Wells Fargo Stock Falls After Mixed Q1 Report

Group 1 - Wells Fargo & Co reported first-quarter earnings of $1.27 per share, exceeding analyst estimates of$1.23 per share, but revenue of $20.15 billion fell short of expectations [1] - CEO Charlie Scharf noted that consumers "have remained resilient" during the conference call [1] - Following the earnings report, Wells Fargo's stock was down 4.4$60.32, reversing premarket gains, with a year-to-date decline of approximately 14% [1] Group 2 - In the options market, 35,000 calls and 37,000 puts have been traded, which is double the typical overall options volume [2] - The most popular option is the weekly 4/11 60-strike put, with positions being bought to open [2] - Wells Fargo's Schaeffer's Volatility Scorecard (SVS) is 88 out of 100, indicating that the stock has outperformed options traders' volatility expectations over the past 12 months [2]