Wells Fargo's Net Interest Margin Shows Slight Improvement; Eli Lilly Receives Buy Rating Amid Acquisition Strategy
Wells Fargo reported a modest improvement in its net interest margin (NIM) for the third quarter, coming in roughly flat to one basis point down from Q2’s rate of 2.43%. This outperformed expectations and marked an encouraging shift after nine consecutive quarters where NIM estimates were missed. The bank's CFO highlighted this as a positive sign amid broader market concerns over rising oil prices and inflationary pressures, which pushed the U.S. benchmark crude to $106 per barrel and elevated 10-year Treasury yields. Eli Lilly received an upgrade from Berenberg to 'buy' status, with analysts emphasizing not only its obesity drug portfolio but also the potential of recent acquisitions funded by GLP-1 sales. The firm has spent around $60 billion on over 25 deals in 2024 alone and is expected to release new data on eloralintide combined with Zepbound soon, which could further bolster investor confidence.
Topics: bond yields Eli Lilly upgrade Federal Reserve meeting oil prices Wells Fargo performance