Bove's Wells Fargo Call Sinks Markets

On a day when the S&P peeked its nose above 1100 for a few minutes in the morning, the market ended up having a severe late day selloff Wednesday as respected financials analyst Dick Bove downgraded Wells Fargo (WFC) to sell in the wake of the bank's third quarter earnings report.

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Comments

[redbaron:]

Is there any reason for this post? Most of us already know what Bove said and did. Does the author have anything else to say? If not, why even bother?

Oct 22 07:56 AM

[Roger Knights:]

I think the one-minute chart was worth seeing. (Articles are chosen by SA's editors, who presumably felt the same way--that it would be nice to have the drop-off documented in detail on the site.)

Oct 22 08:00 AM

[vatexas645:]

Seems to me the opposite view should be taken - that WFC is taking actions necessary to maintain or improve the profits.

Oct 22 08:27 AM

[vatexas645:]

Did Bove sell short???

Oct 22 08:28 AM

[rlunn:]

This BS about Bove causing the major turnaround in the market yesterday is simply amazing "journalistic protection" of BO (our dear leader). Wells Fargo smargo! It was the Declaration of pay cuts to the unholy 7 who were dumb enough to take money from the mob, oops, I mean gov'ment. Why are all these Wall Street "journalists" protecting BO? That's the Real question.

Oct 22 11:04 AM

[ed233:]

Why not blame the whole financial fiasco on Dick Bove? The wall street goons need an escape goat. LOL Looking after your money.

Oct 22 06:57 PM