Wells Fargo Gains On Slightly Better-Than-Expected Net Interest Margin; Eli Lilly Gets Berenberg Upgrade
According to CNBC, Wells Fargo shares rose after Chief Financial Officer Michal Santomassimo said at the Barclays Global Financial Services Conference that the bank's quarter-to-date net interest margin is roughly flat to 1 basis point lower than its 2.43% level in the second quarter, better than the 3 to 4 basis point decline management had expected. Eli Lilly was upgraded to buy from hold by Berenberg, which said the market is underestimating the drugmaker's acquisition spree and the potential of new pipeline assets. Berenberg said Lilly has committed about $60 billion to more than 25 business development deals so far in 2026, including the $2.8 billion upfront purchase of AtaiBeckley and the Centessa takeover, which carried $6.3 billion upfront and could include another $1.5 billion if regulatory milestones are met.