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Big tech names set to report next week include Intel Corp and Yahoo Inc on Tuesday; eBay Inc on Wednesday and Google Inc on Thursday. Goldman Sachs analysts wrote in a note that the information technology sector "appears to be the most undervalued sector," giving investors more reasons to be bullish on tech stocks.
NEW YORK, July 11- Wells Fargo& Co is angling to cash in on the U.S. energy boom, as the fourth-largest U.S. bank looks for new avenues of revenue growth to overcome a slump in mortgage lending, its traditional driver of profits.
BRUSSELS/ MOSCOW- The European Union seeks to reassure Russia that a free-trade pact with Ukraine is not aimed at hurting Moscow, but rejects calls to postpone implementation, offering more talks instead.
*Wells Fargo falls, more banks' earnings due next week. Shares of Wells Fargo& Co., down 0.5 percent at $51.54, were in the spotlight as the biggest U.S. mortgage lender was the first major U.S. bank to report earnings. Wells Fargo's results will be followed next week by earnings from Citigroup, Goldman Sachs, JPMorgan Chase and Bank of America.
NEW YORK— A look at New York Stock Exchange 10 most-active stocks at 1 p.m.:. Advanced Micro Devices Inc. rose 1.6 percent to $4.36 with 13,140,600 shares traded. Bank of America Corp. fell. 2 percent to $15.41 with 32,022,500 shares traded.
Bank of America Corp. fell$. 04 or. 2 percent, to $15.41. Morgan Stanley fell$. 07 or. 2 percent, to $31.61. US Bank fell$. 07 or. 2 percent, to $43.03.
July 11- Wells Fargo& Co, the fourth-largest U.S. bank, reported a 39 percent drop in mortgage revenue for the second quarter as lending volume dropped, underscoring the urgency for the bank to find other sources of income growth. Meanwhile, the pressure on Wells Fargo's mortgage business, one of its largest sources of revenue for years, is continuing and intense.
Some of Friday's midday movers:
European shares ended the day flat, as traders shrugged off some concerns about the condition of Portugal's banking sector.
NEW YORK, July 11- Major global equities markets steadied and the yen stabilized against the U.S. dollar on Friday as worries about Portugal's biggest bank eased.
*Wells Fargo falls, but revenue tops forecasts. Wells Fargo& Co reported revenue that beat expectations, though for the first time since 2009, the bank did not increase its earnings-per-share from the preceding quarter. Fastenal Co slumped 4.6 percent to $45.92 after revenue missed expectations.
Bank of America Corp. fell$. 14 or. 9 percent, to $15.30. Citigroup Inc. fell$. 26 or. 6 percent, to $46.64. Goldman Sachs fell$. 57 or. 3 percent, to $162.85.
The old adage, "As goes GM, so goes the nation," can apply to Wells Fargo, which released earnings Friday, Raymond James analyst Anthony Polini tells CNBC.
Though Wells Fargo's earnings only met expectations, Jim Cramer says there are several reasons to be bullish on the banking giant.
Economists cut US growth forecasts, but remain optimistic economy will recover from grim 1 Q Cigarette makers Reynolds American, Lorillard discussing merger; would create formidable No. 2 Wells Fargo 2 Q profit climbs, helped by loan growth; Revenue falls but tops Wall Street's view Asian stock markets weak amid new Europe jitters after problems at Portugal bank Whirlpool to pay more than $1 B for controlling stake in Italian appliance maker Indesit Aereo presses case despite Supreme Court setback, seeks licensing treatment as cable company Bulgaria to strip major bank of license; submits audit results to prosecutor US budget likely in surplus in June; deficit expected to be at lowest level since 2008 Chrysler recalls 651,000 SUVs for serviced vanity mirror lights because of fire risk Portugal's biggest bank says it can cope with losses, helping to steady financial markets
Wells Fargo reported Q2 earnings per share of $1.01 on revenue of $21.07 billion. The "Squawk on the Street" crew, share their view of the bank's performance.
Economists downgrade forecasts for US growth Tobacco firms Reynolds, Lorillard in merger talks Wells Fargo 2 Q profit rises, helped by loan growth Europe stocks rebound from bank scare; Asia muted Whirlpool buys big stake in Italy's Indesit Aereo presses case despite Supreme Court setback Bulgaria to strip Corpbank of license Ahead of the Bell: US budget deficit Portuguese bank says it's healthy, markets recover World Cup defeat can hurt domestic stock market
U.S. stock index futures pointed to a higher open, after a bumpy day which saw concerns over Portugal's banking sector cross the Atlantic.
July 11- Wells Fargo& Co, the largest U.S. mortgage lender, reported a 3 percent rise in quarterly profit and said it was seeing a number of signs that the U.S. economy was improving. Wells Fargo shares were down 1 percent at $51.25 before the opening bell on Friday.
*Wells Fargo edges lower, but revenue tops forecasts. *Fastenal reports revenue below expectations. NEW YORK, July 11- U.S. stock index futures pointed to slight gains at the open Friday in a modest rebound from recent losses, though major indexes remained on track for their biggest weekly decline since April.