Wells Fargo's stock falls ahead of earnings report; bank has long history of disappointing investors

Shares of Well Fargo & Co.

WFC, -0.41%

slipped 0.4% in afternoon trade Thursday, a day before the bank helps kick off earnings-reporting season by revealing second-quarter results. Investors may have a reason to be a little cautious ahead of the bank’s results, given the stock has declined on the day that the past five earnings reports were released, by an average of 2.3%, according to FactSet data. It has dropped on the day of 14 of the past 16 earnings reports, by an average of 1.7%, while the two times the stock gained was by an average of 1.2%. Wells Fargo’s stock has lost 7.9% year to date, while the SPDR Financial Select Sector

XLF, +0.09%

has slipped 2.9% and the S&P 500

SPX, +0.75%

has gained 4.6%. Meanwhile, shares of the two other large-capitalization banks reporting results before Friday’s open gained ground, with J.P. Morgan Chase & Co.’s

JPM, +0.24%

rising 0.2% and Citigroup Inc.’s

C, +0.64%

climbing 0.7%.

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