four 5,087 posts msg #88846 - Ignore four modified
2/28/2010 12:44:55 AM
Bove Downgrade of Wells Fargo Pulls Market Lower (Fox Business) - Oct 21, 2009
Wells Fargo & Company (WFC) - Richard Bove at Rochdale Securities
Shares of Wells Fargo & Co (WFC) sank late in the day Wednesday, pulling the market lower in the final hour of trading, after banking analyst Dick Bove of Rochdale Securities downgraded the bank from a ‘hold' to a ‘sell' rating. Shares of Wells Fargo were trading at $30.28 at around 3:10 pm, before sliding more than 5%, or $1.71, in the final hour of trading to close at $28.93 per share. The analyst cited the presence of "too many bad loans" on the bank's portfolio as impetus for the downgrade in an interview on the FOX Business Network on Wednesday afternoon. "I think the loan loss reserve has to go to a lot higher and I also think that they'll be writing off a minimum of $6 billion in bad loans every quarter for the next four to six quarters — so it's very hard for a company to do well in that environment," Bove said. Recent Research on Wells Fargo & Company (WFC)
WELLS FARGO & COMPANY (Moody's Global Credit Research)- Feb 16, 2010
Wells Fargo & Company (Moody's Global Credit Research)- Jan 28, 2010
Bulletin: Wells Fargo&Co. Rating Unaffected By Fourth-Quarter Results (S&P Credit Research)- Jan 21, 2010
more research
Share: Shares of Wells Fargo & Co (WFC) sank late in the day Wednesday, pulling the market lower in the final hour of trading, after banking analyst Dick Bove of Rochdale Securities downgraded the bank from a ‘hold' to a ‘sell' rating. Tweet this ShareThis
First Impressions Don't Mean Much to Dick Bove (Think Big - Bespoke Investment Group) - Oct 21, 2009
U.S. Bancorp (USB) - Richard Bove at Rochdale Securities
WFC Wells Fargo: Rochdale analyst Dick Bove, on CNBC, says he assumes that Wells Fargo, US Bancorp, and Morgan Stanley should perform well in the market today and help lift financials (30.46 ).
Recent Research on U.S. Bancorp (USB)
Moody's downgrades U.S. banks' hybrid securities ratings (Moody's Global Credit Research)- Feb 17, 2010
U.S. BANCORP (Moody's Global Credit Research)- Feb 16, 2010
Bulletin: U.S. Bancorp Rating Unaffected By Fourth-Quarter Results (S&P Credit Research)- Jan 21, 2010
more research
Share: WFC Wells Fargo: Rochdale analyst Dick Bove, on CNBC, says he assumes that Wells Fargo, US Bancorp, and Morgan Stanley should perform well in the market today and help lift financials (30.46 ). Tweet this ShareThis
Wells Fargo & Company (WFC) - Richard Bove at Rochdale Securities
They say first impressions mean a lot, but apparently not to Rochdale analyst Dick Bove. This morning following WFC's earnings release, the analyst was positive on the stock and said it was a good report. Now, later in the day he is reportedly advising clients to sell the stock. Below we highlight the headlines courtesy of Briefing.com. 08:07 . Share: They say first impressions mean a lot, but apparently not to Rochdale analyst Dick Bove. This morning following WFC's earnings release, the analyst was positive on the stock and said it was a good report. Tweet this ShareThis
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