With thousands of companies reporting earnings this season, it's inevitable that some won't give investors everything they want to see. That's what happened with Wells Fargo (WFC -0.56%) this morning when it reported better-than-expected earnings thanks to mortgage-related fee income but also saw interest margins and mortgage loan volume decline. The resulting fallout sent Wells down more than 1% and pushed the entire banking sector downward, and given that financials have been such a big source of strength for the Dow Jones Industrials (^DJI -0.11%) lately, their reversal of fortune also sent the Dow lower, with the average falling 13 points by 10:45 a.m. EST.
Among Dow stocks, Boeing (BA -2.87%) was once again in the news, falling about 2.5% after the FAA said it would start a review of Boeing's new 787 Dreamliner aircraft. Following additional incidents involving an engine oil leak and a cracked cockpit window on two separate All Nippon Airways flights in Japan earlier today, Boeing may actually benefit from the review if it ends up restoring confidence in the battered aircraft-manufacturer.
In other news, Dendreon (NASDAQ: DNDN) has soared more than 15% in early trading due to a favorable analyst review and upgrade from Bernstein. The analyst argued that Dendreon's prostate cancer drug Provenge is seeing improving market conditions despite tough competition, and anecdotal evidence suggests that physicians are starting to feel more comfortable prescribing Provenge, often as part of a combination of therapies.
Finally, Cliffs Natural Resources (CLF -1.24%) fell 4% on a generally bad day for coal stocks. With natural-gas prices having retreated from a substantial rise in late 2012, coal continues to face the same challenges that plagued the industry last year. But if industrial activity picks up, Cliffs could rebound on demand for iron ore and more specialized metallurgical coal.
