Market hype based on Merger profit.

Wells Fargo's acquisition of Wachovia late last year helped the bank generate a surprisingly healthy $3 billion in earnings for the first quarter, Wells Fargo CFO Howard Atkins told CNBC.

Wells Fargo, the fourth-biggest US bank, stunned investors Thursday by announcing it expected the record results. The news sent the bank's stock soaring and pushed the entire stock market higher.

In a live interview, Atkins said the bank released the results two weeks early because it felt the the news was important to the market.