Wells Fargo Earnings Review
It was banks for me this week. It's Wells Fargo's turn in the SWOT-light.
I thought Wells posted a decent earnings report on Wed, but Mr. Market apparently disagreed. The big trouble spots were declinces in mortgage originations and pipeline and, of course, risks associated with mortgage putbacks and foreclosures.
Bottom line - I think the stock is being put on sale and, if the selloff holds, plan on adding a bit to my position once the blackout window around article publication opens up.
What's your opinion? Is the selloff warranted or is it time to hop on the stagecoach?
Disclosure: Long WFC.