WFC – Wells Fargo & Company
As seen on Television
At Ockham, we combine our proprietary stock valuation metrics with key snippets of television commentary.On this page you can find TV commentary specific to Wells Fargo & Company through our product RazorWire. RazorWire listens to shows like Mad Money, Cavuto, Money For Breakfast and many more. Then RazorWire slices just the snippets that discuss stocks covered in the Ockham Universe and brings those snippets to our clients.
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“…Coming out with earnings, as better indicators the broader economy, and banking sector than like goldman because they delve more into the consumer banking part of with WELLS FARGO we saw they were doing better as far as mortgageorg — origination. And doing refinancing of you see the banks are indeed benefiting from the low interest rates. …”
“…Started to move up, I think was the focus shift from tea parties to some bank these are the things that brought us down on the way down. These are things that lifted on the way up recently. WELLS FARGO couple weeks ago. Great numbers out of goldman sachs putting up a huge number. Almost $2 billion in people are looking forward to jpmorgan chase. Tomorrow morning we get a …”
“…That is good news if it’s real. One blip of data, I don’t know if you can extrapolate yet off of that. But if that is in fact a trend forming, that is very good news — >> WELLS FARGO making their announcement a couple weeks ago it’s goldman sachs earnings. It’s a lot of different things. Nobody believes the rally can and that’s why it will continue and you mentioned these stocks have had a big run. They have. But look where they’re coming …”
“…Citigroup could gain $2 billion, j.P. Morgan chase could see gains of up to $6 billion for participating in the program and WELLS FARGO could see $2.8 billion for participating in the program announced and the numbers are being outlined by the treasury. Dave, we have to talk about oklahoma city. I’ll give you some restaurants …”
“…>> maria, I think there should be a cop on the beat for fraud. I think you need to let consumers and the banks make the choices of what products are right for them. I would point out the banks like WELLS FARGO, for instance, reportedly didn’t want to take the t.A.R.P. Money. They were forced to take it so other banks wouldn’t have a stigma. Some are having trouble giving it back. …”
“…Focusing on the good news. The glass is half full all of a sudden. >> I like that thought we need by the way, same — >> WELLS FARGO — some of the other ones, usb as well. The big question is, jp morgan is what people are talking about. Earnings are tomorrow. Put up jp morgan. Did you notice the banks moved …”
“…See how things are moving or gaining. Some of the names to watch are the banks. We had teddy weisberg on earlier who was talking about he’s seeing up side surprises. We talked about goldman sachs and WELLS FARGO. He looked to the banks for the earning season. Just now he brought me an article we read together about robert dimon. Not jamie dimon but robert from barclays talking about the fact what we’ve seen for earnings is not a one off he said, this is on the bloomberg terminal saying if I step back and look at WELLS FARGO earning and goldman earnings there is good news for the industry there. He’s reasonably optimistic looking forward. Been a while since we have seen the analysts talk about the revenue as opposed to …”
“…Thing, what are we going to do? >> jp morgan coming out tomorrow. Jamie diamond does a good job of managing our expectations, lower, and everybody is surprised that they’ve had goldman sachs and WELLS FARGO out ahead not managing the expectations very well. What do you think is going to happen and how would you trade it? >> i’m thinking they’re going to come out clearly with a good number. Goldman sachs’ number was not good enough. …”
“…Why is surge if they’re trying we knew it was coming. After months of foreclosure moratorium and the lifting of those, foreclosures are on the it had to happen. Jpmorgan, chase, WELLS FARGO, fannie and freddie have lifted them and that means they’re moving ahead with foreclosures. Now, the original reason was to await the details of the obama administration plan to stop …”
“…On subprime, 72%, 73% loss on that mortgage. 59% trk middle of the pack, america. On the bottom, WELLS FARGO, that gives you a sense here of what we’re talking about. Residential real estate is only one part of this when we consider the losses to come, home equity lines, the current …”
“…It will the interesting to see, to say the least. As for foreclosure activity, story today in the "wall street journal" actually mentioned last thursday when WELLS FARGO was reporting, thanks to data from the field check group, foreclosure foreclosureradar.Com. They ramp up foreclosures. They cite jpmorgan, WELLS FARGO, fannie and freddie lifting moratoriums. Loss severities, this is interesting. Take a look at the top of the chart. …”
“…Take a look at goldman, same story. When you talk a look at one week’s performance, big move on through. Well below, of course, $123 offer price. WELLS FARGO was out last thursday with what were widely thought of as very good results. Of course we still have many, many questions and are awaiting the actual results, I believe, on the 22nd. …”
“…But I think these guys in the mansions, I think we can — we’ll feel pretty good about ourselves when it’s all said and done. >> meantime, the banks are stepping up foreclosures. The journal reports that jpmorgan, WELLS FARGO, fannie mae and freddie all increasing foreclosure activity in recent weeks after they had lifted their internal moratoriums that temporarily halted foreclosures. …”
“…Morgan stanley down 12%. >> goldman sachs affects morgan stanley had a nice run, wolfson was in that with pety. I think it pulls back low 20s, >> WELLS FARGO is down 7%, tim. >> this is a little bit like the pot calling the kettle black. Wachovia calling them out saying they need more capital. But actually, they probably do. They referenced over $200 billion in either non-performing or very poor assets. …”
“…What, they’re the ones with the strongest fixed income and mortgage. City, bank of america, jp morgan, WELLS FARGO have all you see what’s going on here. All of them to the down side except citigroup. Remember what’s going on with citigroup. We’re awaiting the final filing …”
“…The financials are the weak down about 1.5%. Up next we’ll discuss investment strategies following today’s pullback and which sectors are worth a look at right now. Plus well WELLS FARGO AND goldman sachs have both surprised wall street with their after the bell, cnbc is your home for earning central. We’ll bring you instability real sigs and reaction to intel’s …”
“…Their loss for citi. We hear from them on friday. High hopes for citi on the heels of what we have seen from WELLS FARGO AND goldman. One bank stock in green. A lot have been mixed. >> federal reserve chairman ben bernanke and president obama tackling the economy at …”
“…What banks would have exposure to these areas? It’s all the big boys, city banks j.P. More kbarngs bank of america and WELLS FARGO. The important thing is we’re seeing things move up. In fact, earlier we saw some moves to the downside. This is what you might call sell on the new. Citigroup’s facing a very important moment here. …”
“…You can see up 133% today. Basically saying coming up from the depths of despair. Feels confidence is happy because he heard from WELLS FARGO AND goldman sachs. I said is it tough to get those numbers and try and beat them. He said, no, it’s okay. First just starting it off. …”
“…Coming to an end in the financial system? It hasn’t stopped yet and I it won’t stop until 2010. >> stuart: is goldman sachs a special case if it can report a profit with WELLS FARGO, is it a special case that stands out from the rest? >> in the fact that it can get people to buy its shares, yes. Goldman sachs had a great all the trades linked to the …”
“…In the context of first quarter earnings season and we’ve got goldman sachs out with numbers grosse pointe morn on thursday, citigroup on friday, bank of america, and you know, coming up, too, WELLS FARGO coming up, too. I mean, is the question is, will the government have to park its ambulance in front of yet another bank to rescue it after the stress tests are done. Will we see more bank mergers …”
“…Biggest increases in commercial paper activity since we had this you know, you’ve got the mortgage market that’s opened up, WELLS FARGO pretty much indicated, 800,000 applications being taken in the last quarter, so you’re seeing significant signs right across the board, equity offerings done at the present time coming out at the …”
“…Numbers. Sorry, melissa. >> no, that is okay. We are going to do more on that. >> easy sell do your homework do your homework, folks. >>> with WELLS FARGO AND tech reporting better-than-expected results, dare we ask the question, is the worst behind must the banking sector? Joining us now, dick bove, financial strategist at …”
“…Way what is going on here. Let me put up the full screen on the banks. Here is what we know about what is going on with the banks. We heard from WELLS FARGO what mortgage origination was terrific terrific, take them at their word, not involved in the debate also it is nonsense or not. What banks have great exposure to fixed income and mortgage origination, guess, who the big guys, citi, jpmorgan, WELLS FARGO that is why these banks have outperformed so much in the last month, they have outperformed all the regional banks ’cause they are the ones who have that kind of exposure and the street understands it. There you go by the way, I hope …”
“…As I talked to some traders on the floor, everything from retail sales, and talking with jim mcguire, a specialist for berkshire, hathaway, confidence is building and great to hear from WELLS FARGO AND goldman sachs and coming up from the depths of despair and he said it’s okay that the names came out and came out strongly ahead of other banks that will be reporting. It’s okay to have your best hitter at bat right after the …”
“…Instead a lot of market speculation about how these individual companies fare, but market is doing all the time. That’s what stock prices are alexis: okay, but, burt, a lot of people said the whole WELLS FARGO news the other day was somewhat overblown and kbw calling into question, how much of this is the fundamentals of the business returning as opposed to how much is synergies relate today a deal? …”
“…Wouldn’t be able to see as liz pointed out earlier, either until a quarterly report, or because part of this is some of the synergies of the deal like the WELLS FARGO wachovia type of situation, very complicated. Let’s count down our seven early movers, shibani joshi will do that at the fox business desk. >> let’s get to it. Tab bot under pressures this nicole mention it had the …”
“…Even more challenging, ashley. If you’re j.P. Morgan or city. Here is the way I look at it. If you’re citi reporting on friday or bank of america, WELLS FARGO, goldman sachs and potentially j.P. Morgan, air not feeling good. No, you’re not. Talk about the pressure being on. It’s put pressure on financial institutions and who knows, goldman may have overplayed its …”
“…Them and may not really need the money right now. Alexis: good point, due to report on thursday. Connell, what are you watching. Connell: j.P. Morgan, looks like a little lower and pointed out the other financials, j.P. Morgan, WELLS FARGO AND some financials are lower while you pay citi and bank of america moving higher, a mixed picture when you take out goldman. Alexis: let’s leave it there. Minutes away from the market …”
“…Managed it well. >> you think they will be able >> exactly. All the financials are good. WELLS FARGO is good and goldman and jpmorgan on thursday and ge goldman is a start and people love that stock and the company. …”
“…The other businesses like equity i’m looking forward to that day. >> at this point we are not seeing a great deal of activity. We heard in the larnler industry from WELLS FARGO to goldman sacks, both have been strong. Would you expect we will continue to see these results though that we will get them as they go along? …”
“…Keefe fruyette woods said. >> I think it is a dangerous time for investors to look at these results and say this is markets to buy goldman to buy WELLS FARGO. Who knows? I always say wait until the the maybe i’m being too careful here but we’ve been really slammed in this market. …”
“…And in the middle of this entire — I guess this entire process of figuring out who is good and who is bad, I know they are not going to tell us specifically, you have WELLS FARGO AND goldman sachs both come out with pretty impressive numbers. What does that suggest about the future viability of the stress test and then also the plan? …”
“…Citigroup. Friday. Monday. What do you expect the reaction to be with these two names? Some suggest the two hardest hit in the industry, based on what we have seen from WELLS FARGO AND goldman sachs or can we make >> well, actually we can make but remember, citi got as low as 97 cents. It is hard to believe, and it’s what, up almost $4 at this I think $3.99. Alexis: like another 20, 25 >> amazing. The stock has already made a huge move. WELLS FARGO never got pushed but stocks are reacting well to even moderate news which is a positive for the market. Frankly I think that the numbers will probably come in a little bit better. …”
“…These firms should be making their short-term borrowing costs are nothing. We shouldn’t be surprised. Once we’ve seen it, and we’ve seen it twice in a couple of it’s a great thing. >> you’re referring to WELLS FARGO friday and now this. >> to me, not only glimmers of hope that you talk about, there’s actually a fairly clear path of how this whole thing if we could keep this environment now where the banks …”
“…From the conventional banking sector from beleaguered bank of america, from troubled citigroup, saying that their results for the first two quarters were good. WELLS FARGO had powerful earnings. Again, that was money being lent at positive spreads. And so there is still a lack of …”
“…Japan and south korea getting hammered because of news that gm may be driving towards on the other hand, financials held up pretty well. Some handsome gains especially as what we heard with WELLS FARGO offering us that preliminary guidance on its quarterly numbers and then, of course, goldman sachs. So take a look at where the equity markets stack up. The nikkei getting pressured …”
“…The president today taking a victory lap saying that these stimulus budget plans are coming in ahead of schedule, underbudget. I think he will have a big announcement tomorrow. WELLS FARGO, now, goldman market is up big. It feels real. >> if it is true that goldman is solid financial footing that is victory I think for the tarp program. The government infused funds …”
“…Everybody was celebrating great numbers retailers were having. Everyone realized there were two rounds of estimate list and people used stimulus money to go out and buy stuff. WELLS FARGO got a double-dip they got to get 25 billion from the tarp. These are not exactly the fundamentals that short sellers love. Charles: so speaking of fundamentals, for the people watching you out there who …”
“…Government at the state and federal bubble is completely out of control. Charles: budget expert thank you very much for your time. WELLS FARGO had a great number now tonight a major earnings surprise by goldman. Are the banks really, really healthy now? We will find out when we come …”
“…The market is reacting well to ambiguous news and basically giving everyone else the benefit of the doubt. Alcoa is a classic case in point, up 17% since they reported earnings that you need your hazmat suit to touch. These guys, WELLS FARGO, talk about a financial where people — i’m long them. I expected them to be down today, and I wanted to rebuild a little bit of the profits I took not a chance. It closed down a nickel after being relatively soft all day. The market is giving it the benefit of the doubt and you can hate it you can not like it, you can howl how it shouldn’t be. Trade the market you got, people. >> and after dick bove over at rochelle said WELLS FARGO may need to raise capital the point karen was making before the show is goldman stock after hours is faring well considering the $5 billion offering coming down the …”
“…Goldman sachs reporting earnings after the closing bell, beating profit yes, folks, another bank in the u.S. Of a to make money in the first quarter of this year! Right behind, remember WELLS FARGO last week. But the stock falling in after-hours trading. Eric, explain? Eric: about the pirates? Look, the initial reaction was higher. I think a lot of people …”
“…It closed at $130. Now that things have calmed down, it’s slightly lower. They beat like WELLS FARGO did. We know what happened the next day there. >> let’s go back to robert gray for news. >> I want to clarify this about goldman sachs. …”
“…The marketplace is realizeing things are turning around also. You’re seeing the banks with earning announcements like goldman and WELLS FARGO. We think liquidity is going to come back into the market for lending which is important in terms of pricing and buys that market is going to take longer for it to shaw out. …”
“…It took eight years to build the it’s not going to be over in a year and a half. The banks will fail even if it’s a phantom stress test. They said WELLS FARGO needs to raise billions over the next two years if conditions worsen. That’s the big "if" of course, what do you think? …”
“…General electric, over $12, up more than $1 at one point. Ge notably underperformed thursday and the bank stocks went up on WELLS FARGO. I don’t want to leave out the rest of the market. Two important things are happening. …”
“…About 3:00, again, another liftup and we went up across the let’s take a look at what’s the financial stocks, maria and I talked about them here. There’s WELLS FARGO, ends up three cents at the new york stock exchange behind me. Goldman tomorrow morning. Look at the move up in goldman sachs. Jp morgan, citigroup, parent, …”
“…S&p 500 up, 1.6 points today. >> here is the typical scene, once again, WELLS FARGO behind see what’s going on, a small crowd continuing to buy. WELLS FARGO down all day, maria, going to end in positive >> coming in at the end of the keeping this stock open later than you would have imagined. >> that’s the point. Buyers are standing around here at the close. …”
“…General electric. Today, simple, suspicion about what is going with the earnings we know provisions for loan losses were not as bad as we were told from WELLS FARGO. All we hear is credit conditions continue to deteriorate. There’s a little bit of a contradiction there that needs to be resolved at this point before traders and analysts become comfortable with the idea …”
“…We are watching out for your this is one story you don’t want to miss. >> back to nicole on the floor of the new york stock exchange. >> we are seeing WELLS FARGO to buy. Down about 11. You mentioned six straight weeks …”
“…Initiated with a buy. It led the market to the upside. Several of the financials and buy ratings on the heels of WELLS FARGO. This pulls us back to basically even, down 15. …”
“…The down side has been baked in. The risk is to the upside at this point, where it’s going >> regardless of the questions raised by WELLS FARGO, wouldn’t it be great if we found out this is an accounting move, some fancy change in accounting rule that happened, and the rest of it we don’t have clarity than we had before. >> we’re going see the best in breed do bell. >> a number of people believe a lot of banks, possibly WELLS FARGO, will have to do a capital raise eventually. We’ve seen real estate investment trusts do a number of capital raises. You were involved with some of …”
“…Trader talk here. You know steve, a regular here. Allen, he’s a regular here as let’s not get to formal about listen, allen, are we buying in on what WELLS FARGO said? A raft of analyst comments over the weekend, basically skeptical saying, wait a minute, they’re saying — the provisions, loan loss provision are not as bad as …”
“…When we hear a bank fails the >> the lifting of the mark to market rules will reduce the risk of that happening now. Given what WELLS FARGO said last week, expectations are set up for something like if you look at the commodity prices, price of aluminumaluminum, copper and the base metals …”
“…>> goldman sachs. >> goldman is the bellwether for the previous wall street firms and a citi will be the truth about the balance >> do you believe these people? I say the because WELLS FARGO came out, they had very good numbers last week. That’s why we saw 200-plus point news on the dow on thursday. They said we’re doing well. …”
“…Buy programs come through on the s&p, as well as quadruple cues, the discussion of what’s going on with the bank earnings. What happened last week on WELLS FARGO was good news. Mortgage originations appeared to be high here. The earnings comments really skepticism out there because we …”
“…The names. We’ll be getting this week goldman, jpmorgan and citigroup. Next week, bank of america, morgan stanley, WELLS FARGO for real. We’ll watch the names. Look at genworth today. Not qualifying for tarp. Failing the government test. …”
“…In fact, stocks have been in a gentle upmove, really from the middle of the morning. We opened not far from lows. What’s going on. Two important events during the day. Mid-morning, we had banks moving you know what happened to WELLS FARGO this week, big bank earnings out this week here. In the middle of the day, 1:00 eastern, an announcement the president would have a major speech on the economy tomorrow …”
“…Basically saying that they will be doing better since the competitors are fewer or at least distracted. And the names with with the buy rating, worth looking at and some of which are WELLS FARGO AND jpmorgan. Those are doing well. Telecom stocks you did a great piece there talking about what is going on with the telecom companies. It’s interesting to see how many u.S. Telecom companies …”
“…The landscape is fundamentally >> you are buying them on dips. That’s exactly right. But I think you can be patient. Days like today gave you an opportunity in those big financials, like WELLS FARGO AND jpmorgan, although the regionals continue to be hot today. >> absolutely. The kbw bank index doing better than the overall xpd. Ahead of goldman earnings …”
“…Have overnight fed funds rates as low as they are and still have higher rates at the end of the curve. The curve is positively sloped. If you are a bank, you’ll make money in this environment. WELLS FARGO showed us this last they’ll continue. Goldman sacks is simply a repetition of exactly that. Take a look at the canadian they were down early this morning. Even when the dow is down 80, …”
“…Lower across the board in an the financials. We are seeing them continue off of last week’s gains. Guy, you were out last week. But we did see a big gain in the it was keyed off last week from news out of WELLS FARGO. And that is continuing. Even though that stock, WELLS FARGO is down today. >> how are you? >> i’m great. >> this is pretty cool. >> fantastic. Live trading advice during the >> the financials to me. They are a continuation of what …”
“…Chocolate, chocolate, i’ll never give it up. >> a slew of banks begin to report their numbers. We got WELLS FARGO, a big run up on that thursday. This week we hear from goldman sachs, also j.P. Morgan, …”
“…About 85 million barrels a day. What may be a 4% decline for all the big energy companies are down. Chevron talked about lower look at the big financials and the aftermath of WELLS FARGO’s comment on friday still helping stocks here because we’ve got the big names out this week. Goldman, jpmorgan. There’s our parent company, general electric, reporting on …”
“…>>> coming up, "power lunch." bill griffeth is standing by. >> i’m holding out to 4.5%. I’m not going to refinance until — oh, i’m sorry. Is it my turn now? >> what a great report from WELLS FARGO last week. We’re expecting a lot of other banks to report this week. Is this banking rebound for real or not? A couple of analysts will join us for that one. First on cnbc. The governor of michigan back with us. …”
“…Rick just nailed it perfectly. Let me go back to that point. It’s funny. I’ve been celebrating the drop in mortgage rates and the rise in refis. Even purchase applications according to WELLS FARGO’s report up 25%. I had a woman on the radio show saturday say she can’t change her home equity and citibank won’t let her because the federal government doesn’t have a home equity thing. …”
