and margin pressures from inflation. Shares trade at 0.18x EV/sales vs. 1.22x for peers.
(You can read the full research report on Village Super Market here >>>)
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The Zacks Analyst Blog Highlights Amazon.com, Wells Fargo, Amgen, IDT and Village Super Market

Thursday, October 23, 2025
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Amazon.com, Inc. (AMZN), Wells Fargo & Co. (WFC) and Amgen Inc. (AMGN), as well as two micro-cap stocks IDT Corp. (IDT) and Village Super Market, Inc. (VLGEA). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Ahead of Wall Street
The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.
You can read today's AWS here >>> Pre-markets Mostly Lower on Biggest Earnings Day of the Week
Today's Featured Research Reports
Amazon.com’s shares have outperformed the Zacks Internet - Commerce industry over the past year (+18.1% vs. +17.6%). The company’s top-line is driven by steady momentum in Prime and AWS. Strengthening AWS services portfolio and its growing adoption rate is contributing well to AWS performance. Ultrafast delivery services and expanding content portfolio are beneficial.
Strengthening relationships with third-party sellers is a positive. Robust advertising business is also contributing well. Growing capabilities in grocery, pharmacy, healthcare and autonomous driving are other positives. Deepening focus on GenAI is a major plus.
The Zacks analyst expect 2025 net sales to grow 10.6% from 2024. However, weak third-quarter operating income guidance of $15.5-20.5 billion and concerns about margin pressure from heavy AI investments totaling $100+ billion in capital expenditure plans are overhangs. Elevated operating expenses amid intensifying cloud competition remain headwinds.
(You can read the full research report on Amazon.com here >>>)
Shares of Wells Fargo have gained +33.5% over the past year against the Zacks Financial - Investment Bank industry’s gain of +36.2%. The company’s third-quarter 2025 results benefited from an improvement in net interest income (NII), fee income and lower provisions. Its earnings surpassed the estimates in each of the trailing four quarters.
The Fed's June 2025 removal of the $1.95 trillion asset cap allows growth in deposits, loans and fee-based services. After clearing the 2025 Fed stress test, Wells Fargo raised its dividend, backed by strong liquidity and capital position. Also, strategic investments in talent and technology support long-term growth.
Yet despite the recent Fed rate cut, NII recovery may remain slow, pressuring near-term revenue growth. The mortgage banking income remains weak amid ongoing mortgage rate volatility. Also, rising technology and compensation costs may weigh on profitability.
(You can read the full research report on Wells Fargo here >>>)
Amgen’s shares have outperformed the Zacks Medical - Biomedical and Genetics industry over the year-to-date period (+15.4% vs. +11.1%). The company’s key medicines like Evenity, Repatha and Blincyto and newer medicines like Tavneos and Tezspire, are driving sales, more than offsetting declining revenues from oncology biosimilars and mature products like Enbrel.
New biosimilar launches are also contributing to growth. Amgen has some key pipeline assets with a focus on the obesity candidate, MariTide. Data from studies on MariTide are expected in the fourth quarter. However, increased pricing headwinds and competitive pressure are hurting sales of many products.
Weakness in some key brands like Otezla and Lumakras creates potential revenue strains. Sales of best-selling drugs Prolia and Xgeva are expected to decline from the second half of 2025 due to biosimilar competition. Estimates have declined ahead of Q3 results. Amgen has a positive record of earnings surprises in recent quarters.
(You can read the full research report on Amgen here >>>)
Shares of IDT have gained +6.5% over the past year against the Zacks Diversified Communication Services industry’s gain of +10.2%. This microcap company with a market capitalization of $1.25 billion has scalable, high-margin platforms — NRS, BOSS Money and net2phone — which drive sustained EBITDA and cash flow growth. NRS recurring revenues rose 27% with expanding margins and POS growth, positioning for deeper monetization via digital coupons.
BOSS Money’s digital pivot lifted EBITDA, aided by margin expansion and WhatsApp integration. net2phone’s AI rollout supports 54% EBITDA growth and rising ARPU. Core communications remain a cash engine funding growth. Strong liquidity ($253.8 million, no debt) and a 43% EBITDA increase underpin flexible capital returns.
Risks include working-capital drag, customer concentration, pricing elasticity and rising CapEx intensity. The valuation suggests investors can access strong earnings growth and cash generation at a discounted entry point, offering significant multiple expansion potential.
