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Wednesday, October 21, 2009
3:35 PM TweetThis
  • Wonder if the sudden plunge has anything to do with this: Richard Bove downgrades Wells Fargo (WFC) to Sell. WFC -3.6%. Dow -0.6%. S&P -0.5%. Nasdaq -0.3%.
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This news story has 19 comments:

  •  
    More indictments I would imagine.
    Oct 21 03:37 PM | Link | Reply
  •  
    Bove said that? Let's all get out now!
    Oct 21 03:37 PM | Link | Reply
  •  
    Holy hell
    Oct 21 03:40 PM | Link | Reply
  •  
    Let the fun begin.
    Oct 21 03:40 PM | Link | Reply
  •  
    FAZ FAZ FAZ!
    Oct 21 03:40 PM | Link | Reply
  •  
    Wells Fargo Cut To Sell From Hold By Rochdale Securities

    Jon Najarian said yesterday that a close below 9918 is a "bull trap."
    Oct 21 03:42 PM | Link | Reply
  •  
    yes!
    Oct 21 03:51 PM | Link | Reply
  •  
    WFC -- CNBC is talking about Bove's downgrade right now... credit losses for WFC are remaining too high, bank cannot sustain the results reported in this quarter's earning report, even with the change in its mix of assets.
    Oct 21 03:51 PM | Link | Reply
  •  
    Um, my market maker buddy took God's sell order this afternoon
    Oct 21 03:53 PM | Link | Reply
  •  
    Look at er go!
    Oct 21 03:55 PM | Link | Reply
  •  
    Hmmm. Methinks depending on Bove for banking stock wisdom has been a losing proposition for any time frame longer than 7 months.
    Oct 21 03:55 PM | Link | Reply
  •  
    >Rochdale analyst Dick Bove downgraded shares of Wells Fargo to Sell from Neutral following the company’s Q3 results. Shares were not downgraded to Hold as previously reported<

    Does anybody else agree that heads should roll for the original "erroneous" report? God Almighty... when will it ever end?
    Oct 21 04:08 PM | Link | Reply
  •  
    Baloney! Not Bove.

    The selloff spree was started by the report on the Fed meddling with draconian 90% pay cuts for bailed banks. Nobody wants to invest in financial institutions that will have personnel fleeing in droves.

    After a quiescent period, this announcement was a reminder that the Fed can upset the apple cart at any instant, creat huge uncertainty and has an incessant penchant for doing so.
    Oct 21 04:10 PM | Link | Reply
  •  
    Insane that anybody sold on this news. Didn't anybody read the report themselves? Bove isn't the best example to follow. The hedging may not be sustainable, but neither will the loan losses. Geez!
    Oct 21 04:14 PM | Link | Reply
  •  
    Bove has become like Meredith Whitney, trying to prolong his Andy-Warhol fifteen minutes of fame, rather in love with the sound of his own voice.

    He's reversed himself so many times, regarding the banks, in the last few weeks that he ought to tryout for an NFL backfield position.


    On Oct 21 04:14 PM Stone Fox Capital wrote:

    > Insane that anybody sold on this news. Didn't anybody read the report
    > themselves? Bove isn't the best example to follow. The hedging may
    > not be sustainable, but neither will the loan losses. Geez!
    Oct 21 04:32 PM | Link | Reply
  •  
    Goldman was down all day today and finished at the low. Why??

    Several prominent voices have rejected Blankfeins claim that GS didn't benefit from the TARP. One admin official calling it "BS". The public wants GS head on a platter for their greed and hubris at this point and the politicians sense it.
    Oct 21 04:58 PM | Link | Reply
  •  
    It's amazing how one fool can manipulate the whole market...
    Oct 22 01:04 AM | Link | Reply
  •  
    Market should not react to such Jerks..for his own benefit...he ate other's profit....
    Oct 22 09:47 AM | Link | Reply
  •  
    Richard is an asshole...he led the global profit booking trigger..Each n every news was good..he that jerk downgraded on that day itself...he might have purchased put position or short position in Dow n its components...for his own sake he did this...
    Oct 22 09:49 AM | Link | Reply
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