“…>> I tell you. I think the question is, is the banking crisis over? That’s the question? It follows WELLS FARGO’s dramatic announcement where they beat all expectations for earnings. Can the banks outdeliver these expectations? We’ve got paul miller. Josh rossner. Josh, first to you. WELLS FARGO’s announcement was a shock. The market flew up 250 points. Bank stocks went up 20%. I’m not saying all the problems are healed, josh, but i’m saying the crisis, the crisis that …”
“…Another note from dick bove, talking about the fact they want to pay off warren buffett before they pay off tarp and a buy rating from citigroup on goldman sachs so certainly goldman is getting a lot of coverage here today and WELLS FARGO as well. Getting coverage initiateed with a buy rating over there from dick bove, while, at the same time, getting downgraded. So I think that’s one of the reasons why you may see WELLS FARGO flip-flopping back and forth and other news making news. Concerns looming about general motors, gm has been the laggard here on the dow jones industrial …”
“…Reported all week long. Goldman sachs up arrow there, how the banks are faring, they started off mixed, many of them were to the down side, trying to move with some up arrows here, you can see WELLS FARGO lower, it’s been flip-flopping between negative and positive territory and goldman sachs seems to be the one who gets some coverage here today for a few reasons, number one, they have that new– they’ve raised 51/2 billion …”
“…As we begin the thick of earnings season, we kicked it off last week with alcoa, every day will bring new earnings all week long, you can look at some of the names that we will closely be watching, remember, when WELLS FARGO came out with their numbers, the stock soared more than 30% to the upside every day, and brings with it new news and every day we get that news, the market needs to digest it, sod, sort of this …”
“…Financial system. Jpmorgan and city came out. Bank of america as well and said january and february were good months for them. They posted profits for those WELLS FARGO last week having very, very good news. In the meantime, the gm news weighing on things just a little 110 we are up. Bob pisani with me on the floor. >> excellent. >> good to hear. …”
“…And j.P. Morgan, 32 cents a share and citigroup, a loss of 37 cents a share, a bank that’s not report add profit since the third quarter of 2007 with about 38 billion in losses. Bank of america, morgan stanley, WELLS FARGO. You see morgan stanley, showing a little bit after loss of seven cents a share, what are we talking about, dagen, back to the future. These banks, these companies are going back to their plain …”
“…Earning in the first quarter because they’re taking a charge on that. The big industrial names to the downside. As far as the finances go, you know they’re all reporting this week big names, goldman tomorrow, WELLS FARGO later on, jpmorgan and general electric also reporting later in the all that on the plus or minus I think we’re going to go to stocks. You mentioned boeing. …”
“…May anticipate. They anticipate the total losses on a pre-tax basis of $120 there’s a look at wellpoint doing well. As for WELLS FARGO, it is down, but being up 20% on thursday, down very, very little. That’s the key point, erin, of the stress test being run by the …”
“…Now, again, these are analysts, what do they know, right? But we’re all talking about the stress test. Here’s what they think. After their own stress model they ran it on WELLS FARGO. They think they need to raise $50 billion of common we equity that includes paying back $25 billion of the t.A.R.P. $50 billion over the next two years is what they think. …”
“…It’s not that often that you see a deal of that size and scope doing good things for both companies. We’ll see what it means in the I want to quickly come back, if I can, to my earlier report on WELLS FARGO. Gave you a very brief summation of reports from kbw, from kbw. And I wanted to come back to it …”
“…Barron’s bounce this morning. Barron’s says shares of the credit card company could double due to ample liquidity and credit risk than rivals and WELLS FARGO shares are trading lower. Kbw downgrade today underperform citing the bank’s preliminary first quarter results saying quote, the details were scarce …”
“…>> thank you very much gene. >>> up next, the faber report. David’s got more on the wellpoint/express scripts deal and a follow-up on WELLS FARGO. >> we’re going to have those ceos of course here. And also, oh, the ceo of waist americans packing on the pounds during this recession. …”
“…Also, started at a buy rating over at citigroup, so we will be watching that out of barons today some of the movers moved there. Sherwin-williams looking lower and learn express to the upside and watch WELLS FARGO AND earnings, earnings, earnings, all week long and retail sales of course tomorrow, back to you. >> david, what are you watching? >> well, i’m more interested in what’s going to happen this it’s been a long holiday …”
“…The developments in the credit market, so, with that and as the gentleman over at new york stock exchange mentioned, that the developments with WELLS FARGO, I think, we should expect some further good news to come. Guys, martin and jason. Gentlemen, I want to thank you good seeing you guys, might be …”
“…Alexis: jason, we’ve got one busy with week for earnings. A lot of the big bellwethers, are you nervous, excited? What are you expecting? >> i’m pretty excited, actually. WELLS FARGO really kicked it off with a bang and now, citigroup’s been telegraphing that they’re really going to have a decent quarter, so, I think we are going to see pretty big earnings from the big banks and we will …”
“…Guys this morning. Is there any part of the market, any sect their looks better to you than the rest? >> no, I was a little distressed obviously at the financials led by WELLS FARGO. But some of the other parts of the — looks like they were — >> you don’t want them to lead? >> no. The reason being that it represents you’re being led by …”
“…Improved above 3.1%, we note that the ratio excluding t.A.R.P. Of $25 billion still likely to be around 6% which would make it hard for WELLS FARGO to disintangle without a capital raise. Without that harder issue of capital raise as we come towards the end of the stress test here, …”
“…Analysts and not to mention all the guys out there short. Wells was going, oh, my god, we got crushed and had to cover. But look at some of the research perhaps ramsey was the toughest on WELLS FARGO. Coming out and saying, hey, we were surprised of the upside. We think largely because of credit costs. They gave no details on wachovia credit losses. …”
“…You know, I don’t know, we just can’t get enough of him. It gives us an opportunity to welcome back. I love your pink. WELLS FARGO, joe wasn’t here for big rally, of course. The numbers were very strong. Mortgage business, extrade $100 billion in origination. $3 billion, what, net income number. $20 billion net revenue number. All good. Take a look at what’s happened in the market, of course. WELLS FARGO, huge rally, over and that sparked the xlf. Every other bank. Their mortgage business is so good, got to be great at bank america. The basic dynamic here is …”
“…Interesting, you talk about what is really the crux of the issue there’s thawing in the credit can actually lend to each other and interbank lending basis. We started to see some evidence from WELLS FARGO last week that perhaps things are looking better for them. Talk of goldman sachs, perhaps trying to pay back the tarp do you believe that the worst might be behind us in terms of …”
“…Gm undercutting futures, but they could set things straight. >>> plus, the "faber report," what are you looking at, david? >> it’s funny. On thursday, we spent a lot of time on WELLS FARGO. We’re going to start this morning doing the same. In the last three or four days, a lot of people still questioning the preliminary numbers that sparked that huge rally on thursday. That story. …”
“…So, goldman sachs talk, the wall street journal reporting perhaps they are going to do a juicy secondary pay back of tarp can we read a lot into this or is this sort of a one off specific situation just to >> yeah, just like WELLS FARGO last week. You know, thoos are banks and investment banks that have an a unique position in the industry. Goldman is really the last free-standing investment bank out there. …”
“…Brighter note, express group and well points, in a deal. We’ve got the ceos of beth companies with us in the next hour. >> i’m david faber. Unexpectedly strong results from WELLS FARGO powering the market on thursday. Over the weekend, analysts are giving those numbers the second look. But first, let’s get back over to mark and check on the …”
“…That important right now? Much more important is the negotiating with the government on tarp and who is repaying it and who is not, you know, all the restrictions on these >> but on that note, at least WELLS FARGO is considered a well run bank. Citi doesn’t have that >> no. Charles: so do we not trust that all the number that citi comes out with — what do they beat? >> I do’t nink that’s fair. These banks are crawling with …”
“…For more i’m joined by liz peak, fox forum contributor and columnist. Dramatically, the market was pulled up. They had to finish the week WELLS FARGO did it, now there is a lot of controversy. Some people saying they fudged here, they didn’t take large enough loan loss provisions. This morning dick bove upgrades it, target of 25. By the same token, kbw has an under perform. >> these are incredibly complicated earnings reports particularly in the case of WELLS FARGO with a huge acquisition not that long ago. In the mortgage business, people are having a hard time reading these reports. When citigroup reports later this week, it’s going to be …”
“…Stepped up to the plate, you took the money, you haven’t repaid the money, therefore further government oversight and regulation, that’s what you get when you take taxpayer funds? >> banks like WELLS FARGO are complaining of having taken the monday i. It is a ridiculous situation. Tax payers have to be scratching their heads saying, what? We gave them this money, they don’t want the money but they can’t pay the money back. …”
“…>>> are we going to get any follow through from that WELLS FARGO news that broke about this time friday morning? Futures are trying to climb, still in negative territory by about 70 points or so. When we come back, a jump on the markets ahead of earnings and …”
“…We’re going to talk about the huge possibilities and, of course, earnings are due out citigroup, j.P. Morgan, just to name a few. We’re going to look at what is ahead for the week, especially given what we saw in the WELLS FARGO news just this past thursday. And google is looking to go beyond the internet with a new venture capital firm. We were just talking about venture capital businesses in this new administration, …”
“…Already ford is picking up gm and chrysler market share. That’s already happening. Charles: all right, mike. The saga continues. Thanks. WELLS FARGO’s big report or news on thursday, all eyes they’re trying to pay back and what will the earnings they’ll report tomorrow. We’ll talk about all of this …”
“…>> everyone wants to know whether or not the worst is over. Appear to be leaning in our we’ve got chinese demand. Copper is at a six-month high this morning. The banks, if you look at WELLS FARGO, at least are beginning to give us clues this yield curve is going to be working for them. I think you said there’s some signs but nothing definitive. How far on a limb are you willing to go this morning and …”
“…Neutral. Cites valuation and rising pressure. Microsoft adding to the recommended list at citigroup. WELLS FARGO downgraded from underperform to market perform. They’ve remained at a price they’ve been wrong so far. Capital one from underperform to buy at calyon. …”
“…Problems. We have not solved the bampging system issue. The good news is there are a bunch of things on the table to begin to address it, and that’s a turning point. >> to you, is the WELLS FARGO a sign the worst news is over? Market is interpreting the news. >> I think for operating earnings, that’s the truth. When you get a steep curve like …”
“…Again and bring us up-to-date on some of the activities over and ken, thank you very, very much gentlemen I really to the table this morning. If WELLS FARGO upbeat 3 billion dollars first quarter profit is an indication, wall street could rally more this week on any reassuring news. From three other big banks which are due to post quarterly …”
“…Target. >> bob doll, back to you. I want to switch gears a bit. Tactical question as we enter earnings week, a big week for we had very heady times last week when WELLS FARGO came out and said that it would pass the obamatress test with three-to-one tce. I’m wondering, from your point of view, is this a time to start getting into the financials, …”
“…Melissa, so i’ll be here way after. Time to look at this morning’s upgrades and downgrades. Got to love this one. WELLS FARGO downgraded to underperform. The guys had a neutral on it and a $12 price target as it has run up to $20. He’s like, wow, all right, i’m …”
“…Cases. But I do think it’s fortunate for the administration that these are occurring at a time when you do see some lift in the economy, so maybe there’s some hope that just like when we saw with those results from WELLS FARGO the other day, that they may get some decent news out of some of these stress tests and maybe they’ll — you know, we where instead of talking about …”
“…Jobless claims and housing friday, michigan consumer sentiment index. That looks pretty good on a relative basis, joe. We’ll toss in a WELLS FARGO AND you get a nice little leak. >> what we started to see in the numbers, the decline not as bad. WELLS FARGO, did anyone — I closely. Are people interested in the I think they probably are. >> absolutely. >> but they didn’t ask any questions on friday in terms of the stock price. >> there were people who asked questions. Those questions were not heard on that particular day. There was a desire on the part of the market to move higher. WELLS FARGO was the latest reason. When they report earnings, how much are they allowing for provisioning, are theyunder provisioning for the quarter? We’ll see. There could be — …”
“…The public already know about the under soundness of a lot of these banks, scott? The truth is out there. All you have to do is look at the balance sheets. We’re about to go into earnings season. David: exactly. >> WELLS FARGO preannounced first quarter results. $3 billion in net income. All of this information will roll out in the next week and you will get a good feel for what money is out there. What is it doing. Most importantly how it is …”
“…Can’t make exorbitant profit part of the deal with charles: gary– — >> we had regulations. They have to come back. Charles: nancy, let’s get gary b. In here. We don’t have a lot of time left. WELLS FARGO announced fantastic earnings for the not just WELLS FARGO stock all stocks wen up across all stocks went up across it was great news for american capitalism. Gary b., doesn’t the white house see this has to happen or do you think they will sacrifice that so they can control wall street? …”
“…But it is not turning around you need to see bank losses peak and then come down and. Charles: banks are saying they are making money. WELLS FARGO said yesterday they will make 3 billion in the first quarter if that is not a sign that things are getting better? >> I think you are being confused by accounting. The reality of the banking …”
“…Is it going to continue or are we going to see further slides in this bear market? Cody: from the fundamental perspective those banks are going to deliver much like, whoever the liar this week WELLS FARGO saying, they’re profitable for this near term because of the way they’re managing numbers and getting free money from the government. That being said, yes I am above 8,000 and out and out I do expect at some point in …”
“…You want to government around when things feel that they’ll break apart. You have not gotten through geithner’s stress test. You knew WELLS FARGO was okay. There is a lot more to discover. You want to government close. >> the american people, despite that they have respect and …”
“…>> I was thinking about — that was the attractiveness, I guess, I think of a lot of your long-term holdings. For example, american express you can now pick up almost for single digits. WELLS FARGO, one of your favorites, is single digits. 8.60. Goldman sachs, you liked it, you said it was going to be around. Ge, you liked it, you said it’s going to be — I can’t remember. Maybe 100 years, but it’s a …”
“…Circumstances where the very actions that may be coming keep pushing down the price. That’s spooking people in the banking business. But banks can earn their way out of this. The average cost of funds for WELLS FARGO in the fourth quarter last year was 1.44%. I can earn money with money at 1.44%. It’s cheap. It’s abundant. The spreads are terrific. >> this is from joey in brooklyn, new york. …”
“…Wire managing editor to spend the last hour of trading with us. People get excited when they see a rally the likes of what we saw yesterday. You have information from WELLS FARGO but does it mean we’re out of a very dark wooded area yet? Sgl>> too early to say that. Several reasons. WELLS FARGO is better positioned than other banks. A lot going on with california an other states which is a big help. The city groups, what the america and other big ones report. …”
“…We got exports were up in february, and initial jobless claims were down, less pessimism among corporate executives, the market for short-term corporate borrowing has come back to life in a big way, WELLS FARGO says that profits are strong and you have a stock market that’s had the best five-week run since may of 33. So is the economy is the big picture a whole lot better than …”
“…That’s the revelation we need to we need the separation of winners and losers and to shibani’s point have a plan this is a big moment in this whole crisis such as it is because as I said earlier we have the WELLS FARGO AND goldman sachs type of announcements that seem to separate themselves from the pack on the good side. We need to see who is not in such good shape and move beyond this and we need to see that …”
“…Know, ahead of that these companies accord to go the reports we’ve seen are not supposed to talk about the stress test results. If you can’t explicitly talk about it what do you do, do what WELLS FARGO did or goldman sachs, according to reports in the journal, essentially is doing today, separate yourself. Alexis: you get the word out and shibani, they’re not being >> they’re not and to connell’s …”
“…We get an expected pullback, exactly how deep and whether we absorb it nicely. Alexis: great points well, financials led the huge rally on wall street yesterday after WELLS FARGO gave a very rosie outlook, are banks better off than we thought and will they be the key to a true market founder of matson money has 1.7 billion dollars in assets under mark, good to see you this morning, thanks for joining us. >> great to be with us, alexis. Alexis: so we get the WELLS FARGO news yesterday, is that a surprise to you or not? >> hey, look, it’s a surprise to everybody, that’s why the market goes up 4% in one day. I think this is great news for the economy. …”
“…Chart, up above $124 the highest level for goldman sachs shares since back in october, on a little bit of a run already and this will be certainly something to watch, watch closely in the coming days. WELLS FARGO AND goldman sachs out with news that might be greeted, signs of relative strength. You’re paying back government money and going back out in the markets to raise money and as we know in a lot of cases might be considered to be a negative. …”
“…Doesn’t exist. Charles: but where are the the loans going then? Some of these banks are saying there. I know that WELLS FARGO got 190 billion loan applications from mortgages and they approved 100 billion of them. You are saying this is some sort of temporary spot that all sort of a perfect storm that really everyone should be more concerned about down the road. …”
“…Charles: welcome back. The fox 50 closing out the week on a very positive note yesterday. Climbing 7 points and finishing up for the fifth straight week thanks largely to WELLS FARGO. For more on the fox 50 i’m joined by dan fireman the managing partner of fireman capital partners. WELLS FARGO, amazing news, did it blow you away and do you believe it? >> it is tough for me to certainly there is an impact as far as mortgages and how low the interest rate and probably …”
“…Alexis: michael and geraldo, thank you guys so much. You can catch geraldo at large on the fox news channel weeknights at 10:00 p.M. Eastern happy holidays. Thanks for being here. >> thank you. Alexis: coming up WELLS FARGO record profit it sparked the will it continue? Are we turning a corner? We will discuss that next when we take a look at the fox 50. You are watching the fox business network the only …”
“…When we come through this period, we all come through a lot stronger. Alexis: when you look at the markets the economy right now, we see the news that came out of WELLS FARGO yesterday we are starting to see some signs of hope. Are your clients starting to feel a little bit more optimistic because it’s been a crisis in confidence the largest crisis in confidence I have ever >> you are right. The two things the market hates …”
“…Everything else, i’m still not sure what their model is these days, you know what I mean? Are they making money? Because unlike WELLS FARGO — alexis: look at the capital market activity, how many healthcare deals, 150 billion dollars in healthcare deals. Charles: you can’t really bank …”
“…Price which occurred when I was back on wall street. It’s incredible when you think have made and if i’m lloyd blankfein and I look at where i’m trading I look at the news coming out of WELLS FARGO the other day I think it would suggest that goldman is going to come out with a good quarter as why not do it. Get tarp out of the way. He wants to participate and by distressed assets if it ever …”
“…Point haven’t figured how many shares they will offer and, you know, what the price might be, but the final decision is going to be based they say on market interesting developments surrounding goldman sachs given alexis what we heard yesterday from WELLS FARGO. Back to you. Alexis: connell thank you very in just about three hours, president obama begins meeting with his economic team. The success of the banking stress test will be one topic of …”
“…Never gotten an mba. He was running a company that at its peak had 700 employees and was getting financing through bear stearns, through citigroup, through WELLS FARGO, who all gave him lines of credit and securitized his loans so he …”
“…That is, some banks. >> correct. David: are given different stress tests from other so what’s going on with that? >> I think it is institution by institution thing because each institution is for example, WELLS FARGO today, listen, talk about good timing for WELLS FARGO? It’s booming right now in its refi business. WELLS FARGO AND two or three of the other ones, bank of america have got big, big books of business in mortgages and do a lot of so they’re getting a windfall all of sudden. Some of the other banks are …”
“…K.L., thank you very much. Not much more to say other than >>> here’s one from jarred from jersey, our second jarred of the week, I might add, a shortened week. Other jarred from florida. WELLS FARGO earns twice as much as wall street predicted, but they had a $3.3 billion in does this mean they basically broke even? How did their stock go up 32 it is if they just broke even, and …”
“…Where a company having trouble gets risk free money from the government a set amount of quarters. We can’t institutional ize the society the losses that are privatized. >> WELLS FARGO didn’t answer they didn’t ask for this >> the stock in the banks — >> that’s a moot point. I hate to — this is reality. Open the book and this is where we stand. It’s weird, but it is. …”
“…You can’t bite the hand that bank of america customers can’t say — we can come out there and say, but at the same time I think we have to take a broader perspective. We have to say, look, WELLS FARGO, you’re making 3 billion bucks, give us our we’ll be in the same position we were in six months ago. Neil: how much license would you give them? How long would you let them pile up — >> I want a trend, three or four quarters. …”