(You can read the full research report on IDT here >>>)
Village Super Market’s shares have gained +15.4% over the past year against the Zacks Retail - Supermarkets industry’s gain of +30.1%. This microcap company with market capitalization of $488.08 million delivered strong FY25 results, with 12% net income growth to $56.4 million, driven by 2.1% same-store sales gains, digital adoption, and pharmacy strength.
Operating margin held firm at 23.95% due to labor and occupancy efficiencies. Strategic store replacements — like the larger-format Watchung and Old Bridge locations — boosted productivity and fulfillment. FY26 includes another replacement store in East Orange. A healthy balance sheet with $110.7 million in cash and reduced debt offers financial flexibility. Dividends remain consistent and sustainable, with a low payout ratio (<25%).
Village’s mix of urban and suburban formats enables targeted customer engagement. Risks include legal disputes with Wakefern, internal cannibalization, labor contract expirations, cybersecurity dependence, and margin pressures from inflation. Shares trade at 0.18x EV/sales vs. 1.22x for peers.
(You can read the full research report on Village Super Market here >>>)
Other noteworthy reports we are featuring today include RTX Corp. (RTX), Marsh & McLennan Companies, Inc. (MMC) and América Móvil, S.A.B. de C.V. (AMX).
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
Featured Reports
Defense Orders Drive RTX Corporation (RTX), Despite Supply Chain Woes
Per the Zacks analyst, RTX is likely to benefit from increasing defense order growth from the Pentagon and US allies. Yet supply chain issues result in delays and increase costs.
Marsh & McLennan (MMC) Strategic Buyouts Aid, Expenses High
Per the Zacks analyst, multiple acquisitions help Marsh & McLennan expand geographically and diversify its portfolio. However, escalating expenses remain a concern.
Smucker (SJM) to Continue Gaining from Coffee Business Strength
Per the Zacks analyst, Smucker is likely to gain from strength in its coffee business, thanks to Folgers and Cafe Bustelo brands. In first quarter, coffee unit sales grew 15% driven by solid pricing.
AI Tax Assist Benefits H&R Block (HRB) Amid Low Liquidity
Per the Zacks Analyst, integration of a generative AI-powered technology, AI Tax Assist, in H&R Block's DIY tax preparation boosts top line. Low liquidity is concerning.
Spec Home Strategy Benefits Meritage Homes (MTH) Amid Macro Risks
Per the Zacks analyst, Meritage Homes is gaining from its speculative homebuilding strategy and land investments. However, housing market weakness and high costs are a hindrance.
R&D Focus & MedTech Strength Aid Integer Holdings (ITGR), Amid Risks
Per the Zacks analyst, Integer Holdings' strong R&D focus and solid presence in the MedTech space drive optimism. However, heavy regulation, competition, and supplier dependence remain concerns.
Global Reach & Inverter Shipments Aid SolarEdge Technologies (SEDG)
Per the Zacks analyst, SolarEdge Technologies benefits from its expanding production facilities and increased global footprint. Consistent inverter shipments will boost its performance.
New Upgrades
America Movil (AMX) Gains from Rising Subscriber Engagement
Per the Zacks analyst, America Movil's performance is benefiting from an uptick in broadband client base and wireless subscribers. An augmented 5G footprint is a tailwind.
Strong Adoption of Automated Solutions Aids Teradyne's (TER) Prospects
Per the Zacks analyst, Teradyne benefits from strong adoption of automated solutions that is automating semiconductor customers' back-end processes.
Alkermes (ALKS) Rides on Robust Sales Performance of Proprietary Drugs
Per the Zacks analyst, Alkermes' top line is being driven by the sales of its proprietary drugs, Vivitrol, Aristada and Lybalvi. The company is also making good progress with its pipeline development.
New Downgrades
Liberty Energy (LBRT) Hurt by Slowdown in Industry's Frac Activity
The Zacks analyst highlights challenges for Liberty Energy's earnings growth due to slowdown in industry's frac activity including market pricing pressures.
North American Slowdown to Pressure Halliburton (HAL)
The Zacks analyst believes that reduced spending and a cautious stance by North American operators could pressure Halliburton's onshore activity and pricing.
Subdued Truck Market & Tariffs Woes to Dent PACCAR's (PCAR) Margins
Weak truck deliveries, tariff costs, and input inflation are likely to pressure PACCAR's near-term margins amid a sluggish freight recovery, making the Zacks analyst bearish on the stock.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Top Research Reports for Amazon.com, Wells Fargo & Amgen

The Kids Aren't All Right (Banks, However, Are)

In this podcast, Motley Fool contributors Tyler Crowe, Matt Frankel, and Jon Quast discuss:
Earnings, outlooks, and conference call commentary from the big banks' third quarter.
