Wells Fargo's Shares Decline 6.7%

Shares of Wells Fargo & Co. tumbled in value Monday by as much as 6.7%.

The stock was off $5.875 a share, to $82, in afternoon trading.

Analysts said investors viewed the stock as a banking industry proxy as the stock market sold off on worries about seconnd-quarter profits and the economy's direction.

Salomon Brothers analyst Thomas H. Hanley said he expected Wells' second-quarter profits to be slightly below the first quarter's $2.86 per share and "with a greater-than-usual degree of uncertainty on the credit-quality front."

The company highly-leveraged-transaction portfolio is a special area of uncertainty, he said, since "results of the current shared national credit examinations are not expected before the third quarter."

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