“…They want to get out from underneath uncle sam’s fund. Uncle sam won’t take the money which leads me to believe they’re more concerned about the control, not just the money. Neil: what does WELLS FARGO have? They’re doing quite nicely with this arrangement now f. My guests here are right, it’s going to be short lived, …”
“…And they’re not making real arguments and just relying on innuendo and the fact that anyone that’s been bearish over the last year has built up credibility with the press. >> the news from WELLS FARGO today, game changer, game changer for the psychology of the market and finally they’ve proven that banking can be a massively profitable enterprise, …”
“…Bombarded with hate mail the next day. They don’t understand. The bears do not understand that the market now likes good news and will react accordingly by going higher every time we get another WELLS FARGO AND listen up, there will be more wells fargos and that’s why we can rally like this because stocks reflect the relentless negativity of people like the analysts who earlier this …”
“…Joshi. Shibani, what happened? Shibani: they’re getting the money they need to operate. One quarter does not a trend and that’s what I worry about. The markets certainly had very positive reaction coming out of WELLS FARGO, but as far as i’m concerned, this is a one-time phenomenon that the company is potentially capital market gains. We’ve seen a tremendous rally, historic rally over the last five weeks. …”
“…We are there. >>> now to something, folks, along this market probably aren’t too angry about, a rally and a good size one triggered by more than good size news out of the likes of WELLS FARGO, profit forecast way up, boosting the financial sector way, way up. So what’s up? Continue to give money to these guys? Kind of what this is about, too. …”
“…Since john thain and dick fold, fortunately left the change. This is an enormous sea change and they’ll be buying the brain dead banks left and right and the government can in turn is the bad loans like WELLS FARGO AND the other ones they don’t want to the public partnerships that geithner is establishing. I am telling you right now from geithner’s one-time biggest …”
“…Enough to hand off the real zogby banks and the ones that can’t handle the stress test. No more of that today. No, today’s announcement from WELLS FARGO, look out zombie I now calculate to mean they can earn $2.70 a share and this stock is trading more than 25 any it can take on any losing bank the government wants to …”
“…Housing is bottoming. I just act like a child and that’s the way to get back at anyway, people are lining up to get mortgages $100 billion in orc ridge nations and WELLS FARGO because of the acquisition of wachovia and the two-so-called zombie bags have been the dominant player which soared more than 30% today. Why is this so important to the …”
“…Back to life? Isn’t this the bank that noted let’s nationalize the bank’s bear, muriel rabiny went after saying, and I quote, WELLS FARGO took over wachovia, it doesn’t you can’t take two zogby banks, put them together and make a strong bank. Memo to academia, that’s what …”
“…Bearish because the stage coach pulled out of the nation and the name of that stage coach? WELLS FARGO. It preannounced much, much, much better than expected earnings. The kind of profit figure. >> all aboard! >> that was so huge we can’t …”
“…Just think about it, iran has 7,000 centrifuges. It’s just kind of teasing us. Somali pirates aren’t banking down. Ante against us. WELLS FARGO is making money hand over fist making folks wonder about the wisdom of banks getting money from us. What is up with immigration? What’s the deal? Welcome, everybody. …”
“…Get out of google, sell, sell, >> j.P. Morgan reported earnings before the bell thursday and the company expects to post a profit of 36 cents a share. >> with all deference to our friend over at WELLS FARGO, jeff, I think they’ll beat on revenue and eps and give positive guidance, that’s the trifecta and the way I look at j.P. Morgan, I own it it. >> and citi, reporting before the bell and investors expecting a loss of 37 cents, careen? I don’t know why you’d want to play this one. Bankamerica bankamerica, WELLS FARGO or the preferreds which I really like. >> that does it for today. Thank you very much for watching and i’m melissaly and tune in …”
“…Business alert." we’ve been talking about quarterly guidance, earnings guidance. Well, here is some from chevron going the opposite direction from WELLS FARGO. Chevron seeing sharply lower first quarter profits. The shares are down about 2% after-hours. Chevron saying lower oil and gas prices taking a to on …”
“…Cannibalize people waiting for the next iphone. >> any concern about the rim beat, where they’re taking >> here’s the thing about apple. It is an amazing company that has an incredible upside. You talk about WELLS FARGO I used to work for WELLS FARGO, great company, wonderful bank and a lot like a lot of good banks out there, but apple is changing the world, seriously. These guys are doing things that other people are not doing. …”
“…Time now for a fast flash and we, letter you to major stock hitting major milestones. Berkshire b shares were up 5%, close to a three-month high, this in part because it owned 6.9% of WELLS FARGO shares which had a big boost in today’s raft night we told you moody’s cut the aaa rating on berkshire to a aa and still the news on WELLS FARGO pushing that stock higher by just about 5%. Carl icahn told us last night that he’s not hungry for apple, but maybe you should be. Sales of the cultic tech stock …”
“…Layoff is announced. Should they change the way they report quarterly results and quarterly guidance to save jobs and save this economy? Especially important today given how WELLS FARGO’s guidance moved the markets. Patrick byrne is ceo of overstock.Com. He joins me in "the diamond district" to make sense of this short-term mentality. …”
“…In and where the stock closed. That means you don’t want to be buying it here. You want to be buying it closer to the uptrend and that’s why you set the risk reward. Today is not the day to get long WELLS FARGO AND today is the day to take profits and when it comes to the uptrend and then you buy it with the tight stop right underneath. >> when you take a look at a chart like general electric and you see the purple line going …”
“…The s&p looks like it’s got a pretty good run to 870 or 875. If you leave today saying oh, my goodness, this was a huge day and we’ve had a greatweek. >> let’s look at WELLS FARGO just as the last point on this because this is the critical way, how do you play WELLS FARGO on a day like we rallied. Pull up that chart and that’s an interesting one, but anyway, the uptrend is still intact, but we’ve created about 15% or 20% …”
“…Analyze fundamentally. Did you see anything there that gave it clarity or was it just >> I think it is possible to analyze the good companies. I don’t think WELLS FARGO will need to be bail out any scenario and americanec press, my other stock is up more than WELLS FARGO since I was last here. Blue chip companies that are earning a ton of money will earn their way out of problems. I’d be very careful about the lower quality drag that’s running on a percentage basis …”
“…Was that they had 3.3 billion of charge-offs and we were anticipating 8 billion on the run rate, our sort of worst-case scenario and it’s weird because in q-4, wachovia and WELLS FARGO together had 6.1 billion of charge offs and them in a quarter in which the world — you know, things were terrible those charge-offs fell by almost 50% and the only explanation I can come up with is WELLS FARGO applied their methodology to wachovia and they’re a one-quarter benefit and the reason not to get overly excited about this is, as I think we look at wells father’s’s long book and they’ll have a lot of …”
“…Selling the defense part of this to the uae and that’s the part that people are saying it could never get done. >> this deal will get done. >> a lot of helicopters in that cash down. >> let’s get back to the story of the day and that is WELLS FARGO fueling big thinking in the marks not just the financial announced a strong quarter with the $3 billion in profits and the tce ratio that will pass the what could this mean for the rest of the financial sector? Time to be in WELLS FARGO? Or time to get out? >> from the man who told our viewers to get long WELLS FARGO, a call that now seems very partner of t2 partners and joins whitney, what are you doing with WELLS FARGO after this big run. >> we’re not buying or selling. This was unexpectedly good news. I said I expect $8 to $10 billion of earnings, the shocker …”
“…>> but in every recession, whether the 80-82 recession, 90-91 recession, banking system was insolvent in those two periods as well. Way we get out of these problems you saw with WELLS FARGO today, you allow the bank to grow out of the the thing about wells, they had two unique, we think unique facts to them which is unapplicable to number one they had a …”
“…Barely show a scar. Remember what happened to fannie and freddie of the. Neil: mr. Black, let me, if you don’t mind, cody, let jump in a little bit on you. How do you explain WELLS FARGO posting a $3 billion profitable quarter when every analyst hon their street and brother looking for less than half that number? Are banks in as bad a shape people like you would have us believe? …”
“…Banks and the stress test is fake and that will be the epitaph on the tombstones if they’ll stay short these things. They’re going higher. >> and this wachovia deal is such a big deal for WELLS FARGO. Real quick, that a.G. Edwards embedded into the deal is a they got that as a throwaway. So I say, WELLS FARGO, this is capitalism the way it’s supposed to work. They step ahead of citigroup instead of it falling to citigroup, they take wachovia. >> WELLS FARGO cut its dividend by 85%. Going into the second quarter the retained earnings will go higher and there are a lot of positive forces although your man paul miller at — >> your man. >> WELLS FARGO does point out that they’re underprovisioning. >> two words, boo and hoo! >> he called and he was dead he’s the chairman of wells I like having that guy on my >> just wanted to bring up the dies WELLS FARGO to balance this all out. Let’s move on here into the next target moving retailers after beating monthly sales we told you about the recent …”
“…Did you put any earmarks in sure I put earmarks in the omnibus. They can talk all they want. Bottom line they will spend more and we’ll get taxed eric: delve deeper into the banks now. WELLS FARGO expecting to book a $3 billion profit, but, but, but, is WELLS FARGO massaging the books, bending the truth a little? Neil: massaging? Cody: instant messaging the books. Eric: I don’t need that …”
“…You get bank stocks moving way higher then if they need to raise capital they can at much better prices and this is very good news for the banks and very good news for bank of america. A lot of it WELLS FARGO said today refi business was up huge, countrywide acquisition should >> bank of america and even hedge funds and drags were much >> i’m a little concerned. …”
“…Get a lot of volatility and $1, $2 pullbacks, that’s where you want to buy. >> if you chase stocks you’re backward in the way you trade stocks. You don’t trade at the high. >> let’s drill down on WELLS FARGO AND karen had been mentioning and this is a huge driver for the entire market. The banks surging 32% forecasting it will earn $3 billion in the first quarter, well above estimates. …”
“…>> I was not buying into this i’d love to see the price action I think is a really good thing for them to start getting capital above where they need to I think for WELLS FARGO, them talking about it being above 3% at 3.1, that’s a very important sign and the target rate where the government would like banks so I think they’re trying to send the message and we’ll pass …”
“…We see pullbacks that are short, brief and you have to jump on them and play the opposite support and of course, you take profits on a day like today. We have folks coming in shoring WELLS FARGO AND it turns out that’s wrong. >> who we had on this program who said I would short WELLS FARGO, and jeff mackey saying I will buy every share that you >> he wasn’t wrong. He was 27% early. I fell into that 27% just …”
“…Events, not words. So we’re hearing today that no banks are going to fail!. Treasury secretary tim geithner’s stress test. We’re also hearing that WELLS FARGO expects to be $3 billion in the green. Yes, a bank will make money again in this country. And we’re hearing blackrock’s bob doll advising wealthy advisors to …”
“…Lower end of the market. Lot of property is taken up and people are buying homes. >> a number of analysts on this announcement, goldman sachs, barkley, said WELLS FARGO’s better than expected results are positive for other banks in their view. Particularly the large caps and mortgage operations. The question remains, what …”
“…America with the oppenheimer saying they need more capital. Let’s get back to the stress tests. The WELLS FARGO numbers were great, but you want to take a wait and see how much comes in the form of paper gains, on their bonds, on their derivatives. …”
“…He also said the bank will repay t.A.R.P., quote, as soon as it’s possible, but the government will decide ultimately when that is done. According to goldman sachs’ research, WELLS FARGO wouldn’t be in a position to do so without a capital raise. As for housing outlook, atkins said he was not ready to call a bottom. >> we’re probably not out of the woods yet in terms of the …”
“…>> they preannounced $3 billion in earnings, 55 cents a share, versus expectations of 23 cents we’ll get more specifics with the actual earnings released april 22nd. WELLS FARGO wanted the record numbers on the record. Earlier on our air, cfo howard atkins attributed the win to a huge surge in deposits and a booming mortgage business. …”
“…Here from barclays. >> thank you. >> as we have been telling you, banks leading the stock market higher after surprise earnings from WELLS FARGO. From WELLS FARGO. Take a look. Huge gains from the entire j.P. Morgan up 19%. …”
“…Things with reits happening with retail, people are betting certain retailers are going to >> and some that won’t. Thanks, bob, have a great happy easter to you, bob. >>> as bob touched on WELLS FARGO lit the fire, fueling a rally in financials and the market after forecasting record first quarter earnings. Cnbc rebecca jarvis on this …”
“…Are the clear leader. Home builders and retailers are also in the lead as are industrials and the rest of the stuff, health care, consumer, utilities are lagging way behind how about that WELLS FARGO the big debate all day is what exactly did it mean here? Most traders came to believe as the morning went on this is really a real estate play. The $100 billion in mortgage …”
“…S&p 500 tonight up 31.5 points finishing at 856. More action, bob pisani, our eye on the floor at nyse. >> people hanging around the WELLS FARGO post, 30% gain on the day. What an exciting and interesting day. Folks, earning season starting to shape up an be interesting show you where we are in general …”
“…Points. The russell 2000 up 5.75, david .. >> WELLS FARGO up 31% today. Here we have different views about commodities. Oil taking a leap, almost six percent gain. …”
“…Again, we ended the week, fifth straight week of gains. >> how about that? Not bad. It all started with one stock, WELLS FARGO. It was a great end to the market that didn’t start out promising. >> all the angles ahead including the banks supplying the day’s gains, WELLS FARGO AND others. We start with the dow getting a nice moved to from all of the action starting with WELLS FARGO beating its numbers. The dow up 247 points. Nasdaq better by 61. S&p seeing a gain of 3 # points. …”
“…Week on wall street. Stocks a 200 point rally, send the markets higher for a fifth straight week. Did a pretty good five weeks. Financials led the charts after WELLS FARGO came out of the gate saying it will earn a record $3 billion in the first quarter,izely beating wall street expectations due to an increase in mortgage applications. Refi boom going on. …”
“…The highest level for the nasdaq. The s&p 500, 855. The bank stocks took off. WELLS FARGO up 30% here at the it was as high as nearly $20 on the quarterly numbers. The only areas that didn’t do well were the safe havens, gold, …”
“…The highest levels for the dow since february, february 9th, to be exact. WELLS FARGO gave us this boost we came off of the g.-20, nuclear testing, imf worried about toxic debt, $4 trillion …”
“…>> the fifth straight week of the market closed tomorrow, but fox open for business. Complete analysis coming up. >> financials leading the charge starting with WELLS FARGO. The banks predicting record are the banks back or do you need to watch out for this one. …”
“…Economyist. Another big story, warren buffett’s berkshire hathaway lost its triple-a credit rating, but guess what? The shares are up today significantly. Part of the reason is WELLS FARGO is expecting record first quarter earnings and barkshire is major investor in WELLS FARGO. A 4% move on a day where you lose the coveted triple-a rating. What else is behind this? >> keep in mind some of the other big holdings, besides WELLS FARGO, which is up huge. American express is up 18%. He owned that one. Goldman is up 6%. A couple of the key holdings that are playing against the company working in favor …”
“…Dow jones/industrials up 216. The s&p at 852. And the nasdaq, up 51 to you could give a lot of credit and maybe oscar statue to WELLS FARGO, because they beat estimates this morning. They did well. They got everybody doing …”
“…This short rally or short covering, rather, this is a dangerous place to be. >> don’t get in front of that train. Karen, thanks. See you tonight. >> great to talk with you. >> on "fast money," WELLS FARGO leading the money tonight. Fast is bringing back the value investorser investor who told you to buy it >>> karen will join the gang …”
“…Hsbc cutting the price target from $57 to $70. Not having an effect. Sometimes the stock tank on that movement up 5 2/3%. Take another look at WELLS FARGO. Really very much the stock of the day. Sparking the broad based rally after raising the guidance and beating the estimates by a wide margin. Up 30%. The gains for WELLS FARGO lasted all day long. Sometimes they moderate and pull back, but not with WFC. >> it’s unbelievable. WELLS FARGO, I can see up started out at the gate, up about that same level. It pulled back during the day. That is when the moody’s downgraded a portion of it. Pulled back and — it was up …”
“…Firm, how do you see the financial asset sector today? >> the expectations are so low. The market tends to react in wild swings in either direction. WELLS FARGO up earlier today was >> and they were all up. >> that was a preliminary the final details on the earnings come out on the 22nd. A lot of open questions there. People have to look at that to …”
“…Assets with us. So we did initially from the servicing perspective and turning that into an asset. >> how does the environment feel to you right now? WELLS FARGO coming out today saying the quarterly profit is going to be up. The profit so far is $3 million, exceeding the most optimistic do you think the banking sector …”
“…And 860, it will have a hard time clearing the february today, the perfect storm if you’re short financial or the broader market, you know, add to t the WELLS FARGO train coming in and you have a powerful rally. Look for the sideways market make a sustainable move beyond this point. >> liz: yes man,gentlemen, thank you. …”
“…Bull in crude oil but you are in f you’re a bull in natural natural gas can’t rally for we ought to see uptick rule put in for that. The crude oil is off WELLS FARGO, directly off the broader market. Natural gas we saw the stock pile today, very, very …”
“…In a tougher environment. Like a stress test for auto industry. Jason weisberg on the floor, is it all WELLS FARGO helping the rest of the boats get lifted up? >> yeah. All WELLS FARGO AND the shorts scrambling. This is a great short squeeze. No one is expecting the other banks and the numbers to be like WELLS FARGO. A lot of guys are scared going in earning. >> isn’t it fair to say as far as the shorts, you need the shirts for a healthy market, don’t you? …”
“…Looking at crude oil, up. This market is so kookie. One day they’re down thinkingatitis total horrible nightmare and then the next, WELLS FARGO does well and we’re all coming back. Stock of the day today is executive speaking to a panel of analysts today in new …”
“…We don’t hear profits much talking about the big wall street banks. But talk of profits is boosting the financial sector. Big-time, led by the gains in WELLS FARGO. The stock gaining 27% in the final hour of trading and bank expects to report record profits. Of $3 billion, 55 cents a …”
“…Value investors and short sellers who are going to cover as a way of playing — hedging their bets are buying in here. Here’s the bottom line and what people are saying with WELLS FARGO. The best reets are going to survive but going to end up buying distressed assets from the losing reits at low valuation. …”
“…Mortgage story and housing story again, that’s good news but it’s not the full story about the now, the bulls are saying what if there was a capital raise by WELLS FARGO AND other banks and people bought enthusiastically into it? That’s what’s going on with real estate investment trusts now because they’ve been out with secondaries in the last few …”
“…I don’t think they’re hitting the golf course. Some things have changed over time. Here are banks. Look at the movers that are interesting. You see WELLS FARGO came out beating the street in all estimates. Wal-mart, had it been a different day, the wal-mart would have taken the market …”
“…Either getting a much bigger market share pickup than in the past and/or the real estate market is definitely showing signs of improvement. As I mentioned either way it’s a good sign for WELLS FARGO overall. What’s not clear is exactly the other parts of the business are cynics are saying they believe the capital raise is coming. Somewhere down the road. They also say the toxic assets …”
“…852, last trade there. Team covering the markets all oifr over the country and world right here. We kick it off with bob pisani >> folks, WELLS FARGO, of course, surprise earnings announcement on the upside, got everybody talking. What exactly is this about? What kind of story is this at and most traders now that they’ve had a chance to debate it amongst themselves are coming to the conclusion now this is a real estate story, not so much a bank recoverry story. Good news for WELLS FARGO AND other banks overall. Here’s the key thing. $100 billion in mortgage originations. A lot more than anybody was …”
“…Motors is reporting an offer for bondholders that could include a lot less equity than gm offered. Stocks propelled higher by financialing rallies on WELLS FARGO earnings outlook. Tens of thousands of customers have no landline service south of san jose, california. Cnbc.Com news now, i’m julia …”
“…>> liz: hi, everybody. I’m liz claman. It’s the last hour of this is the "countdown to the closing bell." let me get you up to speed. Talking the talk. WELLS FARGO shares are soaring. After the company said get ready for record first quarter profits. Look at the stock and the market loves the news. Up 26.75%. …”
“…Upset now. They are upset because they’ve seen lot of 30 to >> interesting to point that berkshire hathaway stock, as we are talking at it down, it’s at the highest level today with the WELLS FARGO news since january. Little better. We have breaking news. The government is going to purchase purchase 17,600 fuel …”
“…Out there. The assumption is it won’t impact their rating.Rating. WELLS FARGO has been one of the holdings. Goldman and american express, he has key financial companies taking big hits. >> a lot of stockholdstockholders, the new stockholders thought …”
“…There they are. Exxon-mobil, microsoft, johnson & johnson and adp. And berkshire hathaway equity holding now, WELLS FARGO being one of them, seeing big gains today. But again this is a stock — >> david: I love this conversation going on by the way. Warren, you have to do this with the money. >> liz: you know what I was at this very minute is there …”
“…Oracle of omaha. >> david: several ratings from berkshire hathaway and the insurance unit. >> liz: the berkshire stock did spike in the day, you have to look at that on a different level. Berkshire owns a ton of WELLS FARGO stock. We told you what great news came from WELLS FARGO as they preannounced earnings saying they did better than expected. With them being one of the largers holding, not surprise how they did. But is there any alarm in the …”