Private assets' role in an investor's portfolio.
Stocks on their radar.
To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. When you're ready to invest, check out this top 10 list of stocks to buy.
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A full transcript is below.
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This podcast was recorded on Oct. 16, 2025.
Tyler Crowe: Private markets are becoming the public markets. This Motley Fool Money. Welcome to Motley Fool Money on Tyler Crowe, joined by longtime Fool contributors, Jon Quast and Matt Frankel. Now, we're going to cover the market buzz around private assets that are looking to make their way into retirement accounts and cover stocks on our radar, like we do every Thursday. But first, earning season is heating up. Yesterday, our colleagues discussed ASML's results, and we were tempted to also discuss Taiwan Semiconductor's strong earnings report and outlook. But I feel like we've discussed AI and the picks and shovels plays a lot lately on our episode of Motley Fool Money. We wanted to look at some of the non AI parts of the markets, and what better way to do that than with the big banks. The results from JPMorgan, Bank of America, Wells Fargo, and several others came out earlier this week. I don't want to rehash the numbers too much. Instead, I want to really focus on some of the big takeaways from either the outlooks or commentary that we saw in the market. Matt, what stood out to you on this most recent round of updates?
Matt Frankel: First of all, all the big banks, including all the ones you mentioned and others, beat expectations for earnings. Strong numbers so far, but there are some big winners among the group. I'd say, in order, my biggest winners of earnings season so far among the banks are Wells Fargo, Morgan Stanley, and Bank of America. With the latter two, Bank of America and Morgan Stanley, they both benefited from a robust IPO and M&A market, which I think Jon's going to talk about more in a second. This led to investment banking fee growth of 43 and 44% year year respectively for those two. Equities trading revenue was really strong at beat expectations. Not only that, Bank of America reported a surprise decline in their credit loss provision, which is going to come into play a little later in our conversation. But in general, investment banking was really strong, and Wells Fargo is particularly interesting because they don't depend as much on investment banking, and we're a big winner. Their stocks up 10% since earnings. One major thing is that management is now expecting 17-18% returns on tangible common equity over the medium term, up from the previous estimates, after the Federal Reserve lifted their asset cap finally after seven years. The bank is now going on offense. Charlie Sharf, the CEO, said that Wells Fargo aims to be the number one consumer bank, a lofty goal, and a top five investment bank, which they're not I don't even think they're a top 10 investment bank right now. Plus, like Bank of America, Wells Fargo decreased their loan loss provision significantly, so some really big surprises so far.
Jon Quast: As Matt points out here, the investment banking market right now is just red hot. Accounting firm Ernst & Young, they just released a report that showed that merger and acquisition deal values in September up over 110% year over year. Those are some big deals in there. Volume was a little bit lower, but even still the activity in September up 41%. I capped off a third quarter here, where value for M&A was up 239% from the third quarter of 2024, and volume was up 164%, so nearly tripling. Things are clearly heating up in this space. That was reflected in the banking numbers that Matt was just talking about. Just to drill down into these things a little bit further, JP Morgan CFO Jeremy Barnum said that there have been some IPO deals sitting in the pipes ready to go, and they've just been waiting for better valuation and lower volatility, and the third quarter delivered on that. The same applies to merger and acquisition activity. You also look at some of the comments from Bank of America, CFO Alastair Borthwick said that the fourth quarter is shaping up nicely, and then Morgan Stanley comes out and says, they're actually building their business with expectations that the next 3-5 years are going to show positive trends in this investment banking market, and so all this is really positive.
Tyler Crowe: I guess it goes to show what personality I have because I focused in a little bit on the one negative market commentary that I think we saw in all of the banking stuff. It was during the JP Morgan conference call, Jamie Dimon made some, we can say comments on the state of private credit and lending to private credit. This comes on the heels of Auto Parts manufacturer First Brands Group and used auto dealer Tricolor both filing for bankruptcy. These are both private companies. Those companies had loans with private creditors who also just had those private creditors had loans with big banks. Jamie Dimon hinted that he thinks the private credit and other these non bank financial institutions, lenders to private equity and things like that. A lot of his commentary pointed to being a little bit of a weak point in the market. I'm trying to sparse between his commentary being like, we don't know how good these folks underwriting is, which it's either a commentary on the market or just Dimon trying to talk up JP Morgan's book, which that's obviously his job a little bit. It certainly gives me something to follow up in the coming quarters as to whether or not it was, again, just Jamie Dimon talking it up or, if there's actually really something here. Let me pass this back to you. What were the questions that you were left with on this most recentearnings call What do you want to follow up on?
