{
  "report_rows": [
    {
      "kpi": "EPS",
      "prediction": "BEAT",
      "answer": "pred ~$1.75 vs. cons $1.71",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net interest income (NII)",
      "prediction": "IN-LINE",
      "answer": "pred ~$12.35B vs. cons $12.36B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$21.85B vs. cons $21.77B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 NII guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~$50B vs. cons ~$50B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 noninterest expense guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~$55.7B vs. cons ~$55.7B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Average loan growth",
      "prediction": "BETTER",
      "answer": "guide ~high-single-digit vs. cons ~mid-single-digit (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Medium-term ROTCE target",
      "prediction": "UNCHANGED",
      "answer": "guide ~17-18% vs. cons ~15% current (medium-term)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -1.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -2.5,
  "day5_path": "FADE",
  "day5_rationale": "WFC rallied ~6% in the two weeks into the print (from ~$82.6 on 6/30 to $87.69), erasing its unloved/underdog setup and raising the bar. Q1 precedent is a warning: the stock fell ~5.7% on report day (4/13 $86.64 to 4/14 $81.70) on a slight NII miss and continued NIM compression. A likely modest EPS beat driven by cost discipline/buybacks is more than priced in, while NII merely in-line and ongoing NIM compression plus a reaffirmed (not raised) ~$50B NII / ~$55.7B expense guide give the sell side little to push estimates higher \u2014 the out-period math (fewer forward NII revisions, ex-markets core spread pressure) pulls numbers flat-to-down. Sell-the-news fade into the rest of big-bank earnings week.",
  "day5_confidence": "MEDIUM"
}