“…>> I don’t know about that. >> the idea of nationalizing, we don’t have to. You need good, strong banks. I think WELLS FARGO can earn $2.30 last year. Go into 26. Then it go buy every single bank it wants to. The fdic can give it to them. >> is it going to go above 20 >> the battle between bank of america and WELLS FARGO, let me I have to tell you, we would never have had this concentration of banks in it wasn’t for the mortgage crisis. …”
“…Jim cramer, I know that you — we’re all focused on the stress tests and what’s going to it’s not pass/fail. It’s the more money you have to raise and things you have to look at WELLS FARGO. >> the stress test discussion is no longer — >> pretty incredible. >> it’s been mooted by the fact that you have a bad bank. …”
“…>> if you look at the levels, well below the high, still. >> I am a long-term investor and I own WELLS FARGO. It’s stel attractive. We have news coming out and stress test this month. Ing for a farl should pass the stronger banks will come …”
“…Significant. The pop today. >> very significant. People have to remember there are good banks with good strong asset, WELLS FARGO, bank of america. Those are the companies if you listen to the ceo minutes and corporate meeting they have been saying all along they haven’t been in trouble. Once you saw the resurgence in the financial market, people started to look closely at what WELLS FARGO really had on their books. Now a lot of people are seeing that and jumping in. >> david: would you recommend it now still, even though it had 24% pop today? …”
“…That was easiest to make money on the short side the shorts need to cover. >> all right. Teddy weisberg, seaport the man. >> covering shorts. Thank you very much, folks. Is the WELLS FARGO boost a sign that the financials could stabilize the market? Sgl>> >> liz: joining us david, vice president and portfolio management of hardisty …”
“…Positive surprises in banking that probably has shorts >> the shorts got squeeze today. I don’t think they expected WELLS FARGO to come out of the gate and gain 38%. >> the sentiment is the market was going to slide back down and we were maybe even retest the slows, still …”
“…Our favorite loin thing rod. We got a positive surprise from WELLS FARGO which reenergized everything. It was the sector that started the rally at 6,500. We got the positive …”
“…You’re talking 4.7% as opposed to 5.0%. You’ll see a lot of money every month in your payments. >> what about what the cfo of WELLS FARGO said? He said, we’re seeing good signs in california, a lot of activity, public at the lower end of the market. …”
“…This administration. Public-private partnerships where they will buy the toxic assets from the banks. Here’s the one from WELLS FARGO. Listen to what he had to say. >> we think that the public-private partnership is a really good idea. …”
“…Of the toxic asset, toxic debt >> I want to follow-up on the toxic assets. I want to share something that the WELLS FARGO ceo had to say. Can you react to something else larry summers said? That is, he sees substantial anecdotal evidence of stronger economic news? He wasn’t trying to say we’re …”
“…And in new home sales. It’s pretty tenuous right now. That’s the one thing people should be careful about at this home builders, by the way, are also up very big today. Exactly because of WELLS FARGO. What i’m saying is this is a housing story, a real estate not necessarily the banks all clear story here. It’s good news for WELLS FARGO. Just be careful here. That brings the question, jim, to give you a word on the toxic asset issue. …”
“…Going the wrong way. They should be going down. This is all about the giddiness and the economic it started last night in when you got the news from WELLS FARGO, this place is on i’m sitting around thinking if you look at industrial stuff, copper, through the poe laidum and platinum, through the roof. …”
“…Season, this is what we see when someone comes out with earnings good or bad. Look at the losers. If we didn’t have WELLS FARGO, everyone would have looked at wal-mart. That’s one everybody watches so closely and they disappointed. …”
“…Numbers. Talking about the fact that mark to market accounting had little impact on the quarterly numbers. Everybody is looking and at the same time, wondering about tarp. WELLS FARGO said they plan to pay back the tarp as soon as can they have given a boost to the banks and financials …”
“…Out with the plan and we saw the market plummet 400 in early february, we were hovering around the 8,000 level. Now back above 8,000. Traders loving it. WELLS FARGO kicks this off this morning. In premarket it was up more than 34 points. Came like a horse out of the post, taking up. …”
“…Nasdaq and s&p higher. For the nasdaq on a percentage basis, that’s the biggest gainer of the day. All stocks riding the huge surge from the session. WELLS FARGO which took $25 billion of t.A.R.P. Money said it’s about to post record profits, record. When I was with the cfo this morning, he told me something …”
“…Sny’m >> david: i’m teed off i’m not watching it. >> liz: breaking news. Wall street setting up for a good friday as the dow moves above 8,000 mark on a rise in WELLS FARGO AND a lot of the bank stocks. What has got investors giddy about financials? One earning report from WELLS FARGO? We’ll dig into that with a market report ahead. >> david: keep it here, because this is where the action is. Despite the smugglish sales, retailers are joining in on the rally. The evidence is there are …”
“…>> i’m erin burnett. Here’s what wall street is talking about, stocks up more than 200 points after a banking giant posts a record profit. We’re not making that up. That’s exactly what we saw from WELLS FARGO today. And also, begs the question, halcion days back for america’s banks such also the president’s chief economic adviser sees …”
“…Nation’s economic free fall will end in the next few months. It’s unclear how strongly things will rebound. Stocks near morning highs, holding on to strong gains after WELLS FARGO bullish forecast. The average 30-year fixed mortgage rate increased to 4.78%. …”
“…The WELLS FARGO, huge percentage gain, up 24% at it’s projecting healthy profits down the road. That’s why the stock is up. It’s in fact dragging the entire market higher. …”
“…Jessica hoversten and president of paramount operations. Bobby, let me start with you. Stocks have embraced the good news from WELLS FARGO. From what larry summers said on the economy, it didn’t make anybody nervous. Pretty good news, no? >> it would have been …”
“…If you’ve just joined us, pretty good rally on wall street, responding to a forecast from WELLS FARGO they will turn in a much better than expected profit of $3 billion in the first quarter. That plus the decline last week of first-time unemployment claims, even though the number of people still unemployed I …”
“…Earlier this week private investors were not interested in geithner’s bad bank. But today’s pretty good news for WELLS FARGO change anybody’s mind? Mcbegin investment management. Welcome to the program. >> good afternoon. How are you? >> i’m in pretty good shape. Code pink has not struck us recently. We’re doing okay. >> that’s good. …”
“…Losses. >> they never thought they needed that money to begin with. They fought taking that — >> getting $500 billion hole. >> i’m saying these are the issues on the WELLS FARGO balance sheet and the banking sector as a whole for this year, stuart. >> stuart: all right, liz, it’s not over yet. >> stuart: I want to take you …”
“…That’s about a half trillion dollars. >> unless everything belly flops. It may not. >> stuart: there could be huge, multibillion, tens of billion worth of losses still to come down the road for WELLS FARGO? >> yes. The good news about WELLS FARGO, they’re saying they wrote off a lot of the problems with wachovia. That remains to be seen. The big issue for investors, stay with me on this. That is after these companies release their quarterly earnings, they tend to file an amended quarterly earnings report. WELLS FARGO reported a deeper loss for the fourth quarter, 7% down. Merrill lynch did it, too. I’m saying take a wait see. I hear what you’re saying, the natives are getting restless. We want to see the steam pipe …”
“…Banks are still being stress tested. The problem this year, this will be a year of bank restructurings through this year and 2010. >> stuart: can’t you at least say if WELLS FARGO projects a $3 billion profit, that things are looking a bit better? >> they are looking a big I want to see the details of their quarterly, stuart. Commercial loans are still problematic. More than a third of a trillion dollars of WELLS FARGO alone from what they picked up from wachovia and golden west. The payment loans, $120 billion they’re still exposed to there. …”
“…8,000. Little impact from the news that we had 654,000 new jobless claims. No, this market rally is all about a $3 billion projected profit from WELLS FARGO which is leading the rally, as we said. Expects a record first quarter. It is now up 23%, $18 a share at WELLS FARGO. City, bank of america, j. P. Morgan, all of them up in very significant percentage terms. Citi up 10%. J. P. Morgan up 11%. WELLS FARGO predicts a surprising $3 billion first this is from a bank that got $25 billion in bailout money last october. "fox business" stocks editor liz mcdonald joins me now. …”
“…Been on for a long time now? Obviously in the last few weeks, some of it has begun to unwind. A lot of moves in commodity stocks as well as financials today. The financials at WELLS FARGO, throwing a monkey wrench into the whole idea that the markets should be moving down in april and may after a nice rally. Whose side do you believe? Do you believe the small group …”
“…Bertha coombs and rick santelli, but we start with bob pisani. This market continues to embrace perceived good news coming out of WELLS FARGO this afternoon. >> remember, the street, by and large, is net short equities and has and remains net short equities and are long gold and somewhat long in cash. …”
“…Clinton years. And certainly about the economy for barack obama. >> yes, it is. >> market is up 186 points. On the trading session. So that’s on the back end of the financials, led by WELLS FARGO earlier this morning. >> let’s go back to reporter lee hawkins, who has more on this bizarre of a boss-napping in …”
“…>>> right now, wall street doing well for the bulls. Up 184 points on the down dow jones. A number of the financial stocks doing better after WELLS FARGO preannounced and it was a nice upside surprise for the street. And, as a result of that, we’re seeing some of the wind come out of the sails of the treasury department and also some of the commodity markets as well. …”
“…Big nice plus sign to look at. Okay. Ready. Here’s what’s going on with the chris back with us and john is WELLS FARGO, if you’ve got the retail numbers coming out, six straight months of declines for the retailers as shibani was mentions but a decent back on the dow today because of the banking news. …”
“…When oil was at its peak last right now some financial stocks that warren buffett and berkshire hathaway are currently invested in range from goldman sachs to american express, WELLS FARGO corporation, all three companies which have seen significant declines so far this year, and over the past year and get this, now, there are only …”
“…Back as soon as I can, all the bangs are saying that so that’s got to be dead on in the next three weeks, you’re shaking your >> tom: i’m hearing the bank executives, including WELLS FARGO, whenever anybody asks a considering that, we want to do >> cheryl: he just told alexis, we will, we are going to be paying it back. >> the main reason to do it to …”
“…S&p is up 20. And the price of oil is up 1.91, now at $51.29 a barrel. >> cheryl: you know, as we’re looking at the markets and the heels of the the WELLS FARGO report which obviously gave us a nice kick today in the markets. We’ve all been aing our 0 selves is this bull back in? Let’s bring in larry glazer, for his take on where things are going. The quarter, you know, it seems that the news out of WELLS FARGO did give us some confidence, volume isn’t huge, but tomorrow is a holiday. What do you make of it? >> sure, when we see positive developments in the financial sector, both in the form of …”
“…The toxic assets plan has to work before the financials can come back. And i’m having doubts that the asset plan will work. >> banks — they said it before in the previous report. WELLS FARGO is going to need more capital. Many other banks are going to need capital. Many of the banks are going to close out there. So, again, this rally — again, very welcome. We’re very happy about it and …”
“…By the end of the year. The industry is still too watch the political pressure put on by the end of the year. >> and she touched the wachovia portion of the deal. More of east coast, WELLS FARGO has the west coast presence. Where does that play out the next couple of quarters. Couple of quarters, but I think it’s a great geographical and …”
“…Filings to the sec after the so, I say watch out for that. >> yeah, you said caveat em tower, let the buyer beware, >> do we need to let the buyer beware when it comes to WELLS FARGO, are we not convinced the second quarter is like the i’m not convinced. There’s too much under the book that we need look at. …”
“…Loans where the consumer can just come in and say, look, i’m just going to sign for the loan. Loans. I say caveat emptor with WELLS FARGO AND a lot of banks are doing this, watch this, WELLS FARGO’s losses deepen sent an extra filing to the sec before the fourth quarter results, saying we had losses on the final quarter and deepened the losses by about 7%, a lot …”
“…Abercrombie was a mess, they can’t get traction. But aeropostale and jc penney raised prices. People are picking on some of the material stocks and commodity stocks, WELLS FARGO put a better move overall. The material stocks are all up here today. That’s been a tough play overall. I want to just note that the …”
“…Ceos trying to talk down the expectations this week and the market has been ignoring that as well. It wants the good news. Here’s the important thing. WELLS FARGO opened $20. Well off of the highs here. WELLS FARGO is not there. $17.92 right now. It opened near $20. We’re off of the highs in all of the banks here. Let’s talk about the retailers. The important thing is the disappointing numbers but the …”
“…Government to get more capital or get a common stock in equity injection from the treasury. And suntrust are on the list, too, but we want today return to WELLS FARGO, WELLS FARGO whose earnings are going to come out on 0 april 22nd. Some caveats here we just want be to pay attention to, WELLS FARGO is saying they took a lot of write-downs already on wachovia’s bad book of loans, and also, they’re basically saying that look, we had great mortgage application abbing a– activity this quarter. And helped WELLS FARGO business with refinances, but cheryl and tom, watch this. 105 billion dollars, 105 billion dollars in securitizations for things like auto loans, other …”
“…There’s activity ahead. The lower end of the market. The property is being taken up and people are buying homes. >> goldman sachs and barclay’s, WELLS FARGO’s better than expected results are positive. They bode well for other banks particularly but large banks with significant capital markets and mortgage operations. But the big question remains, what happens to defaults going …”
“…Now atkins also said that wells is benefitting from significant writeoffs in december when the bank closed the wachovia he would about talk about the return of t.A.R.P., but goldman sachs came out and said WELLS FARGO is likely to not disentangle itself from the government without a significant can’t capital raise. Still atkins wouldn’t call a …”
“…That’s the reports anyway, are the banks getting back on track? Liz macdonald the lady all over >> hi, cheryl. That was the big news moving the banking sector this morning. Both WELLS FARGO AND the information about the stress test, now, but take a wait and see, because still, some of the smaller players, players on that list are struggling. They include keycorp, region …”
“…>> you and I know too much about brian sullivan’s personal life, [laughter] he lets us know it which is >> thank you, nicole petallides on the floor of the new york stock exchange. Well, again, it’s WELLS FARGO today, guys, they came out this morning saying they see record quarterly earnings, and the new york times report that go 19 banks, all of them expected to pass the so-called stress tests. …”
“…You’ve got the — the unions are they’re going to be happy as well, i’m told. >> all right. >>> other story we’re following, of course, is WELLS FARGO giving the market quite a boost. It preannounced the earnings and expects record profits for the first quarter. Rebecca jarvis with details that the market has greeted …”
“…You come to the noon hour of fox business there’s a live event for you, we set this up in raigts advance just so we know your appearance. WELLS FARGO is coming down the street and this time leading the markets higher. Nicole petallides covering from exchange, nicole. >> that’s the song I didn’t know, hey, we’ll talk it. Certainly when we got the news on WELLS FARGO saw it in the pre-market up about 34%, as soon as that opening bell rang, WELLS FARGO took off like a horse out of the post. Unbelievable, up 32% right out however, it has begun to pull back here a little bit. We did get a moody’s downgrade on one section of WELLS FARGO so that’s pulled it in a little bit, but still, move that aside. You can see some huge gains here on WELLS FARGO AND the rest of the banks. This as WELLS FARGO beats the street well above the estimates, also, you have the cfo talking about the fact that mark to market accounting has very little impact on those first quarter results and that’s interesting to hear and also, the fact that they’re just so …”
“…Back drp drop of this. Maybe the front sorry. The dow up 173. Markets are soaring, this is the last day of this week for trading, tomorrow, as you know is a holiday, good friday. WELLS FARGO, they issued this earnings surprise and basically all the financials are riding off 0 into the sunset. It’s a wild west day thanks to WELLS FARGO today. >> it sure is, so we’re all over the western view of this whole thing with nicole petallides on the floor of the new york stock exchange. Liz mcdonald has the details on the improving health of the nation’s banks and rich edson is …”
“…Oil company conoco-phillips when crude was at its peak. You just saw what some of berkshire hathaway’s equity holdings are right now. Some of the big banks, goldman sachs, american express, WELLS FARGO corporation, which have also suffered big declines, and get this, there are only four u.S. Companies right now with moody’s top triple-a credit …”
“…>> that’s t.A.R.P. That’s t.A.R.P. >> exactly for both. That started last year, the banks haven’t been doing well, still aren’t doing well, despite WELLS FARGO today, I think the reality is that government intervention is a less of a threat than the capital, lack of capital some of the banks are dealing with and a lot of bluster big banks are talking about don’t need the money, want to give the money back but we don’t know if that’s true they don’t want to say they need the money that makes them look like they are not doing well. >> doesn’t look like WELLS FARGO needsed money. >> we know it is true. >> the banks don’t need the money because they haven’t used they haven’t raised a dime of >> keith leaves out the point that government did go to some of the banks that did not want …”
“…Deeply upper slope and yield curve, by short-term money at zero and you loan it out at 5 or 6% long. Is WELLS FARGO apock krafal, see more from other bank earnings reports? >> a number of banks have surprisingly good numbers. I’m not trying to discount the fact that it will be increased in losses and going to be …”
“…Bank failure and fdic takeovers and requests for funds. And he, too, agreeing that the stress test is asinine. There you go, there’s your WELLS FARGO bounce and kbw coming out and talking about the regional banks and saying the names regions financials will most likely raise company via a you knew I was going to you knew I was going to say …”
“…Head back to my co-anchor, >> all right. I want to get to these phony treasury stress tests which shelia bare ripped in a news bullish remarks out of WELLS FARGO this morning. Question will that extend to the other banks as the worst for financials? Joining us to discuss, dick beauvais, financial strategist, rock dale securities and paul miller, head of financial …”
“…Talking about just what liz was just saying there, about the stress testing asinine. He says the results of the test cannot be made public and cannot reveal any of these results. You can take a look at how WELLS FARGO, great first quarter, gave a boost to all the banks, you can look at bank of america, citi, j.P. Morgan, gome action, …”
“…The street believes this is going to happen, maybe that will be good news, the stress test is good news. Likely l. >> actually have been a lot — >> capital. >> not just WELLS FARGO but the banking sector as a whole may actually get through these stress tests. >> winners and losers and there are lists being passed around right now. >> the list. Well, thank you so much. …”
“…At some kind of clear bottom, we are going to rally from here, but the money isn’t there and that’s the main argument. Can I put up something on wells >> go ahead. >> the bears are arguing on WELLS FARGO, heavy short position at as well as fargo the loan loss provisions are likely going to go up the next several quarters, everyone I talk to ski them what’s going to happen sneer pass the stress test and immediately announce a …”
“…Important thing here. We have had ceos this week in industrials and materials try to basically talk down expectations for the year. WELLS FARGO comes in, better than expected, I can north ceos, WELLS FARGO comes in, rolls on the upside here. The question is what’s going to happen four, five, six weeks from now? Is the street — those who are betting on this going to get its I think the important thing is …”
“…Equity loans, those, a lot of those loans were made in california, rising default rates there. You know, so, when you look parsing through WELLS FARGO’s numbers, I say take a wait and see, and always wait for the quarterly numbers to come out and the quarterly reports to come out. We want to get to the stress the news is out of these 19 banks on the stress test could …”
“…It is the last trading day. Exactly, melissa a lot of renewed hopes down here that maybe the financial sector really has a light at the end of the tunnel and that’s thanks to this WELLS FARGO news. That said, we still have the bears out there and we can’t ignore them because they are saying, hey, look guys, it was easy to make money. Interest rates effectively zero. What banks couldn’t? There are reports that morgan stanley had some trouble with its bonds. So maybe that’s one that couldn’t. We will talk about that a little bit later. Certainly, the WELLS FARGO news lending a helping hand to this market, up 17 as I speak. Bob pisani with me on the floor as always. I like the black and the black. >> sort of the old standard look …”
“…In true hd. And now to the financials first, which are seeing a mega boost today on news about record first quarter earnings at WELLS FARGO. Could the other banks be far or you know, do these numbers from WELLS FARGO, this big news, warrant some digging? Who do we get to do the digging? Of course, it’s our fox business editor liz mcdonald with much >> what do you want to start with, dagen? Should we start with WELLS FARGO, I have been digging. >> dagen: what you found out. >> when you go through WELLS FARGO’s numbers, i’m not surprised the chairman said look the stress tests are asinine. When you look at the numbers and …”
“…This is the call on cnbc. >>> stocks moving higher from boosted by surprisingly upbeat preliminary results from WELLS FARGO, fueling hoping the financial sector is turning things around, look at the dow right now you can see is up 174 points. That’s good for better than 2% on the day. Up above that 8,000-mark. …”
“…Everyone, i’m trish regan live from the heart of the financial markets on this final trading day of the week. On the heels of the WELLS FARGO news, is this optimism up? We will debate t hi, larry. >> i’m larry kudlow. Should you be buying distressed …”
“…>> all right. There is some good news on the economy today on the stock market reflects it. WELLS FARGO saying the first quarter came in better than expected and the stock up 25%. WELLS FARGO may be the exception to the rule, we’ll talk more about the government stress tests, and whether more of your taxpayer money is going to be needed to be thrown into the >> dagen: to make sure that they pass them. …”