Jon Quast: I would say that the investment banking commentary says that the economy is really in a healthy place or at least it's on the right track. My question is, what changes that and how secure is that? Investing is a lot to do with risk management. If I was to rewind the clock, go back to 2019, I just remember that economy feeling like a freight train in late 2019 and just asking, what would possibly change that? A once in a century pandemic. But this time it doesn't quite feel like a a freight train to me. It does feel a little bit more fragile, and maybe that's reflected in some of the comments you just brought out from Jamie Dimon. It feels like we're just a social media post away from changing some investor sentiment dramatically. I'm just looking at this. I'm saying, OK, the numbers are saying that the economy is very healthy or at least going in the right direction. What would it take to change that?
Matt Frankel: Look, I have mixed thoughts just like Tyler does, mainly because the sharp declines in the loss reserves from both Bank of America and Wells Fargo, really seem to contradict Jamie Dimon's statement on credit quality. I agree. I've been saying for a long time that the auto lending industry, especially the subprime market, could be a bit of a house of cards. It is far too easy to borrow, say, $50,000 to buy a depreciating asset, right now. It's harder to get a mortgage, which is a safer form of a loan. But that doesn't mean that all private credit is necessarily set for a collapse. It could just be specific to the auto lending industry. It's definitely worth monitoring over the next few quarters. But over the past few years, since 2022 when the bear market happened, pretty much every fear about deteriorating credit hasn't materialized as much as we thought it would.
Tyler Crowe: Coming up, private assets want to be in your retirement, and it could really affect the way we invest.
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Tyler Crowe: Admittedly, discussing first brands and Tricolors bankruptcy in the last segment isn't really exactly the best lead in for this next discussion, but not every transition could be perfect. The drumbeat around private assets has become becoming more available to the investing public is getting louder and louder. More and more asset managers are exploring ways to package private assets either as private equity or private credit into taxed advantage accounts like 401(k)s. Now, I myself have a lot of conflicting thoughts about this. On the one hand, making private assets available to individuals gives us a lot more investing choices, which most of the time more choices is better. Conversely, I can see asset managers that own these assets and trying to get them to individuals as a way of charging high fees for the privilege and access to private funds that they don't have anymore because low cost index funds and ETFs eroded a lot of fees that former mutual funds and asset managers used to enjoy. I'm going to put it both to you because there's a lot of stories out there of companies like Blackstone, BlackRock. All of these companies that are looking to find a new way to package private investments into 401(k)s or other types of retirement accounts. How do you see private assets fitting into your investment strategy?
Jon Quast: Personally, I'm a big fan of few regulations from Uncle Sam. On principle, I like the idea of being able to add private assets to my retirement account. There are some companies that I would have loved to in recent years, and one that comes to mind is Neuralink from Elon Musk. That's just a fascinating company to me, and I would love to be able to invest in my retirement account. I find it extremely interesting. That said, as I look about this from a broad perspective, opportunity without education is like giving a small child a box of matches. They can get hurt, and they can break things. I think there's a smart way to open this up, and I think that there's a bad way to open this up. Hopefully, we do it the smart way and not the way that creates a lot of problems, especially financially for people just getting involved in something that they don't really understand.
Matt Frankel: Tyler, you're right that so far, all of the deregulation around any type of private assets have allowed managers and investment platforms to charge high fees to investors. We've talked about this privately before. But there are funds out there that give investors private exposure to private companies like SpaceX and Open AI, and charge, let's say, ridiculous fees. But like you, I'm conflicted. It's both an opportunity and a threat to the retirement security of people in these 401(k) plans. The statement from the executive order that the president signed allowing this is misleading that the standard products like S&P 500 index funds are, "Are not letting people achieve secure retirements." The S&P 500 has been a great wealth builder over the long term. The problem is that the average person doesn't save enough for retirement. It's not that they haven't had opportunities to build wealth. I have conflicted feelings about this. Like Jon said, there is a right way and a wrong way to do it.
Tyler Crowe: There's been a lot of deregulation of access to things like this. It started with the 2012 Jobs Act is something I can think of. I think, ultimately, and this is I give my concluding thoughts, I guess, and moves like this feel like an appeal to the inattentive investor, the ones that sign up for whatever plans your company's 401(k) signs up for. To that, the good marketing of private equity isn't subject to the whims of the market or something like that for long term investments. You can see the marketing. It writes itself. But individual investors like us who put the time and effort into finding individual stocks to buy and hold over the long term. I don't know if we'll see as many benefits from this because we want to do our due diligence. We'll see how this shakes out, but I think that's where I'm going to end up landing unless somebody really blows me away with a really interesting offer in private capital. After that, we'll do stocks on our radar.
