Banking, finance, and taxes
Bove Dumps Wells Fargo (WFC)
Published:
Last Updated:
Dick Bove of Rochdale Securities may have been responsible for today’s sell-off as many banking stocks fell late in the day. Bove has downgraded Wells Fargo & Co. (NYSE: WFC) to a SELL rating after earnings today. As far as how this compares, Bove already had a cautious HOLD rating on the stock. The downgrade is based on the belief that what we saw on bottom-line results this morning is unsustainable. This is after the firm had wider credit losses and Wells Fargo said the credit metrics would not improve until 2010. As we noted this morning, Wells Fargo shares had risen roughly 25% since the June 30 close and had soared 200% since the March 9 close.
At some point the markets will finally demand real earnings improvements across the board in order to keep rewarding stocks.
JON C. OGG
OCTOBER 21, 2009
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