“…>> if there is such a thing. >> have a nice long weekend, everyone. >>> financial stocks soar, leading the market higher as WELLS FARGO projects first quarter profits way above wall street’s expectations. And president obama says people …”
“…We can only speculate. The numbers themselves though when you look at them and when you speak to people, of course, there are still questions when it comes to WELLS FARGO in terms of the asset tons balance sheet. I spent a lot of the morning looking over the last numbers that we have, which of course are out of the an you’ll report and the end of the year. Now, they took a lot of marks on …”
“…"squawk on the street." welcome back. Of course, WELLS FARGO continues to be story of the morning, the story of the market, in many way, reported the much better than anticipated results early. We don’t have any, as I say, …”
“…>>> and there are the major up 200. Obviously the real story is WELLS FARGO AND the bank’s record profits. Up close to 25%. Jpmorgan jpmorgan, american express, bank of america, even capital one are capital one is up 10%. …”
“…Can to limit the losses in fha. It’s a critical piece of the solution right now, more than 20% of all loans today in the u.S. Are backed by the fha. It’s an important source of financing in these difficult >> briefly before we go, WELLS FARGO came out today, obviously they and other banks are making a lot of money by refinancing are the banks in this country are they touting high application rates and not giving …”
“…>> yeah, well, we’ll do well as long as the iranians don’t start >> brian: don’t know why it has to come off the headline like this. Shaken the stick a little bit. >> you know I like the WELLS FARGO news today. Healthy financials are good for they’re good for the economy, and ultimately, they’ll continue the softening or the easing in the credit market and so, if we …”
“…`pp >> as nicole pointed out. A pretty good day today. The dow jones industrial average up 189 points and WELLS FARGO can we bring up WFC. Guys, I know we’ve talked about don’t think we can make enough. WELLS FARGO is up 25%, dagen, >> let’s check in with the president of the united states. Barack obama, who has been meeting with his top advisors and people who have refinanced. Let’s listen. The essence of the american …”
“…Traders and brings the top stories to you in two minutes or less. Nicole petallides, how are you >> ready, go! No, okay. Certainly, one thing I was hearing on the floor, everybody was loving WELLS FARGO, we were seeing that to the upside and liz did a great job covering that certainly what I was going to get squeezed. A lot of the hedge funds were shorting WELLS FARGO AND taken off guard when they saw WELLS FARGO moving 30% and more to the upside so the shorts certainly getting squeezed on WELLS FARGO AND we talked about the banks being the leaders of the rally over the four weeks and today, certainly, leading the dow jones industrial average, bank of …”
“…Last week from mendon capital, some are going to need more capital and coming from the well, you passed because we’re essentially rounding up your grade for you. That’s what is sound like. >> rounding up the grade and interesting that the WELLS FARGO chairman came out and look and the stress tests are basically asinine. You talk to cfo’s of major banks we’re willing measured op a …”
“…Leading the consumer discretionary sector. One of the better performers there. And the better performers on the nasdaq 100. The regional banks as well, WELLS FARGO is doing well because of more deposits, maybe regional banks are seeing some of that as well. Let’s move on back over to the nys, nyse and erin. …”
“…And then after the fact, watch this, and i’m seeing this more and more happening with the banks. They’re making extra disclosures, after the facts. To the sec and what are called ak filings. WELLS FARGO did it. It deepened their extra filings showed that they experience add deeper loss, shoes than that drove their losses down by and that flew under the radar screen and that loss by the way won’t hit the first quarter earnings, and WELLS FARGO purchased wachovia, bought golden west and they’ve got still a lot of commercial real estate exposure, double than previously had on its books and legacy assets. About 356 billion dollars, a problem for WELLS FARGO, didn’t have the off balance sheets it does have a lot of the pickup statement loans, those option arms it picked up from wachovia, 58 billion. All of that swapped the tangible …”
“…Fox business stocks editor, liz macdonald is joining us with more. You’ve got the– they keep the bank index up, oh, >> yeah, the bank stocks are surging today and WELLS FARGO certainly leading the way. Saying they expect net income of 3 billion. That would be about 65 cents a share, but we’ve got to watch what’s going on with wells very carefully. …”
“…There is some tendency, early signs that the market wants to ignore the bad news and pay more let’s look at the financials. Scott’s right. It is about the financials. The big move up in WELLS FARGO. Earnings announcement or earnings guidance is about twice what the street was expecting. Also the top lying growth is stronger than expected. Bank of america is also up, jpmorgan, all up. …”
“…Our final program. Stocks surging. We’re up $2.02, financials on top. Jpmorgan, bank of america and citi, all higher, thanks to WELLS FARGO. S&p also strongly in the black. WELLS FARGO is the big winner. Textron on news potentially of an upcoming bid out of the arab i’m mates. Over on the nasdaq, ready to gamble on gamblers. Wow, if win is up, the world is …”
“…>> welcome back, mike, thanks >> welcome back, mike, thanks morning. >> my pleasure. >> all right, send it over to brian and dagen, it’s all yours. >> brian: all right. We have good news on the WELLS FARGO saying the first quarter came in better than expectedment shares are up, but is WELLS FARGO the exception to the the rule as the government stress test continues, may other banks need more of your taxpayer >> dagen: probably. But it’s retail thursday as well and there are bright spots, …”
“…It has lower exposure to financials and other at-risk institutions and more of your broad indexes would. >> guys, a little short on time. Rob and scott, thanks so much for joining us. That WELLS FARGO news dictating things this morning. It has the market at the highs of the day just shy of a 200 point gain, well above 8,000 it’s having an impact as the headlines are moving off the interview that we did. …”
“…>> we’re effectively raising equity every day by earning more money every day. That’s the focus of the company >> mr. Atkins, thanks so much. We appreciate you taking the time to be with us. WELLS FARGO news is what’s causing the market to rise. >> back over 8,000 which is also in the dow. Significant on that move from >>> up next, building your portfolio using etfs. You. Well, …”
“…>> and one question that people have is your chargeoff. $3.3 billion. Obviously that is significantly lower than the numbers that the WELLS FARGO AND legacy what choef wra had had a chargeoff last quarter. The real question here is, are you actually going to come out and see you’re seeing an improvement in an economy that is in a deposition recession or …”
“…>>> stocks are surging. Dow right now up 1 oin 50. Biggest leader is jpmorgan, and that is because of another bank. WELLS FARGO coming out saying it will report record first quarter profits of about $3 billion. Shares of WELLS FARGO the reason for the market surge today. They are up 26% right now at briefly very close to $20. …”
“…Company, it’s a new hard drug that maintains a steady heartbeat and something that’s needed up 28% out the gate this of course, I couldn’t get the morning go by without the WELLS FARGO news. That’s a mover here this morning and it will be interesting to specific as opposed to the industry. WELLS FARGO certainly an enviable position in terms of the countrywide footprint. Xl maritime, this is interesting dry bulk shippers, you you wouldn’t think they’d do well, but this company after the bell …”
“…Joining us is portfolio manager of the dorfman management fund. Great to see you this morning. John, the market is up 150 WELLS FARGO providing the big are you ready to get on board with the financials now? >> well, not so much with the there are other groups I like better like pharmaceutical and tech. We have financial >> the news out of WELLS FARGO today, did it cause you to change any of your thoughts regarding the financials? Feel more positive about that >> well, I was not as negative as some other folks before. …”
“…Now for interest rates, they continue to move. The moves are starting to get rather substantial in wake of the rather substantial move higher. Equities analysts, of course, WELLS FARGO. Up about three basis points on a two-year note. Once you look at the three years and beyond, you’re up half a the knee the three years particularly …”
“…Have a great holiday weekend. >> thanks, alexis. Alexis: all right, guys, time now for round three, a bank actually giving up some good news this morning, what we’ve been talking about all morning, WELLS FARGO expects record first quarter earnings. Is this a sign that things are turning around? Connell, what do you think? >> well, I think scott black hit on the key point earlier, it is or might be for WELLS FARGO, does that necessarily mean it is for other banks that we know to have executed not as well as WELLS FARGO? It doesn’t answer that question. Alexis: yeah, it didn’t, but robert, we’ve seen evidence from several of these executives, the ken lewises, the jamie dimons of the world, the lloyd blankfeins, …”
“…Revenues above expectations. Making positive comments about business trends, soungding all the right notes but the street is showing signs about ignoring the more cautious news and jumping on the glimmers of hope here. WELLS FARGO waiting to open capital one, 14 1/2 to 16 1/2. 16-18, closed to 14.36. It’s going to be a big move to …”
“…Wall street and it’s a good thing, right? But I think that maybe over time people have become more cautious, and certainly been seeing at that with the banks and the plans they’ve been faring and now, we’ve got WELLS FARGO’s numbers out and one thing that’s interested in this report it says that WELLS FARGO chief financial officer, mark to market accounting changes where some thought may have a big impact on earnings, he says, had quote, very little impact on first quarter results and obviously, we know that WELLS FARGO it’s their first quarter numbers were well above estimates, beating the streets. WELLS FARGO up 33%, bank of america, citigroup, j.P. Morgan and morgan stanley also higher. There was some news about the fact that morgan stanley is going to post a loss, still digging itself out of a slump. …”
“…The playbook has been for the bears, we’re going to weaken in april and may. Ceos try to trump down they have been trying to do that, at least in the earlry when you get a WELLS FARGO coming out, and here’s WELLS FARGO, 18-21, closed to 1489 here with the comment that the earnings could be expectation, revenues above expectations. …”
“…>>> welcome back, everyone. We’re counting you down to the opening bell. We’re just going to ring in just about 30 seconds’ time. Obviously the big story of the session is the WELLS FARGO news a lot of people are nervous about these numbers. But I think you’re actually seeing what the fed has >> too good to be true? Maybe not. >> maybe not. …”
“…Across the board and see suntrust also looking higher as a lot of the banks are looking to the upside here and that obviously has been the catalyst. When we move to the upside it’s always led by the financials and good morning WELLS FARGO. This is something that everybody here on wall street and the up more than 34% will be watching here as it opens, beating the street, well ahead of expectations as the cfo …”
“…Sitting back and waiting for the earnings to kick in and see what kind of direction we’re going to we started off with alcoa, poor numbers, we expected that. Seeing positive things out of WELLS FARGO announcing earlier. Walmart, same-store sales weren’t so great, forecasting pretty decent numbers. Right now, a mixed bag. …”
“…Managing director at jeffrey, he is here in yankee here. >> I know it, art. >> let me start off with you. Obviously we saw a nice pop in the futures off this WELLS FARGO it shows us that the financials are still leading the way here. >> yeah, a couple of things to think about. Obviously WELLS FARGO coming out and explaining to us something that we talked about for quite some time in the spread environment, borrow, low interest rate, lend it at moderate to high interest rate. You can make money. …”
“…It, the dow up 144 points. The s&p up 19, nasdaq up 23. We are heavily in the green largely on some very positive news this morning out of WELLS FARGO. All right, in the capitol corner today, two independent reports agree how many money is left in will it be enough to finish the …”
“…>>> you’ve heard it from bob pisani and erin just mentioned it, WELLS FARGO in many ways turning the market or leading it to a much more positive open this morning with the unexpected announcement of the preliminary the year. …”
“…The rises we’re seeing in, for example, the likes of copper. Erin and scott, back to you. >> have a great weekend. >>> next, a trip to the trading bullish signals from WELLS FARGO. Premarket, well, bummer from walmart. Who’s going to win the battle for your money today? >>> plus, the faber report. David, what’s on your radar? >> WELLS FARGO annual report, just trying to get a better sense of things. Those numbers, let’s take a closer look and see what is going on and why did they choose to report some of the numbers early, when we return. …”
“…The issues of moral hazard, but until we overcome this problem, I think, you know, the economy doesn’t do so well. Alexis: you hear about the news this morning, scott, about WELLS FARGO, what does that suggest about the health of some of these institutions. >> we’ve owned WELLS FARGO one to suggest that WELLS FARGO is the one office doing well. How wall street respond to the news, does that mean that citigroup and some other banks are in such good shape? I don’t think so, historically WELLS FARGO has been managed better than the large or super regional banks. Alexis: who is the winner and loser in these financial institutions? >> well, interesting question. I think long-term goldman sachs is a winner. There are not the many players …”
“…Group had 1.4% gain there. We are joined from london with more of what’s happening in europe. Louiseieuouisea louisa, did WELLS FARGO have a >> it did. They call it higher off the get go, but you will have noted we’ve become stronger within the past hour. Why is this? A large part of this is due to …”
“…Well, the new york times is reporting today that all 19 of the banks undergoing stress tests are expected to pass. In our corner this week is michael santoli, associate editor with barons’s. Well, looks like WELLS FARGO is clearly going to pass the test. What’s changed? I’ve got to tell you, ken lewis, no doubt in my mind sitting down with ken, while this man’s job is largely in jeopardy when he goes to the shareholder meeting …”
“…Still, this is well above that. I would love to see how they’re doing with the bad loan os their walmart, meantime, by the way, the financials are up double digits. WELLS FARGO up 30%. Almost a bit of a head march comp store sales were below expectations. Guiding toward the high end on theern a the earnings. February to april quarter, …”
“…Ashley webster has the latest in london. Ashley. Ashley: good morning to you, alexis and good morning. We started off the day on a mixed note, but since WELLS FARGO came out with remarkable number, things starting to turn north. Lots of green across the board. Let’ a take a look at the individual markets, dax 30 index in the frankfurt now up 21/2%, …”
“…Morning’s news is impacting, reporters obviously standing by for this morning’s run down. We begin with bob pisani here at the big board. Bob, that pop from WELLS FARGO >> 20 points. Be careful here, folks. The market is showing signs of wanting to ignore the bad news, which ceos are trying to talk the year and jumping on any glimmer of good news. 20-point pop from WELLS FARGO. Talking about earnings almost twice what was anticipated. Revenues above expectation. They sounded all the right notes. Legacy wachovia business is doing well. …”
“…He’s expected to comment at 10:00 a.M. Eastern and first on cnbc, we’ll talk to housing and urban got secretary shaun donovan. >> they mentioned WELLS FARGO numbers. We’ll take a closer look at are they for real? Is it really as strong as it those are some of the questions out there. Erin, back over to you for the …”
“…Of those coming from petroleum. Because when you back out fuel, year over year, largest since they began keeping them in 1982. WELLS FARGO basically turning around the futures as well. A record first quarter earnings, a pre-announcement I should say of more than double the expectations of wall street revenue also ahead of expectations, talking about just 3.3 billion dollars in net chargeoffs well below what they had the fourth quarter with the combined WELLS FARGO AND legacy wachovia assets and talking about the tangible common equity that you and ken lewis you were discussing in the interview from yesterday, the measure of a bank’s health there at 3.1% so, WELLS FARGO shares jumping on that announcement. Alexis: all right, robert, thanks so much. March proving to be a tough month for many retailers, but there are an a few winners to tell us about. Connell mcshane is here with that story. >> you mentioned buckle being way up and macy’s down. The results is usual, mixed. A little less heavy focus on retail than we usually have because WELLS FARGO as robert was talking about the focus on banking stocks, but still ashes this morning. A lot of it was relatively negative. Let’s start with wal-mart, continuing to report rising …”
“…Capital of the world, this is the heart of lower manhattan, this is "squawk on the street." tomorrow is a holiday for the today we are going to open with i’m erin burnett. WELLS FARGO adding to investor optimism futures, surging as the company came out and said profits, yes, profits are going to be way better than anybody thought. 9:45 a.M. Eastern standard, first on cnbc, howard atkins …”
“…Are we going to have to do something at starbucks so they can emerge in the public >> steve, wonderful to have you >> busy morning before WELLS FARGO AND howard dean and hank. Busy stuff. Markets are closed tomorrow for we’re going to be back on we’ll kick off a new week of join us monday, "squawk on the street" is coming up next. >>> WELLS FARGO expects a report record first quarter earnings, surpassing the street’s the news sending stock futures walmart’s march sales falling short of expectations. …”
“…I mean hot. >> stocks are surging after WELLS FARGO says it expects macy’s march same-store sales hold while sales at the buckle climb double digits and stunning …”
“…Slf up by $1. $10.20 is where that bid is at after the closing at 9:20. Let’s put steve forbes through the "squawk" two-minute drill. What’s your reaction about what we heard from WELLS FARGO? >> it shows the financial system has the wherewithal to get this back on track. If they do right on the mark to market, stretch as much as they can from what they got, that …”
“…>>> all right. Take a look at the futures. Up 153 points. You can thanks WELLS FARGO for this rally this morning. They took off and said they were looking for profits of 55 correctcents a share for the quarter. That was more than double what the street was expecting. As a result, not only is WELLS FARGO taking off, up by more than $5 this morning, the entire financial sector has seen quite a bit of strength. Slf up by $1. …”
“…Floor operations at ubs services. Art, it’s going to be a good in the meantime we’ve got to digest the news, namely this WELLS FARGO thing. What does it tell us about the health of the sector, do you think? >> well, that’s what I did to markets interpreting. It’s saying maybe we’re beginning to turn the corner in the financials. Maybe things are getting better. …”
“…They’re going to free the banking system up. In a bank your overall borrowing cost at zero and you’re still making some loans, even idiots are going to make money in the banking business right now. WELLS FARGO shows you that you’re going to make with a positively sloped curve a lot of money. The question is — >> do you see signs of these spread starting to get a little thinner and a little less wide, …”
“…Alexis: all right, gentlemen, we’re going to leave it there. Scott and jason, you make we’ll continue to follow this story. Let’s head back upstairs to the fox business desk. Connell has been keeping a close eye on WELLS FARGO AND all this news about this great pre-announcement here in the first quarter impacting a lot of the other of course the market as well. Bring us up to date, connell. Connell: absolutely, alexis. WELLS FARGO continues to add to the gains ahead of the looks like a much higher open that is a 30% plus gain for approaching $20 a share, 14.89 was the close, of course, on the stock. …”
“…Is this a good time to add some >> depends what kind of commodity you’re talking about. If you’re talking about copper, we’re starting to see the green chutes. The WELLS FARGO report is one of those shoots. Yesterday the news that came out on wholesale inventories was one the fact that we’re seeing change in exports out of the …”
“…>>> take a look at the futures. They have been on fire after WELLS FARGO came out and told the world they’re going to earn twice as much money as expected. It’s now looking at first quarter earnings of 55 cents a that’s compared to the street’s expectations of 23rd cents. That’s helping not only WELLS FARGO, up by $4.50 this morning, but the financials across the board. Little pressure coming from walmart. That dow component down about $2.60 below where it closed yesterday after it came out with …”
“…Just not in the same alexis: guys, we’re going to mark and dan, thank you guys very much. >>> all right, guys. We’re going to take a quick break. We’ll be right back with much more "money for breakfast." much more on the WELLS FARGO news which has really rallied the market in a huge way. And we’ll give you a little last tidbit on mr. Ken lewis and bank of america. What does he think about these stress tests and specifically looking at …”
“…Desire to get more fair, true if the dow goes to 10,000, 11,000, still below what it was a year and a half, two years ago. The key thing is right now the thing to be looking at like this WELLS FARGO thing, is credit starting to flow again? Not just from banks, but from banks are the base of the system, but the whole credit system is not working. If people are still fearful like lincoln national rolling over …”
“…>> we’re talking about 50% to 60% off the highs. That’s a pretty healthy discount to me, it seems like. I think we can rally and still as this unfolds digest the bad information and then just hook onto the good stuff like WELLS FARGO. >> steve, your reactions? Jobless claims are — I guess where do you see equities fitting in all of this? Are they a reflection of something, or are they getting …”
“…Senior economist mark lieberman is joining us to review the numbers and mark schaeffer from schaeffer asset management. >> I think that puts a little damper in the WELLS FARGO clearly that news is positive, but banks are in business to make loans. When banks valuate a potential borrower, one of the things they’ll look at is …”
“…To pay attention to. We have a ten-year auction today, of course in a holiday shortened week. Back to you. >> let’s get some reaction. Jim, we were waiting for jobless numbers all week. It’s all about WELLS FARGO this morning. >> no question about it. The market told us what we needed to know yesterday. Yesterday was kind of a the fed minutes came out. They were essentially awful. We broke a little bit and …”
“…That up. Your ken lewis interview throughout the morning, the j.P. Morgan stock price was up 16%. Bank of america stock price well above $8. That’s more than a dollar gain. And then WELLS FARGO, again, the gains actually accelerating as we get close to, we’re at $19 a share. There it is, right even at >>> the futures overall, that’s a nice gain ahead of …”