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Tyler Crowe: Guys, unfortunately, none of us were the recipients of that $300 trillion stablecoin fat finger that happened at PayPal either yesterday or today. I think we're just going to have to keep on building wealth, the old fashioned way, with some buy and hold stocks. With that in mind, what's actually on your radar this week? Jon, we're going to start with you.
Jon Quast: On my radar this week is company called TripAdvisor, symbol TRIP. At Hidden Gems, we value misunderstood companies, has something that the market's not appreciating, and TripAdvisor certainly has that, in my opinion. It's not just the TripAdvisor brand that you get here. You also get another brand, which is called Viator. Now, I want to just talk about Viator because I believe that the real value here, and this goes along with our discussion regarding investment banking. I think that TripAdvisor has something more valuable in Viator than what TripAdvisor is itself, and spinning it out or IPOing it in some way may unlock that value. You just look at Viator by itself for a moment. It's generated 882 million in trailing 12 month revenue. It's growing at 11%, which is double digits, high gross margin. It is profitable on a stand-alone basis. You look at something like Airbnb, a price to sales ratio of seven. Let's give Viator half that valuation at 3.5 times sales. Viator would have a $3 billion market cap on a stand alone basis. You look at TripAdvisor right now, it has a $1.8 billion market cap. Potentially more value in Viator as a stand-alone business than what it is right now under TripAdvisor. I think this is an underappreciated thing and why it's on my radar.
Matt Frankel: I'm going to talk about one of my longtime favorite real estate companies to follow Empire State Realty Trust, ESRT. They own the Empire State Building and a portfolio of about two dozen other primarily office buildings in Manhattan. Not only is the stock about 35% below its 52 week high, despite pretty strong performance from its business and the observatory on the Empire State Building, but I'm seeing signs that the New York City office market could be stronger than most experts think. Just consider that competitor SL Green just agreed to buy a 36 story office tower right near Park Avenue for $730 million. It's a big bet that the New York City office market will strengthen in the years to come. If it turns out they're paying the right price, the Empire State Building alone could be worth more than the current market cap of the company. Forget the other two dozen properties. Talk about a Hidden Gem. I think if the New York City office market does what SL Green thinks it's going to do, the Empire State could be a bargain.
Tyler Crowe: On the deregulatory thing, there's been another story about the Trump administration looking to privatize its portfolio of student loans, which I don't know if it's going to happen or not, but it gives me a pretty lame excuse to talk about SLM Corp. Ticker is SLM. This people might also know it as Sallie Mae, which is basically the bank similar to Fannie Mae & Freddie Mac, but it's focused on student loans. It is actually a publicly traded company. One of the things that makes it so appealing to me is if you actually look at the credit quality that it has, you think of student loans, they tend to be a relatively secure loan in the sense of paybacks. Our default rates are relatively low. They actually can't even be discharged in bankruptcy. They also get things like high rates of cosigned with parents and things like that, and a lot of what they actually have on their books is for masters in business or premed or law or something like that. It tends to have very high amounts with also good credit quality for future payments. It's just a business to me that looks incredibly well. If you look at things like net interest spreads, which is the difference between the interest rate on the loans and how much its depositors get, it's quite high compared to most other banks. You get a secure payment at a high net interest rate. This is a business right now that's trading for about 11 or 12 times earnings. I think people are worried about credit quality, but I think that might be a little overblown for a business that if we talk about hidden, it really is quite hidden out there and a very quality business for something. Matt, Jon, that's all the time we have for today. Thanks for sharing your thoughts.
As always, people on the program may have interests in the stock they talk about, and the Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. All personal finance content follows Motley Fool editorial standards and is not approved by advertisers. Advertisements are sponsored content and provided for informational purposes only. To see our full advertising disclosure, please check out our shows. Thanks again to our producer Dan Boyd, for keeping us on schedule for Matt, Jon and myself. Thanks for listening, and we'll chat again soon.
