Wells Fargo Profit Misses Estimates; Bank Of America Beats; Netflix Revises Terms for Warner Brothers

On this episode of Stock Movers:
- Wells Fargo (WFC) missed analysts’ profit estimates as severance costs drove up expenses and net interest income fell short. The bank spent $612 million on severance as part of a plan designed to cut costs. Expenses climbed to $13.7 billion, compared with the $13.6 billion predicted by analysts in a Bloomberg survey, according to a statement Wednesday.
- Bank of America (BAC) reported net interest income for the fourth quarter that beat the average analyst estimate.
- Netflix (NFLX) is working on revised terms for its Warner Bros. Discovery Inc. acquisition and has discussed making an all-cash offer for the company’s studios and streaming businesses, people familiar with the discussions said.The changes are designed to expedite a sale that will take months to close and has faced opposition both from politicians and rival bidder Paramount Skydance Corp. Institutional investors have been divided in their support.

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