“…Terms of bank of america. He believes fox-pitt, he believes WELLS FARGO, fox pit believes this, they’ll start to pay back their tarp money by the end of the year. So that’s another part of what would be a positive, you would think, for WELLS FARGO. Alexis: yeah, I think if they can demonstrate, charles — and I can read it in the language of ken lewis you can clearly read it in the body language with lloyd all this talk about the …”
“…Of the screen a moment ago, the record $3 billion. The idea of how much this exceeds expectations really is startling. First quarter earnings of 55 cents. The estimate is only 23 cents. It’s way above expectations from WELLS FARGO. One other point, alexis. David you had on the other day, fox-pitt, kelton put out a note ironically cutting "the view" a little on wells …”
“…Reviewing some of these and charles, walk me through the numbers. It has totally turned the what happened here? Charles: well, you know, it’s interesting because WELLS FARGO was sort of right there where a lot of people have been picking winners and despite all the optimists from ken lewis, a lot of people have been seeing citi and bank of america, the two we think will need another bite at the apple that still have a lot of problems, of course goldman being on the other side and j.P. Morgan as being the winners. WELLS FARGO is right in the middle there. Some said, eh, it will have trouble, some said it’s not. This right here is fantastic news not just for WELLS FARGO, but the entire listen, they’re in a different position, too. Being able to take wachovia, a company with a phenomenal footprint, some redundancies and be able to cut. Apparently 5 billion of this …”
“…>> when we come back, more with hank greenberg and steve forbes on fixing the economy. Weekly jobless claims out as well. And walmart did post disappointing comps for march. The futures are way up on WELLS FARGO, boosting guidance for q1, talking about record profrts for the quarter, saying wachovia is exceeding expectations. And saying lepding is strong. …”
“…To see whether or not they have recovered before we give a report card on them. Here it is, the first real substantial details that show that one of the most important acquisitions over the past six months of WELLS FARGO purchasing wachovia has turned out to be, at least so far, sounds like a gem. So we’ll continue to follow that. But throughout the morning …”
“…Breaking news this morning on look at how this stock is it is on fire this morning. It has turned the futures up about 70 to 80 points as WELLS FARGO is coming out with some pre-announcements on their first quarter, saying that the acquisition of wachovia has turned out to be much better than they initially anticipated, and …”
“…Lewis, bank of america he’s on the hot seat. But I think he’s got something up his sleeve when they report april 20th at the annual shareholder meeting is april 29. We’ll see what it is given the WELLS FARGO news this things might be better than that’s next. …”
“…The stock selling off is the number, 1.4% gain, not what some investors had been looking for. >>> before I go back to you, this has nothing to do with WELLS FARGO is soaring higher. In premarket trading up 20 it came out and said its wachovia deal is exceeding expectations, and it expects record first quarter earnings. Again, that is what the headline that literally just crossed here from WELLS FARGO. Expecting record first quarter earnings, approximately $3 billion in earnings. Look at what the futures have that’s on this news, by the start today cross, WELLS FARGO started shooting up we the futures are way up now. Up triple digits as you can see on the dow futures. Up almost 2% on the s&p so this news from WELLS FARGO, just to give you an idea, all the banks are up on just looking in the premarket at the xlf, for example, the sector spider on that, that’s up 6%. You’ve got a big move in the banking stocks on some very positive headlines coming out of WELLS FARGO. That’s kind of changed the terms here in terms of what we’re talking about in the day ahead. I know we were talking about retail, but now that will be the focus, banks. And WELLS FARGO — remember when citi came out, alexis, a few weeks ago, b of a saying we’re making money here. Now WELLS FARGO. Record earnings of $3 billion. The stock is up 20%. And the futures have turned very much to the up side. Interesting stuff. Alexis, back to you. Alexis: it is very when I was down there in …”
“…Probably not too much of a huge maybe it’s not going to be a major disappointment. That’s their way of telling us don’t expect to be disappointed over the three months. I guess probably the bigger takeaway has to be WELLS FARGO. Broader impact on the market. >> so much for a quiet last trading day on this holiday-shortened week. >> way to ease into the long you thought you had two big …”
“…Versus the 2.2% street had been looking for. Some people were expecting you might see a very strong number this time around. Looks like it’s evened out over the last two months. Walmart is going to be a little pressure on the dow after WELLS FARGO coming out with surprisingly good news that was helping out the futures. >> two big stories just the past couple of minutes. WELLS FARGO saying they are looking for a pretty healthy first quarter. I think that’s the takeaway offset by walmart. What’s the takeaway going to be? The march number on comps or earnings at the high end of the …”
“…Significant support to u.S. About $175 billion in loan commitment, mortgage originations and mortgage securities in the first quarter. Huge questions about many of these banks. WELLS FARGO maybe getting out in front of this. >> i’ll let you look at walmart. News from WELLS FARGO flies in the face that bank balance sheets have been contracting on an annual rate at least, and that a lot of the banks with going more and more to cash as a bigger part of their balance sheet. …”
“…Tangible assets as of march 31st of this year and also reconfirming $5 billion of expected annual merger related expense savings. The futures have gone — almost doubled just on the WELLS FARGO news alone. >> the dow futures and s&p the big question has been are the banks actually lending to that’s been a question asked repeatedly. WELLS FARGO tries to address that in this press release. They say that they are continuing to extend significant amounts of credit to u.S. Taxpayers in the first quarter. Here’s a comment from atkins. The chief financial officer, …”
“…Look at the bid/ask. >> $17.55, around $17.40 is where you can even out the bid/ask after a $14.9 close. Again, the dow futures spiking on this number as well. WELLS FARGO, we’re just getting this release and going through talking about how it expects to record record net income of approximately $3 billion for the first quarter, about 55 cents per common share. The street had only been looking …”
“…Point. Walmart’s expected to be up by 2.2%. Fargo as well. On reuters. WELLS FARGO saying the wachovia expectation. Says expected results include total revenue of $20 billion. WFC, we’ve been talking about — you had a question the other day with the banks and why wells seems to be singled out as a …”
“…Mere $200,000 in two months. He’s he’s here. Steve, you have an amazing you were working for WELLS FARGO AND you came up with an idea as an application for tell us what it was and how it began to steamroll. >> it started a year ago working for WELLS FARGO. Love the job, love the people, good money, but never where I wanted to end up. I wanted to do something express i, something about me, some game idea. …”
“…Institutions — behind me right now, the bank of the building you’re seeing there is being built by duke it is supposed to be housed by wachovia, but because of the WELLS FARGO-wachovia acquisition, duke energy but it is going to be a busy I will be sitting down in a one-on-one interview with ken …”
“…Know, like certain financials that we think are really, you know, well situated in the group and yes, the answer is yes there. We, on the major, major financials, names like WELLS FARGO, american express, are favorites there, but also, we continue to like financials and our favorites which is property casualty. …”
“…Had comments and believe me, the game plan has been to lighten up under the theory theat markets will go sideways or move down after the big move up. WELLS FARGO down about 70 cents and u.S. Bank over here and they are down 4-5% and 38 cents at $14 and change. …”
“…Taking market share from in >> certainly the larger banks. Citibank is reducing their balance sheets. We bought pools of loans from citi, WELLS FARGO, indy mac. Good pools of mortgage loans, fico score 850. >> we want to see a little more. There will never be parity, per see, because there will always …”
“…Test in april, p-tip launch in may, is there one trade you recommend collideslients take at this point? >> on the short side I think WELLS FARGO is the big short out >> paul miller thanks for your let’s get the take on the desk. >> i’m buying WELLS FARGO this is a guessing game. He said it himself in terms of the analysis of these things. No one has any idea. Neither does paul miller-w all and remember, I said with all …”
“…1,000 times. You had to publish something it’s a trading call. They’re up like 50%. So it makes all the sense in the world to say be cautious. But I tell you, what they’re not I added some of my WELLS FARGO today simply because I respect technicals on these because they’re trading off emotion not valuation. >> there’s also the issue of one of the things in the note was these are going to sustain worse losses than the great …”
“…Who are the survivors? >> mike mayo talked about some today, meredith talked about >> no, no, it’s not obvious to me. Who are the survivors from your standpoint? >> WELLS FARGO looks okay. Jp morgan in good shape. A lot of small companies like brookline, like historia, hudson these names are going to be fine. Stocks may go down from here …”
“…Will do well. Citi should be okay as well. The real issue is bank of america and WELLS FARGO. They have announced improvement over the last three months. The toxic assets are getting off the books to create liquidity. …”
“…Loans marked down to 98 cents on the dollar on average. Sounds really high. That’s what mayo was saying. Citi, bank of america, jp morgan, WELLS FARGO, the stocks we’re talking about. Closing off their worse levels of the day. Faces the specter of more write-towns from the banks. Energy, today, lower. …”
“…Marked down to 95 cents on the dollar per average. Look at the names of the banks here. Bank of america, city group, jm porgen, WELLS FARGO among the oil prices today, $51. Take a look at energy stocks pulling back a little bit as well. Exon, chevron, halliburton. Commodities are having a put of …”
“…Them have starting went to the sell or u.S. Bancorp, suntrust, also, keycorp, fifth-third bank and bb & t. Now, the ones that they underperform rating. WELLS FARGO, j.P. Morgan chase, all of the names are to the down side. Some are down between 3 and 7%, citi and bank of america which are not on the– boards are also down 4 or 5%. …”
“…Largest banks with either a sell or underperform rating. He thinks they’re going to you are seeing losses across the bank of america, citi, jpmorgan and pnc and WELLS FARGO. There were also comments from tim geithner about removing ceos from those banks receiving exceptionals assistance. …”
“…His note was basically not good for the bank. Entitled "the seven deadly sins of banking." he thinks that loan losses are going to escalate talking about bank of america, citi, jp morgan and WELLS FARGO. We are here that citi does trade all financial it is will be under pressure right at the open. …”
“…Today we’ve had a big move in the banks and futures as mike mayo came out making calls here, talking about u.S. Bancorp, suntrust, a lot of key names, WELLS FARGO with an underperformed, coming out with underperform and sell ratings on a majority of banks. Mike mayo one of the big analyst that wall street follows closely along with meredith whitney and …”
“…That gives you the idea of the tone of the note. Coverage of the 11 of the banks, sell or underperform. The banks get 3% in the premarket on that. Largest bank, bank of america, citi, jp morgan and WELLS FARGO get the underperform. Sales going to the regional banks. Don’t discount the geithner comments over the week as well. The government would consider …”
“…He’s at calyan. He’s still negative on the likes of citigroup likes of j.P. Morgan also underperform rating on that particular stock that will be one to watch today as there it is to the down side WELLS FARGO is on the list with underperform rating and in the premarket WELLS FARGO is also so there you get the idea alexis when these mayo calls started hitting the tape, you saw the …”
“…>> and the answer is maybe in some places. >> our thanks of chris mutascio. Buying toxic assets unlikeoely to happen to pnc, WELLS FARGO, trade number two. Can a credit retail meltdown be on the way? After gap and j-cruz surged. Some traders are getting nervous …”
“…Selling at the low levels they’ll have to get to clear. >> chris, quickly. Which bank benefits the most from ppi it t. >> it might be WELLS FARGO, pnc. >> good call. I like the cut. And the best thing about this program, mellis, store cut you the government tries to create you end up with something that no one understands pretty much …”
“…How will it wrap up? >> a guy saying the volume is thinner than his air. Yes, but, size to buy. You know when you’re sized to buy. Off lot to buy. For example, WELLS FARGO, citi, some of the other names like reit, kimco, bank new york, morgan stanley, general …”
“…Hong kong at a three-month high. Generally things have been looking up recently. The bank stocks are opening on the up side. WELLS FARGO up 32 cents. Gold weakened a little bit on that report this morning. Besides the march unemployment numbers we are also getting some traffics from the airlines in. …”
“…You don’t do that unless you really are nervous. Some risk of getting back some gains. >> how about bank of america or jp morgan? >> roughly, you know, similar kind of activity. >> so WELLS FARGO is the >> WELLS FARGO is the outliar, and I should mention we should keep an eye on morgan stanley. A lot of upside for the this stock still managed close 2.5% lower. That’s after barclay’s came out …”
“…Times yesterday and 87% of that volume hit and it was suggested pressure to buy. There has been some up side positioning in citi. Now, it’s interesting because the real outliar in the field has been WELLS FARGO throughout this stock has seen the same level of up side that other major financials have seen. We’ve seen more or less it comparable buy in balances in the stocks, and in the options market the puts are out of put open interest has gone up in WELLS FARGO by some 25% this week alone. Meanwhile, call interest has remained relatively flat. This is for two straight days we saw bills of more than 100,000 …”
“…Just a few minutes into the close yesterday we were seeing a buy-in balance of 7 million the buy-in was 3.5 million shares on jp morgan and WELLS FARGO. Now, for the most part the option market has positioned with that rather than against there’s a limited time frame of the past few days and citigroup, looking at the open interest …”
“…It is. >> public private partnership, they won’t have to sell. Buyers will have to pay up. >> I say long financials particularly like WELLS FARGO AND yen morgan. The citigroup and think bah of americas have been brought down by the tide to still stay with >> like deutsche bank. >> joe lavorgna. …”
“…Of mark to market on financials. Do you hold at this point or take money off the table? >> I took a lot of money off the I sold much of my financial book and I nibbled away as we pulled back later in the day on WELLS FARGO because they’re a company that will benefit from this from not having to mark this stuff you can be cynical and long at the same time, but you have to know the game you’re playing. >> it’s fundamentally changed. …”
“…Choose if you fail with that model you made a business decision, too bad. >> from this point forward we don’t need to be a nationalized banking system, we need to let the people who run these way. >> I know you like WELLS FARGO. What about citigroup? Which by the way, just came out and said they expect there will be no impact on their financial statement from the changes in the mark-to-market rules. …”
“…Continue higher such as a wells even though jpmorgan is struggling today it’s going to help a bank like that also. The companies like citigroup, bankamerica may struggle a little bit just because they have some other problems. But when you look at a WELLS FARGO it’s a company that’s actually been run very, very it’s a good company, good stock, but because of the other companies bringing them down the stock suffered in that industry. You know, I always equate it to …”
“…3.5% gain. Nasdaq is higher by 59. 3.8% gain on the nasdaq. Also, rising higher, are the financial stocks. WELLS FARGO is higher. Citi is higher. Bank of america is up 3%. WELLS FARGO up 6% right now. That’s a strong gain. Look at crude. …”
“…Also, the other big play, of course, is the financials. There is a lot less certainty about a financial, notable financial rebound. They have come off of the bottom. WELLS FARGO was an $8 stock we’re talking about 100% on the up side. Significant gains here. But the certainty of that kind of rally is a lot more in question. …”
“…We’re moving over 25%. We’re at a six-week high right so the trend is still definitely on the upside. Keys are the financial and the commodities. Take a look at WELLS FARGO. Volume here right about in the I wouldn’t say it’s particularly strong but we’re moving on the upside in all the major financial stocks that have held up throughout the morning. The commodity rally is the most important thing we’re seeing. …”
“…The s&p. 666 was the bottom on march 6th. We’re significantly above that, what’s helping? Well, as I mentioned, the financials and some of the other if you look at WELLS FARGO, WELLS FARGO was $7.80 march 6th. It’s exactly double since then. That’s what i’m talking about. A big contributions from the financials. Commodity stocks are the same …”
“…Moneymaker that you’re looking >> there’s businesses out there and the fact that citi is doing that is wonderful, it’s a sign of change. Vikram brought in terry dial from WELLS FARGO, she is enacting a lot of change and cross selling, very, very important, spreads for bank are terrific, too, back to lending, wall street terms are no longer in vogue, good spreads for them. …”
“…These of the roubini krugman mob and if you need the money, we’re fot going to fire you as a ceo, we won’t get rid of the board, but otherwise we’ll take ostensibly decent and honest institutions like WELLS FARGO AND jpmorgan and give them time. If they want to sell some assets which are bargain basement they can, they don’t need to. We’ll go back to a standard of …”
“…Would say well out of the norm of a recession and stopping short of the great depression. But no way you could call it a recession. The depression ended when we first saw that bank of america and WELLS FARGO AND jpmorgan said that we could make money. And what you’re seeing now is the equity side of the recognition that the credit markets which had caused the depression is over. >> jim, with these accounting …”
“…Will make it more likely that banks will hold on to their toxic assets and be less willing to part with them. Financials will rally. WELLS FARGO up all the bank stocks are also there’s been positive comments out of the g-20 about additional stimulus. That’s helping the rally also I would note on bank stocks, if you notice the house …”
“…Up a share from 2.68 close. Most of the banks and financial stocks are in a similar situation, bank of america, bid from 7.05 from yesterday’s close, WELLS FARGO as well, so, you know, we’ve been to the upside on all of these, bottom line, relax the mark to market rules. This morning. One thing that analysts say was …”
“…Share from 2.68 at yesterday’s close in the bid/ask. The bank of america stock price is in a similar situation this morning, to the up side to 7.63 a share. And WELLS FARGO, you name it, any of these financial stocks that we look at closely, they are all gaining ground, gaining ground significantly. 8, 9, 10% in the premarket. Up more than the rest of the market and the overall market, those futures gains …”
“…Yesterday’s close. The rally is continuing in number of financial names. 8, 9, 10 percent of premarket look at citi or b of a, up to 7.60 in premarket for bank of WELLS FARGO is another good example of a financial stock up in premarket trading, up to above $15 a share, about 15.40. With these regulations and changes supposed to be made here …”
“…Chairman and ceo ken lewis. Mr. Lewis, thank you, again, for joining us. What one of the things people have been talking about lately are the stress tests, that all the banks are undergoing rooij right now. Dick, over at WELLS FARGO, recently called it assanine. What do you think about the stress test? >> my first reaction is what do you think we’re under at the …”
“…My charitable trust. It’s called chevron. There is like 140,000 steve jobs there. That’s a great technology company. WELLS FARGO, on people thinking that something bad will happen. I think that mark to market gets — I like that play. WELLS FARGO, could raise the dividend. I’m a costco member. However they are squeezed for costs right now. I have a retailer. A gasoline company. …”
“…Even the bleak auto sales beat expectations as well. Put it all together and this market saw a turn around. All the financial markets higher. WELLS FARGO in the last few minutes, 1.5 million shares to buy. General motors lower 2% followed by boeing, but other components …”
“…Reporting their quarterly earnings at the end of the all these things together, the big speculation is j. P. Morgan, bank of america and WELLS FARGO might be the next big three banks, tarp recipients that may return it. >> stuart: I disagree. I think the obama administration …”
“…Signature bank out of new york, old national out of indiana, all small banks, stuart, with over $400 million of these tarp funds now returned. Goldman sachs, WELLS FARGO, they want to return this bailout now we’re talking tens of billions of dollars. But I suspect the government doesn’t want them to. The government wants those big …”
“…Bringing in stocks on 0 this because there’s two big issues on hand. Are we going to start to see the big banks, when are the big banks going to start returning their money. WELLS FARGO, j.P. Morgan, just to name a few of the big banks we might hear about very soon. End of the month according to jeff davis, director of research over at hall barnes brokerage in chicago, he says at the end of the month these big banks are …”
“…Congress on average expecting 656,000 from that report. So we’ll continue to keep an eye on that. The friday government job by the way the average right now, estimate is 673,000. Meanwhile, WELLS FARGO, keep an eye on them. The company saying they may be cutting the number of foreign workers that they employ here, citing political pressure from they receive 25 billion dollars …”
“…Federal government should be part of the decision is, are we a net giver to somebody like we are with gm or chrysler, or are we simply investors giving a net return as we seem to be with WELLS FARGO AND bank of america? And I think that is going to be one of the bigjf differences. Aig, we clearly nationalized. We bought and paid far more than they’re worth. Gm and chrysler, certainly …”
“…Next couple weeks how things are going to unfold and gm just the other day and it makes everyone more questions about the market itself and it doesn’t matter about the industry anymore. But people do get some confidence. That WELLS FARGO action, we talked about yesterday. They were buying the puts, they that’s basically a bullish play that people were looking pat. They bought over 100,000 of those april 11 puts yesterday. And they bought some stock along but it also tells you, you know …”
“…Bob pisani, our eye on the floor of the nyse. Our man on wall street. >> reporter: we did end positive for the day but we were up 200 points just a few hours ago. Here’s WELLS FARGO still closing going on for many days now. Still the end of the day financials still trying to close those stocks here. Important thing is how we did for the quarter. Look at major sectors quickly. …”
“…The tough global economy. Stock is up 10%. Number three, bank of friedman billings ramsey came out and said bank of america, WELLS FARGO AND bbc are expected to turn higher operating profits than earlier estimates said. …”
“…Maybe that kind of plan will transfer to the banks. But they’re up today. WELLS FARGO up 6%, morgan stanley up 2% and goldman sachs up 6%. 20 world leaders meeting in …”
