Excitement Over WF's Unexpected Profit May Be Premature

The excitement over Well Fargo's surprise $3 billion profit from unexpected performance of their recently purchased Wachovia may be a bit premature.

Get over the excitement about Wells Fargo & Co.'s (WFC) strong expected earnings: It's still too early to say the banks have recovered. First-quarter earnings might give big banks a reason to exhale if only because earnings from capital markets and mortgage lending improved. But analysts remain carefully optimistic at best.