Wells Fargo is an advertising partner of Motley Fool Money. SLM is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Jon Quast has positions in Airbnb. Matt Frankel has positions in Bank of America, Empire State Realty Trust, and PayPal. Tyler Crowe has positions in SLM and has the following options: short December 2025 $32 puts on SLM. The Motley Fool has positions in and recommends ASML, Airbnb, Blackstone, JPMorgan Chase, PayPal, and Tripadvisor. The Motley Fool recommends BlackRock and Empire State Realty Trust and recommends the following options: long January 2027 $42.50 calls on PayPal and short December 2025 $75 calls on PayPal. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Private Assets Meet Public Markets

For Immediate Release
Chicago, IL – October 23, 2025– Zacks Director of Research Sheraz Mian says, "For the 99 S&P 500 members that have reported Q3 results, total earnings are up +13.7% from the same period last year on +8.2% higher revenues."
Finance Sector Provides Flying Start to Q3 Earnings Season
Note: The following is an excerpt from this week's Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>
Here are the key points:
For the 99 S&P 500 members that have reported Q3 results, total earnings are up +13.7% from the same period last year on +8.2% higher revenues, with 86.9% beating EPS estimates and 81.8% beating revenue estimates. The proportion of these 99 index members beating both EPS and revenue estimates is 75.8%.
For the Finance sector, we now have Q3 results from 54.5% of the sector's total market capitalization in the S&P 500 index. Total earnings for these Finance sector companies are up +23.0% from the same period last year on +12.0% higher revenues, with 97.0% beating EPS estimates and 87.9% beating revenue estimates.
The Finance sector's Q3 earnings performance is tracking significantly above what we have seen from the sector in other recent periods, both in terms of the earnings and revenue growth pace as well as the beats percentages. In fact, the sector's Q3 revenue beats percentage of 87.9% is the highest for this group of companies over the preceding 20-quarter period.
The above-average beats percentages at this stage of the Q3 reporting cycle are notable in light of the favorable revisions trend that was in place ahead of the start of this earnings season. In other words, actual Finance sector results came in ahead of expectations that had already moved up before these results came in.
Strong Start to the Q3 Earnings Season
American Express AXP became the latest Finance player to beat Q3 earnings and revenue estimates, also offering positive, reassuring commentary on the health of the consumer and the broader economy. The American Express results followed similar results and commentary from the likes of JPMorgan JPM, Citigroup C, Wells Fargo WFC and others.
The economic read-through from these bank results is reassuring and positive, notwithstanding worries about non-bank lenders following a few bankruptcies. Consumer spending and household financials remain stable on the back of a labor market that remains very strong. There are signs of improving credit demand, and delinquencies are off their highs, references to 'cockroaches' notwithstanding.
Importantly, the capital markets business has finally started showing results, after many quarters of management teams describing improving deal pipelines. We are still at low levels relative to history. But given the favorable regulatory and monetary policy backdrop, it is reasonable to get excited about the sector's Wall Street business.
For the 54.5% of the sector's market capitalization that have reported Q3 results, total earnings and revenues are up +23.0% and +12.0%, respectively, and 97.0% are beating EPS estimates and 87.9% are beating revenue estimates. The proportion of these Finance sector companies beating both EPS and revenue estimates is 87.9%.
For the Zacks Finance sector as a whole, Q3 earnings are expected to increase by +23.4% from the same period last year on +7.8% higher revenues.
The Earnings Big Picture
Positive Q3 results and reassuring management commentary from these banks are helping sustain the favorable revisions trend that has been in place lately.
For 2025 Q3, the expectation is for earnings growth of +7.3% on +6.7% revenue gains. We have consistently shown in this space how Q3 estimates have steadily increased since the quarter began.
The aforementioned favorable revisions trend validates the market's rebound from the April lows. However, the trend can only be sustained if Q3 earnings results and management guidance for Q4 and beyond confirm it.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Zacks Earnings Trends Highlights: American Express, JPMorgan, Citigroup and Wells Fargo

Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>
Here are the key points:
For the 99 S&P 500 members that have reported Q3 results, total earnings are up +13.7% from the same period last year on +8.2% higher revenues, with 86.9% beating EPS estimates and 81.8% beating revenue estimates. The proportion of these 99 index members beating both EPS and revenue estimates is 75.8%.
For the Finance sector, we now have Q3 results from 54.5% of the sector’s total market capitalization in the S&P 500 index. Total earnings for these Finance sector companies are up +23.0% from the same period last year on +12.0% higher revenues, with 97.0% beating EPS estimates and 87.9% beating revenue estimates.
The Finance sector’s Q3 earnings performance is tracking significantly above what we have seen from the sector in other recent periods, both in terms of the earnings and revenue growth pace as well as the beats percentages. In fact, the sector’s Q3 revenue beats percentage of 87.9% is the highest for this group of companies over the preceding 20-quarter period.
