Wells Fargo beat earnings estimates by a penny, coming in at $0.82 for the second quarter. That's a dozen cents above last year's Q2. Wells pretty much did what we expected. It's continuing to dominate the mortgage market with its mind-boggling one-third share of the market. It's doing exactly what a strong company is supposed to do in times of market turmoil -- vaccuum up market share at competitors' expense.
Senior banking analyst Anand Chokkavelu explains in the following video.
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Anand Chokkavelu owns shares of Bank of America, Citigroup, Wells Fargo, and JPMorgan Chase. He also owns long-dated options on Bank of America and warrants on Citigroup, Wells Fargo, and JPMorgan Chase. The Motley Fool owns shares of JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup and has created a covered strangle position in Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.