“…490 were down, whereas today. 300, more than 350 names to the upside which shows you certainly, a nice strong showing and some of the best performers on 0 the s&p 500 are also the banks, WELLS FARGO, bank of america, j.P. Morgan chase, microsoft a big leader there. Pressure on home depot and lowe’s and home depot also a dow and that’s what we’re seeing, the banks leading the way how we …”
“…Going to be some mark-to-model czar out there. Who firm in their right mind would like to take the job of seeing a mark to market models at a citi, jpmorgan or a WELLS FARGO in that matter is. >> caller: well, in the end that’s the external auditor. The external auditor doesn’t have a lot of courage at this point, right? …”
“…You’re a smart girl. >> you always bring that up. Just fyiicious never bring that >> pay me later. When people smell blood in the water, they go after it and but set one of their biggest positions been with WELLS FARGO. If you look at some of his are holdings, the exact same thing to burlington northern. U.S. Bank corp. Johnson and johnson. …”
“…When I say a large block look at april 11th put. Paid 85 cents for these puts and then it was off to the races to the downside for WELLS FARGO because suddenly that spooked a large interest in the april tenth put. Opened up this huge interest on the april 11th put. Potentially, melissaing on the positive side, anything that you …”
“…Whether debit or credit use, they’ve got to be spending to perform. >> in particular that is wells the chart of the day. Trading down about — five but take a look at WELLS FARGO performing almost twice as bad low. Down 23%. And this, by the way, was a pick that was brought forth by whitney, the profit tilt — >> the beginning of the end, I …”
“…What’s happening in europe or with what we’ve seen as far as an advance in the financials. We do have citigroup lower, bank of america lower, WELLS FARGO, all down on friday, as well, so it will be at least two days of getting back some of the big gains admittedly that the stocks …”
“…Program saying that some banks will need quote large amounts of assistance. A lot of people are speculating that could be any of these of the largest banks. They are down a lot this 6, 7 percent each. Also take a look at WELLS FARGO as well, and of course some moves over in europe by spain, great britain, germany, trying to shore up some of their financial institutions adding to pressure on stocks, financials in particular. …”
“…The man put a stop to it. Bank shares are falling on this european banking rescue. Look at — yes. I can tell. Bank america, WELLS FARGO, jp morgan all lower today. These are interesting that financials in tech have led to rebound which make some people think they might be the group when we eventually do get better …”
“…In europe to infuse some of their biggest banks by governments there. Across the board there. Look at b of a here this morning falling in the u.S. Trading. This is premarket trading here all right, continuing on here. Let’s take a look here at WELLS FARGO moving to the down side as well. We’re looking at 6 to 7 percent declines pretty much across the WELLS FARGO is also moving lower as I mentioned. Take a look at it. Lastly j.P. Morgan chase also of course we had comments from jamie dimon also from bank of …”
“…Sheet or today’s reserves and if the losses are higher, then the current reserves, they assume that the company is toast and the stock is toast. Like, WELLS FARGO, we just wrote a chapter on WELLS FARGO for a book that we’ve gotten out in a couple of months. See $15 to $20 billion of currently have $20 billion in reserves. So why on earth would we be long …”
“…Relatively difficult to actually come up with a valuation. And come up with the valuation once that spigot gets turned well, we’re not going into the more speculative stuff. So we’re looking — I mean, we think that we can value WELLS FARGO, american express. >> what kind of loss provisions in american express with there, I don’t know — close to seven >> where do you think that? >> we assume it gets up to 10%, and the thing to keep in mind is …”
“…What’s call on financials at this point? >> it’s sort mixed at this point. Valuations have compress sod much that things that we’re actually short, we’ve flipped and went long. WELLS FARGO the most noteworthy. Looking at american express, to the extent, we’re bottom fishing we think a lot more losses to come. We’re looking for companies with strong balance sheets. Real franchises that we think can survive and aren’t going to …”
“…Morgan saying that the u.S. Government has to stop demonizing wal-mart. The wells WELLS FARGO chairman said the stress tests are ass nine. >> I think the banks have been to be broken up, separated into …”
“…>> cheryl: randy, thank you. Have a great weekend. >> you, too. >> cheryl: after meeting with president obama and real who’s who of financial firm chief executives at the white house, WELLS FARGO ceo says, "we’re all in together." kumbaya, everybody. We’re all together in this. The ceos were in front of the camera and speaking about working twoth the better understanding of challenges to turn around the economy. …”
“…It was to make sure that the banks who are lenders, like b of a or wells, citi, et cetera, jp, they’re very active in the market in making loans. WELLS FARGO talked about some of the mortgages they’re making. How many refis they had. The conversation was much more on what are we going to do? How are we going to do it? …”
“…A or wells, citi, et cetera, jp, they’re very active in the market and making loans. WELLS FARGO talking about how much refis they had. The conversation was more on what are we going to do, what are the issues? Again, compensation came up as an issue. …”
“…These ceo’s. Enough microphones. Hopefully pick up something. >> there we go. Here we go. >> good afternoon. I’m with WELLS FARGO. Just want to thank you for being we had a wonderful meeting today the basic messages, we’re all in this thing together. …”
“…Today, noon eastern time there. The usual suspects, jamie dimon, freddie mac, WELLS FARGO, all of the heads of all of those banks are there. The white house giving out the official list who accepted we’ve seen a lot of them walking into the door. …”
“…The message to the bankers, we need to be allies. Some of the companies represented at meeting today. Fannie mae, freddie mac, j.P. Morgan as I mentioned with jamie dimon, citigroup, vikram pandit, WELLS FARGO, bank of america, ken lewis will be here, lloyd blankfein of goldman sachs and morgan stanley. >> wall street and main street, all of us are in the same boat, …”
“…There’s an a lot of uncertainly. You don’t know what price is going to cheer, what bonds. The point is bonds will clear. Some will say banks don’t want to sell. WELLS FARGO bought wachovia, moved the wachovia portfolio down. And countrywide, they marked that down and j.P. Morgan bought woman mew and marked that down. …”
“…S&p to go back decades. I’ll give you numbers at the top at 10:00 on it. Bank stocks are opening lower the credit card companies, capital one, WELLS FARGO opening lower here, u.S. Bancorp, I wouldn’t put too much into this right now considering the big moves we’ve had for the week the big hope here about the president’s meeting with the …”
“…His message to bankers, the aide said, quote, we need to be allies in the economy moving forward. Now, here are some of the companies represented at the meeting today. Fannie mae, freddie mac, j.P. Morgan chase, citigroup, WELLS FARGO, bank of america, goldman sachs and morgan stanley. >> I just want everybody to understand it’s not because we’re overly concerned about …”
“…She said his message to the bankers will be quote we need to be allies in the economy moving forward. Now, here are some of the companies represented at the meeting today. Fannie mae, freddie mac, j.P. Morgan chase, citigroup, WELLS FARGO, bank of america, goldman sachs, and morgan stanley. >> and obviously they will talk …”
“…What’s the story madam chairwoman? >> they beat the earnings estimates on the street and they talk about cutting down production as quick as they can, >> WELLS FARGO, a 3% mover, the other way, financials as we mentioned t wasn’t their day. It was downgraded by the worst company on earth which was, of course, moody’s and it’s a spit …”
“…Indicating traders think the here’s the interesting point. The biggest increases in short positions that we’ve seen in the last few weeks, guess what, citi, b of a, WELLS FARGO, aig, duh, pfizer as well. Guess which stocks have moved up the most in the last several weeks. How about citi, b of a, WELLS FARGO, aig, pfizer’s also moved up as well. There’s an intraday chart of citigroup hering and you can see financials are once again middle of the day. That’s a fairly common elsewhere, though, still holding …”
“…George. Jp morgan is pushing 30. Morgan stanley has made it back to just under $30. Remember when morgan stanley, we were looking at it as we saw it might go into single digits. Even WELLS FARGO. You look at all the — if they’re not telling us that this has a chance of working or at least that the underlying problems that caused these things to be valued at 20 cents, …”
“…It saw a bottoming out in manufacturing. We’re getting those numbers from the different federal reserve it saw the beginning of the profitability from the banks. We heard from credit suisse first boston, deutsche bank. WELLS FARGO. All of the same things, things are better. The possibility of a depression. And a potential for a new you can’t take a pullback like we had earlier today that things …”
“…Save the sound clip, safety sound bite from march 6th when we were pounding the table for those financials. Quite frankly, the fas has the stocks, like WELLS FARGO AND jpmorgan, which I still own in full disclosure. I have sold half the positions. Sold calls against the rest. I still like the upside there and I think that you can continue to focus on those …”
“…The bid to cover ratio 0.93. They couldn’t even cover the amount of gilts that were also, we had a disappointing five-year auction, and then moody’s lowered the debt ratings of WELLS FARGO AND bank of that happened in the middle of the day. But it was really the five-year option, which interestingly caused the market to sort of move down there as traders were a little bit disappointed by …”
“…Then he clarified saying the dollar will stay as the reserve currency, so the dollar moved back up. Oil down bank of america and WELLS FARGO getting a downgrade at moodies. We saw the airlines doing well. The railroads selling off. On the dow, the names to the …”
“…Disappointing five-year auction. Stock traders talked about it the minute the numbers came out and sold the stock market on that. Occurrence, selling off on a bond auction. Then we also had moody’s downgrade them, some of WELLS FARGO’s debt and some comments from them overall that sort of revived some concerns about operating profitability and sizable credit losses in the next year. WELLS FARGO dropped on that. That was about 1:30 eastern and further dropped some of the financial stocks. So what’s the bottom line here? The bottom line right now is we’ve got a 20% gain in the last …”
“…It’s just as strong as ever. >> without a doubt the last few weeks we’re talking about how short sellers continue to establish positions with all the foonl financials. We’re seeing WELLS FARGO, bank of america, citigroup and the government intervention keeps exacerbating the uncertainty. One of these banks or financials must die before we get some sanity back in the markets. …”
“…That city went into negative territory a minute ago. Other names though quite low here, bank of america, wells these names doing very well. Look at WELLS FARGO today. Up 8.8%. Oil which has been quickly moving all over the place, we saw a lot of traders quickly noting when oil dipsbly $52 a …”
“…Home sales numbers, we’ll get new home sales at 10:00 eastern I don’t want to make too much of it but a little bit of good news let’s talk about what’s moving WELLS FARGO on the up side. Financials 3, 4, 5%. Morgan stanley on the up side. U.S. Bancorp looks like it will open to the up side here. Financials opening up. …”
“…The goldmans of the world, the bank of americas of the world saying we want to pay it back, good news? >> that is good news. There’s two major hurdles that need to be cleared by the likes of bank of america and WELLS FARGO. That is this new plan, will they be able to price these assets at a point that will be attractive to buyers, yet at a high enough price that …”
“…Foremore — for more on the fox 50 stocks, i’m joined by jim. >> good to see you. Alexis: it’s interesting. One of the stocks we were going to talk about was bank of america and WELLS FARGO which have been hit, although on monday, it was the largest rally for the s&p financial sector in I think it was 16 alexis: when we hear about …”
“…And on any weakness in the banks between now and the close of the quarter next week, you will be fighting with crazed greyhound portfolio managers for bank of america, WELLS FARGO, jpmorgan, morgan stanley, goldman sachs, and even, yes, unbelievably, that’s how bright bernanke’s halo has become. And it’s written all over the faces of every frightened …”
“…>> bathroom. >> victoria barrett, what do we need to know? >> rumor has it goldman sachs may be returning their I think this is wonderful. Return to capitalism. We could see WELLS FARGO follow. Because they have been vogue call how annoyed he was having to take the tarp he was force fed. If this happens it would be great for markets. …”
“…Pretty quiet throughout the day. Then about 3:00 we saw some weakness, a mimd picture. Note some of the bigger names like WELLS FARGO down $1.83, 8% to the down side, most in the last hour. Take a look at commodity names. Again similar situation not quite as bad but moved sideways on fairly light volume. Most of them to the down side. …”
“…>> in the last hour, actually holding up well throughout the remember lack of selling pressure, that’s what you want to see for some kind of bottom. Then it picked up in the — >> this is WELLS FARGO, they’re it’s down about 7% and it was one of the stocks under pressure late in the day in the financial here’s the big question here. Does the rally have legs? Are we going to be able to hold the rally? …”
“…Our reporters are standing by. Let’s start with bob pisani. >> not surprising opening to the modest profit taking. Here’s the big banks. WELLS FARGO is opening down 5, 6, 7%. Morgan stanley opening down. Most of the big commodity names are opening down 3, 4, or 5%. There’s a little reminder that …”
“…Well of late and only gained more ground yesterday on news bad bank plan prudential financial, bank of america, WELLS FARGO top percentage gainers all gaining more than for more i’m joined by mark the banks on fire. What do you make of it? Can it keep going? Pretty long time. …”
“…Consumer-oriented country. I know a lot of people don’t like our spending. But you know what, I miss our maybe a little more and we’ll be exxon, jpmorgan, WELLS FARGO, chevron chevron, general electric, bank of america, at&t, microsoft, ibm and procter & gamble — that’s leadership, that’s widespread, it’s why the market’s rally for and shuonly be scaling out to …”
“…As this is a terrific play on the turn in housing. Plus, it has assets that could be sold under the new plan, if it wants to. You put the fed’s moves together with the mortgage modification plan and WELLS FARGO becomes a. When we fortresonce more. That does not mean that these stocks are not returning to their old levels. Depression ii. The rally takes off of the great …”
“…Could see many more points of upside and take the rest of the market with it. Who else is leading this rally? How about WELLS FARGO. Two weeks ago, the talk of the town is that this bank could nationalize and that it could wells farg so up 23.9% today. That doesn’t look like a failure to me. …”
“…The financials. >> well, hopefully they get a lot of derivatives on these >> WELLS FARGO 24% the move. Hire the direction. >> called the t.A.R.P. Money the stock’s been up ever since. Dick, you’re onto something. There you are, asinine. May want to fay back. …”
“…Oil prices since last july impacted his company’s growth strategy and where does he think >> but first the most active names right here on the floor of the new york stock exchange. Citi, b of a, ge, jpmorgan, WELLS FARGO round out your top five. …”
“…Funds have been moving money in and out. They can do so much more quickly than say a mutual fund. But the financials have been leading the way. Bank of america, citi, WELLS FARGO. That gives you an indication what we’re seeing. I heard eric mention the fact we’re seeing oil move in tandem with the market. That’s something some of the …”
“…Talked about, the fed, safe to say, is pulling out the stops, try to back up the financial one negative though of all the money printing may be inflation. A fund manager at WELLS FARGO advantage funds joins us now from menominee falls, wisconsin. It seems, a fair statement, jay, while inflation may be an issue, most the people we’ve talked to said, yeah, but we have bigger …”
“…Citi just opened 73 cents, $3. Now comfortably over $3. $2.60 just prior to the open. All the big banks over here, WELLS FARGO, see the big crowd over by WELLS FARGO, which is opening also to the up side. All the big commodity stocks are opening up 5, 6 or 7% right now. WELLS FARGO is now also open. Up $1.88 at $15.84 we’ve got a nice rally in the financials. While this is a big part of the puzzle, it is not the last …”
“…Interview on this show. >> warren does still support me, but he is also a big player in the financial markets who is a major owner of welds WELLS FARGO, and he has a perspective from the perspective of somebody who is part owner of a bank. You’ve got members of congress who have a different perspective, which is we don’t …”
“…We’ve got bank of america there you see it moving above $3. It closed above $3 as well. Bank of america up big in the early going here. WELLS FARGO shares also jumping up in today’s trading. Take a look, closing around 14 on friday, now you’re seeing a bid and ask well above 15 and a third dollars. J.P. Morgan chase a similar …”
“…>> that’s why I would discount somewhat of the president says. He has an ax to grind on everything and votes his conscious. Not necessarily his pocketbook with WELLS FARGO. If he has such an ax to grind, he wouldn’t be there in the first place as an ardent supporter of the president. Sun corp energy agreeing to buy …”
“…>> I want to remind the president, warren also owns — what does he not own? >> goldmans, general electric, berkshire, and WELLS FARGO say good example obviously to use and a major shareholder, all over the place. So if you want to imply he has an ax to grind, you certainly …”
“…Weeks ago, right here on "squawk >> warren does support me, but he’s a big player in the financial markets and a major owner of WELLS FARGO so he’s got a perspective from the who have a different perspective. …”
“…Including some from none other warren buffett on cnbc. >> warren still supports me, but warren is a big player in the financial markets and major owner of WELLS FARGO, and so he’s got a perspective from the perspective of somebody who is part owner of a bank. You’ve got members of congress who got a different perspective, which is we don’t want to spend …”
“…Michael wolfoff is with me. Senior credit analyst. And nick behnenbrook is head of currency strategy with WELLS FARGO. Surrounding the dollar story? We know the fundamentals of the u.S. Economy remain week. Is it just that there are few alternatives in terms of the currencies out there? …”
“…Arbitrary tax like this, that again, hits other financial firms that took government money that that government money was WELLS FARGO AND j.P. Morgan didn’t want it or didn’t need >> no, but it’s obviously shall company that gives back all of the federal funds certainly should then be able to pay out bonuses. There’s no reason for the government to take money where …”
“…One trader telling me he thinks that smoke and mirrors, nothing materially changed with citigroup. Even if you bump up the share price, investors will see it to. WELLS FARGO saying it’s it did up the amount it’s lending to the market in the magnitude of billions of dollars. Red across the board despite news coming out. Finally, point out what some movers are doing. …”
“…Bedfellows with tim geithner, obama’s embattled and beleaguered treasure secretary, banks and it’s the worst possible time because of this aig. It’s a phenomenal rally in WELLS FARGO AND in citigroup and in bank of america and all of the rest of the financials is going to continue — remember this …”
“…Extreme moves after the fed. Wellsfa,,o up 16%. >> technical indicators will be very relevant right now in the marketplace and if you look at WELLS FARGO, it got above the 5 day-moving average. 16 1/4. >> while the insurers up today, metlife among them, up 22%. Tim. >> everything about today’s fed …”
“…Well in the last couple of financials basically the same thing, double-digit gains, but in particular the high beta names, citigroups, hartford and bank of america. WELLS FARGO AND most of the the dollar moved down throughout the day and don’t be surprised. You know what’s going to happen gold shot up. In fact, all the gold stocks moved up rather aggressively. We had nice moves up in newmont mining and all of the major gold …”
“…But first let me bring you bob pisani the eye on the floor of the nyse with the news on today’s rally. >> 220-point move on the dow jones industrial average, we came off the highs but it’s been they’re just settling now. Crowd in front of WELLS FARGO. >> I like to see the action down >> it’s very busy toward the end of the day in the last few days. Here’s the bottom line, folks, ben bernanke made good on his he said he was going to get …”
“…Witnessing the run in copper. The run in oil despite opec’s decision not cut production. These are big. How about bank profits on the upswing? WELLS FARGO, looks like they’re and perhaps allowing us to avoid the lennon solution. Don’t want me to mention of lennon again. I’m speaking to john lennon, i’m …”
“…But they’ll take what they like. >> of course, the chairman of WELLS FARGO can argue you’re hurting us. The more you do this it causes people to speculate on the stock price. But the government has an obligation to look after the banks once they receive the taxpayer money. Remember, WELLS FARGO is up one of the banks speaking out against it. The other banks are saying we needed this money. Otherwise we might not be there today. But WELLS FARGO is saying we’re healthier bank than >> liz: give us back the money and do your own thing. >> brian: hester print — >> liz: scarlet letter. >> brian: on the banks. …”
“…Regrets receiving the $25 >> liz: give it back, then! >> that’s the plan, pay it back as soon as possible. But particularly he’s outraged over the government’s stress test on the bank. And remember, WELLS FARGO considered one of the healthier banks out there. He says, "we do stress test all the time on all of our portfolios. We share those stress tests …”
“…Money is — $72,646. >> brian: 36,000 shares of >> liz: not happy with that money of the trillion spent in bail-out money? You’re not alone. WELLS FARGO ceo is letting it known he’s not happy with the condition of the bail-out. Sandra smith joins us. >> he’s outraged. This is after last week bank of america, jpmorgan, citi were praising being …”
“…Kind of like pushing on jell-o. These are the financial innovators on wall street who funded enron. Simply raise the base salary we see this deception again at citigroup and morgan stanley. WELLS FARGO just raised the salary pay of its ceo john he got it at the time the stock is down 65%, stuart. >> stuart: it occurs to me any …”
“…Because, remember, when they took on wachovia, they took on golden west. Maybe that wasn’t such a great maybe they’re not doing as well and by attacking tarp and deflecting from what might be the real issue of WELLS FARGO, he can generate this information. >> tom: I don’t know. WELLS FARGO has done a lot of work on writing down a lot of those loans. For people in california, we call it golden west but went up the name of world savings. …”
“…Forbid, could have criminal charges — >> cheryl: i’m not talking about my past. That wasn’t me. It was college — >> no comment. >> tom: we’ve got the top people for WELLS FARGO, he’s playing pin the tail on the donkey with the tarp regulations. He’s saying, "it’s absolutely as …”
“…Week, saying that you know, it pumps billions of dollars into the ailing banks, that are still suffering billions of dollars in losses due to these toxic assets. But, WELLS FARGO AND the chairman there, a different story, he is completely lashing out at the government right now. Of course, they received about 25 billion dollars in the tarp …”