The above-average beats percentages at this stage of the Q3 reporting cycle are notable in light of the favorable revisions trend that was in place ahead of the start of this earnings season. In other words, actual Finance sector results came in ahead of expectations that had already moved up before these results came in.
Strong Start to the Q3 Earnings Season
American Express AXP became the latest Finance player to beat Q3 earnings and revenue estimates, also offering positive, reassuring commentary on the health of the consumer and the broader economy. The American Express results followed similar results and commentary from the likes of JPMorgan JPM, Citigroup C, Wells Fargo WFC, and others.
The economic read-through from these bank results is reassuring and positive, notwithstanding worries about non-bank lenders following a few bankruptcies. Consumer spending and household financials remain stable on the back of a labor market that remains very strong. There are signs of improving credit demand, and delinquencies are off their highs, references to ‘cockroaches’ notwithstanding.
Importantly, the capital markets business has finally started showing results, after many quarters of management teams describing improving deal pipelines. We are still at low levels relative to history. But given the favorable regulatory and monetary policy backdrop, it is reasonable to get excited about the sector’s Wall Street business.
For the 54.5% of the sector’s market capitalization that have reported Q3 results, total earnings and revenues are up +23.0% and +12.0%, respectively, and 97.0% are beating EPS estimates and 87.9% are beating revenue estimates. The proportion of these Finance sector companies beating both EPS and revenue estimates is 87.9%.
The comparison charts below show the Q3 revenue growth rates and blended beats percentages for these companies.
Image Source: Zacks Investment Research
For the Zacks Finance sector as a whole, Q3 earnings are expected to increase by +23.4% from the same period last year on +7.8% higher revenues, as the chart below shows.
Image Source: Zacks Investment Research
The Earnings Big Picture
Positive Q3 results and reassuring management commentary from these banks are helping sustain the favorable revisions trend that has been in place lately.
For 2025 Q3, the expectation is for earnings growth of +7.3% on +6.7% revenue gains. We have consistently shown in this space how Q3 estimates have steadily increased since the quarter began.
The chart below shows expectations for 2025 Q3 in terms of what was achieved in the preceding four periods and what is currently expected for the next three quarters.
Image Source: Zacks Investment Research
The chart below shows the overall earnings picture for the S&P 500 index on an annual basis.
Image Source: Zacks Investment Research
The aforementioned favorable revisions trend validates the market’s rebound from the April lows. However, the trend can only be sustained if Q3 earnings results and management guidance for Q4 and beyond confirm it.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Finance Sector Provides Flying Start to Q3 Earnings Season

Interest rates are on the decline, U.S.-China trade tensions have heightened and markets have been on a wild ride of late. Against this backdrop, the largest banks of the United States reported earnings. The economic signal from these bank results remains positive so far despite concerns over non-bank lenders, especially after a few recent bankruptcies.
Wall Street credit concerns have resurfaced lately, following a warning from JPMorgan Chase JPM CEO Jamie Dimon about “cockroaches” in the U.S. economy, as quoted on Yahoo Finance. Note that on Thursday, shares of regional banking shares suffered due to fresh signs of credit stress in the banking sector.
Zions Bancorporation plunged 13% on the day and Western Alliance Bancorporation fell about 10%. Zions took a $50 million charge-off related to two loans extended through its California Bank & Trust division, as quoted on Yahoo Finance.
Meanwhile, Western Alliance said it filed a fraud lawsuit in August against a borrower tied to a revolving credit facility. However, Western Alliance has assessed the collateral and believes that their value is sufficient to cover the obligation.
Vanguard Financials Index Fund ETF VFH has lost 3.1% over the past month (as of Oct. 21, 2025) while SPDR S&P Bank ETF KBE has fallen 5.2%. These returns came against 0.7% uptick in SPDR S&P 500 ETF Trust SPY.
Is More Pain Ahead?
The capital markets segment is finally delivering results after several quarters of management highlighting improving deal pipelines. While activity has remained low by historical standards, the favorable regulatory and monetary policy environment makes it reasonable to be optimistic about the sector’s prospects.
Consumer spending and household finances remain stable, supported by a decent labor market. Credit demand shows signs of improvement and delinquencies have declined from their peaks despite references to so-called ‘cockroaches.’
For the Finance sector, we now have third-quarter results from 47.7% of the sector’s total market capitalization in the S&P 500 index. Total earnings for these Finance sector companies grew more than 20.4% from the same period last year on 10.9% higher revenues, with 96.2% beating EPS estimates and 88.5% beating revenue estimates.
