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TMFAleph1 (95.99)

Why Wells Fargo Lost to the Market Today

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October 21, 2009 – Comments (1) | RELATED TICKERS: BAC , C , WFC

Surely these are headline numbers to please the most despondent: During the third quarter, Wells Fargo (NYSE: WFC) generated record net income of $3.2 billion, doubling its year-ago figure. Earnings per share rose at a more modest 14% to $0.56 per share, but that was over 50% ahead of the analyst consensus estimate. Yet as I write this,... [more]

1 Comments – Post Your Own

#1) On October 21, 2009 at 6:35 PM, TMFAleph1 (95.99) wrote:

Maybe the negative report from Dick Bove had something to do with the share decline, too ;-)

On a more serious note, that report could well be a first catalyst for the market to take a closer, more sober (and sobering) look at the medium-term prospects of mega-cap banks and their valuations. As I write in the article, I certainly expect this phenomenon to take place.

Best,

Alex Dumortier

 

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