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A financial services company, Its principal business is to act as a holding company for its subsidiaries, the Company provides retail, commercial and corporate banking services through banking stores.
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abitarecatania (98.68) Submitted: 12/15/07 9:07 PM : Start Price: $29.78 WFC Score: -15.57
Wells Fargo is a bank in CA, that has not sold off, yet. Next to Florida, CA is going to get hit by a wave of mortgage defaults. As the recession becomes more apparent and unemployment numbers climb CA is going to be hurt even more. The Terminator may have stopped Skynet, but he and WFC will be crushed by deflation, defaults and debt.
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abitarecatania (98.68) Submitted: 1/16/08 9:55 AM
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Wells Fargo Profit Declines as Overdue Loans Increase (Update3)By David MildenbergJan. 16 (Bloomberg) -- Wells Fargo & Co., the biggest bank on the U.S. West Coast, said fourth-quarter profit declined 38 percent as borrowers fell behind on $1.56 billion of loans.Net income declined to $1.36 billion, or 41 cents a share, from $2.18 billion, or 64 cents, a year earlier, the San Francisco-based company said today in a statement. Wells Fargo rose 3.1 percent in early New York trading as profit exceeded analysts' estimates. http://www.bloomberg.com/apps/news?pid=20601087&sid=aUj_1y0pa04k&refer=home
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Snarcels (26.43) Submitted: 3/15/08 2:58 AM
I agree, I got out of all the financials Monday pm while they had a pulse. Made a little money and I don't have to lose sleep. The further away from any of those co's the better. It's time for Spring and retailers of clothing and such.
Snarcels (26.43) Submitted: 3/15/08 3:04 AM
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Bloomberg had an article a couple of days ago about Wells. It reffered to caution about the way the report a certain type of income of the (nebulous type). What scared me was the Fitch downgrade even though Fitch ratings are meaningless to me. At that point it was exit stage left for me.
abitarecatania (98.68) Submitted: 3/24/08 8:01 PM
If you own an Investment Bank or Bank, I would avoid these:http://caps.fool.com/Blogs/ViewPost.aspx?bpid=40583&t=01002453383655060134WFC = $991 Billion in derivative exposurehttp://bp2.blogger.com/_H2DePAZe2gA/R9sT8yG-HKI/AAAAAAAAA7k/A-SlM2Kotng/s1600-h/OCCpg1.png
Melegaunt (< 20) Submitted: 5/06/08 2:47 PM
Be carefuly with that my friend.Wells Fargo is actually hiring more people, not firing. They are buying up failing banks.They just bought 26 of Citibank's stores last month. The mortgage crisis is not hurting them near as bad as you would think because 60% of their revenue comes from investing/portfolio management/business loans.Mortgage is a small part and only one of 82 departments and sub-companies that make up Wells Fargo.After 150 Years they will not be going anywhere.
abitarecatania (98.68) Submitted: 5/22/08 12:49 AM
BSC was hiring people and had plenty of capital, the CEO said so a couple weeks before it was "rescued" by Helicopter Ben and JPM. LEH reiterated the $110 price on BSC three days before it dropped to $2. Even the stock crier on CNBC said Bear Sterns was okay.
abitarecatania (98.68) Submitted: 6/14/08 11:18 AM
Anyone stupid enough to be long a CA bank should take 10 minutes to watch Mr Mortgage on youtube.com.http://www.youtube.com/watch?v=kJOJYUJi4n8&eurl=http://caps.fool.com/Blogs/ViewPost.aspx?bpid=61624&t=01001529370998141183
abitarecatania (98.68) Submitted: 6/14/08 11:16 AM
Mr Mortgage Exposes Wells Fargo's Toxic Wastehttp://www.youtube.com/watch?v=kb9byJ2QWcg&NR=1
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