JPMorgan Chase & Co. (JPM), Wells Fargo & Company WFC, Citigroup Inc. C, Goldman Sachs GS, Morgan Stanley MS and Bank of America BAC beat both top and bottom-line estimates in their latest earnings releases.
Upbeat Zacks Ranks
The Finance sector ranks fifth out of the 16 Zacks classified sectors. The Financial - Investment Bank category, which most big banks come from, is also strongly positioned at present. The industry ranks in the top 14% of the 243 industries classified by Zacks.
Cheaper Valuation
The financials sector currently trades at a forward price-to-earnings multiple of 10.97X versus 19.88X possessed by the S&P 500. The Financial - Investment Bank industry trades at a forward P/E of 15.61X.
Projected EPS Growth of the sector is a solid 8.41% versus the S&P 500’s growth of 6.88%. The Financial - Investment Bank industry’s growth is 14.45%. The financials sector currently has a lower debt-to-equity ratio of 0.34X than the S&P 500’s 0.58X. The Financial - Investment Bank industry’s debt-to-equity ratio is even lower at 0.15X.
Steepening Yield Curve in the Cards?
The Fed is currently cutting interest rates. If risk-on sentiment in the market holds (assuming the so-called AI bubble doesn’t burst), long-term bond yields are likely to rise, while short-term yields will decline due to the Fed’s rate cuts.
This would steepen the yield curve — a positive for the banking sector — by boosting banks’ net interest margins. However, healthy credit demand is necessary to support gains in the net interest margins.
Bank ETFs in Focus
Against this backdrop, financials exchange-traded funds (ETFs), such as iShares U.S. Financial Services ETF IYG, iShares US Financials ETF IYF, Invesco KBW Bank ETF KBWB, Financial Select Sector SPDR XLF and Vanguard Financials ETF VFH, should gain ahead.
(We are reissuing this article to correct a mistake. The original article, issued on Oct. 21, 2025 should no longer be relied upon.)
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Bank ETFs in Red Over the Past Month: Pain or Gain Ahead? (Revised)

SoFi Technologies, Inc. SOFI is not just deploying another AI feature; it’s transforming its customer engagement model through Konecta, an AI chatbot powered by Galileo.
More than a service enhancement, Konecta represents SoFi’s move toward scalable efficiency and sustained customer retention in a financial sector rapidly shaped by artificial intelligence. The early numbers are telling: a 65% faster average response time, a 7% lift in service performance, and a 50% reduction in chat abandonment. By managing 5% more interactions without escalation, Konecta enables SoFi to scale while freeing human agents for high-value, complex queries, resulting in direct cost efficiency and stronger brand loyalty.
Meanwhile, Wells Fargo WFC continues to reinforce how AI can redefine service delivery. Its AI assistant, Fargo, has processed over 245 million interactions, showcasing the scalability and security demanded by modern banking. WFC’s success with Fargo emphasizes the need to blend innovation with data privacy, a lesson SOFI must heed as it expands Konecta. Wells Fargo has proven that trust and technology can coexist; a framework that SoFi can emulate to cement its position among fintech leaders.
Also, Bank of America BAC offers a clear benchmark through its widely successful digital assistant, Erica. BAC has integrated Erica as a growth enabler, not just a service tool, helping drive cross-selling, user engagement and customer trust. The success of Erica highlights how well-executed chatbots can evolve into profit levers. SOFI seems to be charting a similar course, using Konecta as both an operational and strategic catalyst. Just as Erica strengthened Bank of America’s digital ecosystem, Konecta could become central to SoFi’s ecosystem-wide efficiency and customer satisfaction.
Ultimately, SoFi’s AI push through Konecta puts it squarely in the same digital league as Bank of America and Wells Fargo. With proven performance gains and growing operational leverage, Konecta isn’t just helping SoFi catch up; it’s setting the company apart in the banking chatbot race. For investors, the message is clear: SoFi’s integration of Konecta is a step toward higher efficiency, deeper engagement and a durable competitive moat in the evolving AI-driven financial landscape.
SOFI’s Price Performance, Valuation and Estimates
The stock has gained 87% year to date compared with the industry’s 3% rise.
Image Source: Zacks Investment Research
From a valuation standpoint, SOFI trades at a forward price-to-earnings ratio of 56X, well above the industry’s 24X. It carries a Value Score of F.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for SOFI’s 2025 earnings has been on the rise over the past 60 days.
Image Source: Zacks Investment Research
SOFI stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. Little-known AI firms tackling the world's biggest problems may be more lucrative in the coming months and years.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.