“…>> think the banks are in favorite of tarp money? Think again, WELLS FARGO, criticizing the program and calling the government run banks stress test, run banks stress test, quote, asinine. Our sandra smith has details. …”
“…The next 20 executives. The name of the game. Keep the rain makers in the you don’t want them to walk out the door. The guy that brings in the money for the firms. WELLS FARGO, for example, john stump shall the ceo of WELLS FARGO 13.8 in compensation in 2008 even though the bank’s earnings plunged. I’m looking through the proxy, …”
“…To merge the funds, meant for the do tit yourself investor. And WELLS FARGO, this is for misleading investors about the safety of auction rate securities and the stock, WELLS FARGO trading down about 41/2%. So those are stocks to watch of the robert gray, meantime up in the business desk with more headlines of the day, what are you watching. Robert: some analyst calls out there, connell. …”
“…They were going to employ the bartenders and cabbies now not going getting paid. All the bell men will not get timms on luggage for people who actually made money for WELLS FARGO. Actually were profitable they canned that too. Little bit of an aside. You think we’re a little gone over the edge here? >> look, the problem with this, with that sort of conversation is, the short answer to your question, yes we’ve gone over the edge just a little bit. There was no reason to punish WELLS FARGO, especially because this was a bank that didn’t want the government’s money in the first place. Now, having said that, are we going over the edge in the sort of grand scheme of things? No, I don’t think so. …”
“…I would go for bank of america. I would go for u.S. Bancorp. I would go for — here’s a strange one — blackstone. And I would go for WELLS FARGO. This is the bernanke basket. And as real resonance because of the amount of money involved is minimal. Yes, and the cardinal sin, you are not supposed to do I guess, that’s what they tell me on …”
“…Been made to look like a foul. Yours truly. On two different occasions. But both banks are going higher. Partially because they’ve stated that they’re profitable. This is not the whole story if bank of america, WELLS FARGO had made those statements a month ago we would have said, please, of course. Of course you are making money being a bank. You’re just losing so much more as a repository of bad loans at …”
“…After barclays said it’s off to a great start this year. Check it out. Citigroup, up 130% in one week. Here are the financials now. Citi better by 34%. Still a $2.41 stock. WELLS FARGO is seeing a decent gain, 5 1/3%. Again, decent gain bus over the year, barely scratching the surface of climbing back. Bank of america, up 13%. …”
“…But at the same time I would like them to return the tarp I think politically there is something that says don’t you return it, goldman. WELLS FARGO is really off the reservation this weekend calling the stress test asinine. You really want to be lower on and I know that goldman would love to issue a preferred to be able to pay it back. I don’t think they can issue a …”
“…>> well, you know, I think it’s probably a good thing for him because he’s not gonna end up going further in debt. I’m happy for him. I think it’s a wonderful opportunity. What’s happening is pretty WELLS FARGO AND the other banks are looking at the homes that these home equity lines of credit are on, and they’re notice be that home equity doesn’t exist as much as it used to a couple of years ago. …”
“…>> thank you very much. >> stuart: next case. The credit freeze has hit close to home here on "fox business." one of our producers of this program getting his home equity line of credit from WELLS FARGO frozen. Now, he was granted a large line of credit. He used half of it and now with the freeze he can’t use the rest. It’s a two-income household, good credit ar always pays on …”
“…Operations in san francisco. But we’re trying to determine what the long term impact will be with regards to how many employees will be impacted. And we just don’t know at this point in time. But both bank of america and wachovia or WELLS FARGO employees are being impacted but we hope in the long term of course charlotte will still be the second largest banking center in the united states next but this has been a huge and …”
“…It didn’t go down every timing this time it went up a little. What’s the latest in charlotte with wachovia — wachovia’s still operating there. They haven’t done the complete merger with WELLS FARGO. What happens when they do for we’re still finding out. I think they’ll have the large retail coast operations here in charlotte and the west coast …”
“…And that was when the chairman of the federal reserve stated he would not let the large banks fail. Being the headquarters of bank of america and formerly the headquarters of wachovia and now WELLS FARGO, that’s important news for a large segment of employees right here in charlotte. >> tom: mr. Mayor, I was noticing the numbers. The president started talking, the market was up 100, when he …”
“…So again, this is one of the rulemaking bodies here, advisory body that’s very important here. And they’re coming out with more flexibility in mark to market. The financials, WELLS FARGO, still waiting for that to open. 15.75, boy, 16.07 is where it went out. Morgan stanley is opening up 60 cents. WELLS FARGO just opening up 42 cents, sew, to 14.36. I was looking at the j shares there. Important thing also about what’s going to happen this three major thins going on, …”
“…Credit markets to seize up, you know, which in turn hurts the general economy. Charles: right, so, you know, it is interesting because over the weekend the ceo of WELLS FARGO actually called the government’s stress test asinine. >> one thing to remember is it’s been a learning process for the government as well. I don’t think the government has …”
“…Personally met with goldman’s ceo but the talks failed because the government would not use taxpayer money to cover goldman against losses. Keep in mind wachovia eventually taken over by WELLS FARGO. It beat circuit city but now best buy has to take on wal-mart when it comes to electronics. Best buy strategy to offer more interactive stores for best buy remains ahead of …”
“…>> and last week was a big week for the banks. That’s a good thing. Raise capital. Raise in this case money section of the "usa today," their fees. Credit card fees going up. WELLS FARGO charging more if you use a credit card to make a amex raising the late fee on some business cards. They’ll raise $20 billion in …”
“…>> I think the short covering explanation is a good one. It’s not like the entire world woke up on tuesday and said, holy moley, WELLS FARGO is the market doesn’t work like I agree, long term, i’m more bullish than the folks here. …”
“…Citigroup — any more government funding at least as far as they remember the big story last week at how it dropped below $1 a we’re also seeing some healthy gains for WELLS FARGO up for 4 or 5 percent in the premarket and wells is also showing some premarket gains so a pretty good morning for the banking stocks. We go down to charles payne now in the studio for charles’s choice. What do you have charles? Charles: well it’s interesting connell because I just sent an e-mail to the office we’re profits on our WELLS FARGO but there are a lot of stocks I still happen to like a lot. We will take a look at the first this stock has been really flat that’s not necessarily a bad …”
“…Lee taking a look at some top we start off actually with two banks accused of steering african-americans towards bad loans. Naacp accusing WELLS FARGO AND hsbc of giving sub prime loans to black people while giving lower rates to white people with the same qualifications. Lawsuits expected to be filed today will say black borrowers …”
“…And why regulators aren’t jumping to put it back if place. Jenna lee will give us the WELLS FARGO AND hsbc are targets of a lawsuit to be filed today by the naacp. We will explain. …”
“…Trading right above $2 a share. >>> two banks accused of steering african-americans toward bad loans. Naacp accusing WELLS FARGO AND hsbc of giving sub prime loans to black people while giving lower rates to white people with the same qualifications. >>> syracuse beating connecticut …”
“…Edison, well, this is our obama pro help renewable energy, absolute best 4% yielding utility. And, look at this breakdown, WELLS FARGO, they are living they are saying they are citigroup, jpmorgan proost believe. …”
“…Anyway, so here’s my stocks. Unilever, exi, edison international, cisco, csco, bristol-myers, bmy, and WELLS FARGO, WFC. >> whoa, man, let’s lock at this it because I have to tell you point-blank, it’s not just because steve marino wish mead good luck in new york ste, but …”
“…Would be remiss if I didn’t mention bushing bnt. It’s a conservative bank. It has a 11. % yield and even though i’ve become sanguine with the financials after the good news from WELLS FARGO AND j.P. Morgan and now from bank of america which I recommended on tuesday. I worry about bb & t’s dividend. Bb & t kept its pay out and it’s the only bank taking tarp money …”
“…Bank of america, a stock we discussed and recommended on tuesday night’s off the charts segment and now that it, too, is profitable. That makes walmart WELLS FARGO, citigroup and three’s company ask three’s a crowd, four, that’s a trend worth following and the bkx and the bank index can any up. Are you ready, skee-daddy? …”
“…Most of the index is made up of the strong bank which may not be as much of an impact. >> true. >> selectively, melissa, what i’m still long is i’m still long WELLS FARGO AND still long capital one and legg mason. So I picked one of those specifically, but I traded out of the broad market exposure. >> let’s go to the poll of the tonight’s question is is the …”
“…So this move does not represent a huge move in the enterprise value of the overall business. >> I think when we play the prefers and we talk about it it a lot and bank of america preferred, WELLS FARGO these are still — they bounced a lot in the last week, but they’re still really attractive. >> any other buyers here? >> i’m with the doc on this one. The trade this he outlined last …”
“…Financials, okay. Citigroup, remember, 97 cents. Just four or five trading days jpmorgan was below $15 last WELLS FARGO on thursday or middle of friday was, I remember, below $8 at one point. And there you go. Up $14 almost today. So we’re talking stock moves …”
“…Now look at it. Jpmorgan was below 15 at one I remember that because I did that. Now it’s 22. That’s a 15% move. WELLS FARGO i’m sure was below 8. It was 7 something last week. That’s almost doubled in that there’s our parent company, general electric, that’s a five-day chart. You heard what happened this …”
“…The new mark to market guidelines by april 12st. The market likes that and so do the financials. All green arrows. Citigroup, gma, WELLS FARGO, morgan stanley. Ken lewis says the economy could still turn around this year. Look at ’em. Solid percentage gain. General motors says doesn’t need …”
“…They have wall street. They have brokerages connected to them, right? Jpmorgan, citigroup, bank of I guess three big ones. WELLS FARGO to some extent. They bought wachovia. >> they’re a smaller player. >> what we see, because I think the regulator will go back at glass-steagall and say one of …”
“…Exxon/chef chevron — weakness. At&t for sale. WELLS FARGO, 2 million shares to buy. Retailors — talking abou retail sales numbers. Week over week higher. Year over year not higher. …”
“…Congress to pass, whether the president is doing enough to eliminate earmarks. That’s coming up. >> but first, the most active stocks on the new york stock exchange, led by bank of america, general electric, the parent of this network, jpmorgan chase, we were just talking about them, of course, WELLS FARGO, and pfizer. So here you are. A little confused. Did you think the road to retirement …”
“…It’s not just citigroup. We had positive commentary on the first two months of the quarter from citigroup, jpmorgan, solidly profitable — >> ken lewis told us — >> ken lewis from bank of america. And WELLS FARGO last week. >> yeah. >> so that’s good. >> and we’re starting to see some of the more secular folks, you know, like jeremy grantham, …”
“…Markets. Look at september 28. Wachovia faced the immediate prospect of being unable to fund its operations, that the week when citigroup and WELLS FARGO were sparring over wachovia and and november 23rd, the continue disruption of asset-backed securities markets could significantly limit the …”
“…Then it extends out the loan. The most important thing is debt to income. That is the most important thing. And so there’s much more detail behind it. Bank of america, WELLS FARGO, us, I believe citi and other banks were involved. It’s not perfect. There could be better ideas. There are other ideas. We’re not for a cramdown after …”
“…If it has to, it cuts principal. The most important thing is debt that is the most important and so there’s much more detail behind it. Bank of america, WELLS FARGO, us, I believe citi and other banks were involved. It’s not perfect. There could be better ideas. There are other ideas. …”
“…Is the more interesting part of that address, and we’ll have that for you live, right? >> yep. Meantime, we have our cnbc all-stars with the pulse of the bob, rebraca jarvis, bob in the wake of WELLS FARGO, bank of do we have to hear something out of jamie dimon today about january and february at least being decent? >> yes. We better hear something, because I don’t like whaelgts going on here. …”
“…The chamber of commerce. They get the heavy hitters. Jamie dimon, of course, is one we’ll be hearing from him. >> you have to think there may be pressure on him because we heard from citigroup. We heard in WELLS FARGO AND bank february were good. Is he going to say the same >> it will be interesting because he has been very blunt about the fact that he thinks that we have a lot of tough sledding still ahead of it. Whether or not he had a good january or february, I don’t …”
“…That’s also been lost is the dividend yield on the s&p is about three times the historical we don’t know what’s going to happen with dividends and we’ve seen some cut. Capital one, WELLS FARGO AND others, overall, jack vo gel made the point. Not a lot, down 50%, but at least you’re paid. …”
“…Particular doing a trade for morgan stanley and american express putting morgan stanley on the convictions buy list and american express on the convictions sell list and they have a whole thing here about every bank, a lot of the banks, including WELLS FARGO, u.S. Bancorp to name a few, bank of new york, jp morning and j.P. Morgan with a lot of commentary there, had a lot of movers worth you can take a look, certainly either because of the quarterly …”
“…He said regardless of whether they’re making money on a basis, toxic assets are still a major problem. The writedowns will be very strong this quarter and for the rest of 2009. That should balance out all those comments from WELLS FARGO AND citigroup yesterday said that they’re profitable on an operating basis in first two months of 2009. Toxic assets are not having a …”
“…Prath pratt and whitney engines. >> let’s go to bob pisani. >> the question is whether we can rally two days in a row. We haven’t done that in a month. Always a party in front of WELLS FARGO. Going to open to up side. Morgan stanley is opening up a little clarity on the obama’s housing plan is helping. …”
“…At least the teens are still out spending. Deutsche bank says the biggest problem for the banks is continuing to be the toxic assets and the writedowns that it’s nice to know WELLS FARGO AND citigroup making money in an operating basis but toxic assets are not having a good quarter thap that will be big when these companies report …”
“…The s&p financials soared almost 16% and that was led by some pretty cheap stocks, like bank of america, citigroup both in the dow. Then we had WELLS FARGO, jpmorgan had a big gain yesterday, but jpmorgan with that huge gain, under 20. >> bernie madoff plans to plead guilty on 11 money laundering …”
“…It was reported at the meeting with the biggest banks in were not given the choice but told to sign and I think WELLS FARGO signed up. It was because of the urgency that they felt in terms of fleecing the system. David: their excuse is …”
“…>> well, brian, look, it’s certainly a lot better do this it’s a lot easier to do this show on a big up day than a down day. >> caller: i’m doing great. I’m a first-time caller. And looking to invest in bank stocks, specifically, WELLS FARGO. >> well, you know, you picked one that is very compressed, very down. Just cut the dividend. I think that WELLS FARGO — first of all I should tell you they own it on actionplus.Com. My charitable plus. If geithner does the right thing and show forbearance and mark to market light and decide to get …”
“…We talked about it fundamentals >> what does it take to get a little bit of enthusiasm around here? >> i’m being enthusiastical. >> i’m just saying. >> merck, come. >> WELLS FARGO, dealing with cards that I was dealt. >> all right. Walmart. You know you missed it, because you know that karen’s had quite a bad attitude lately. …”
“…If you think that ge capital is worth zero this should go to seen in alcoa. >> aluminum prices have not I don’t think that they’re going to recover in the same way. Watch out for the chinese. >> WELLS FARGO off to the races in its own right. Good for 18%. >> this is part of the entire i’m not going to read anything into WELLS FARGO, particularly. >> the ultrashort real estate etf. I’m assuming ultrashort means it’s 2 to 1, 3 to 1. 15 to 1. …”
“…We’ve seen in 25 years. Haven’t been in a wide, because the funds are so low. I have positions in ones that do have some toxic assets. Like a bank of america preferred or a WELLS FARGO preferred. >> I like the fact that buffett said the other day. You borrow flat and lend it whatever, you will make money. It’s a great environment. And yes, we’ve made the analogy, baseball on steroids to the banks of the united states. …”
“…The darkest hours in the financial sector may just be a little bit behind us. Based on what we saw today. And there are the numbers going thou bank of america, jpmorgan chase, WELLS FARGO AND even the parent of cnbc’s owner, nbc universal, that would be general electric, having a reasonably good day, up 18%, 20% at some points. There you see general electric …”
“…It’s not over but close to the end. They don’t have a big consumer loan book. They’re more investment banks. We’re warming up to them. Jpmorgan, WELLS FARGO, names that will be stressed. But as an analyst and investor you have to say when has the market overshot it? In 1990 the bank stocks took off on a rally that lasted three credit didn’t peak until a year …”
“…>> yeah. Broadly, we are under way at the banks, re visiting that. We always do. But we think there are big banks it’s time to look at these names. Jpmorgan, WELLS FARGO, pnc are three names we think the market overshot the potential problems. >> so you think they’re basically just putting the baby out with the bathwater? You see one bank’s problems, you think that’s across the board for the sector? …”
“…Asset management. They’re going to try to sell some noncore assets. Countrywide’s balboa. They have a laundry list they’re going to sell. I think WELLS FARGO is going to sell a laundry list worth of assets to sell, too. So just like you had the cdos come on market in terms of a supply jam and the prices went lower but the guys who sold …”
“…What would happen if tomorrow morning lloyd blankfine or john mack told people the numbers were two low. Not citior WELLS FARGO. If citi is doing well, how can they not. How can goldman have a dynamite it’s inconceivable they’re not …”
“…Off the lowest levels since 1996. Citigroup is the reason saying they are profitable so far this quarter. Financials leading. WELLS FARGO up 15%. Financials are leading. Everything else is higher, too. You get the point. …”
“…Loving what they’re hearing from bank of america, barclays an upgrade and we’re seeing these financials leading this market to the upside. Take a look how they’re faring. J.P. Morgan, WELLS FARGO had buy orders here early this morning and you can see citigroup up now nearly more than 24%. Bank of america up 23%. WELLS FARGO 10%, barclays up and take a look at the next one. We’re watching movers and by the way, we have groups up in everything, from retail, from shipping, here is a look at the banks and you can also watch some of the other movers that …”
“…He’s disappointed with the stock price. I think that’s a mild term. The key sentence is talking about being profitable for the first two months of 2009. WELLS FARGO on friday said the same thing as well essentially. All the comments are putting more fear into the short sellers at this point. Citi is up 23%. Bank of america up 15%. …”
“…And 6500, to 6800, so watching the financials very closely, gaining, 15 to 20%, barclays getting an upgrade today. Credit suisse upgrading that WELLS FARGO, all of these names had had to buy. Look at the next group that we’re watching, obviously, we have the deals that are hopping and yesterday, when we heard about merck and schering-plough, that was enough to give a boost. …”
“…>> good to talk to you, carl. >> thank you. >> markets look pretty good today and part of it is citigroup saying it was profitable in the first two buffett is very smart, talking about WELLS FARGO AND talking about how, some of this other stuff aside, you borrow money at one level and lend it out at another, he says a lot of these banks over time will be raking it in. >> because money is free to >> WELLS FARGO was up a lot yesterday, like 20% or something. Indicated higher today now, citigroup, maybe that notion is — does anyone think banks …”
“…I had higher hopes form obama. I don’t blame obama for the his administration’s handling of the banking crisis has been simply devastating. Citigroup, bank of america, WELLS FARGO, even jpmorgan all brought to their knees. My mantra has been clear. Obviously the critics never watch the darn show which is okay. A little cable show. I like it. I want to help preserve people’s …”
“…Markets is going to step down. Stocks are trading lower, lower, lower, 52-week low. You wonder who will step? >> pop for WELLS FARGO, 16% on >> warren buffett talking about how profitable it is to be bank spreads are gigantic. …”
“…Through it 14 months later — I mean 20 months later. >> can you be optimistic about the financial companies when in particular, WELLS FARGO cutting their dividend last week. Ma and pa depend on dividend paying stocks. These guys are not paying anymore. …”
“…>> banks were a bit of a bright spot today. Small bright spot. >> big gains by u.S. Bank, WELLS FARGO, even with concerns as the health of the economics continue. Let’s talk about it with alex. …”
“…Believe it or not, sold $8.5 billion worth of debt back by the fdic today to. The stock is up 19%. Look at the volume on that. One of the volume leaders on the market today. Number three, WELLS FARGO. The oracle of omaha came out, made comments about WELLS FARGO, said the nation’s fourth largest bank is going to come out of this crisis, "better than ever." stocks having a good day because of it. Again, a lot of volume. Another big volume leader. …”
“…Because there are good names. American express, general eereck lickkee electric and intel. Tech is holding on. Up arrows here. WELLS FARGO, another great name to watch here. Up 16%. Another financial doing well. And meridian equity partners you can see where they put the calls, the put volume is …”
“…>> but first, the most active names. There’s ge, that bond offering, or their hiring of managers in search of selling some bonds, the market thinks they’ll get it b of a getting one done. WELLS FARGO getting an endorsement from warren buffett. Those are your top three. Schering-plough the merck target. Out the top five, down just a little more than a dime. Jpmorgan 15.81. …”
“…Arm hiring, or seeking to hire managers for its own bond offering, which would benefit from government support to raise money for them. As you know, warren buffett this morning offering some positive views on WELLS FARGO. That beneficial to WELLS FARGO although mr. Buffett’s overall characterization of the economy continues to be meaningfully negative, which does affect sentiment the other way. So again, coming off of the worst week for the stock market this year, you’ve got a little …”
“…Now and the next year or two is a time to be careful, marly if you’re citigroup. >> james rita, there are the financials today. Mixed bag, a flat day today, with the exception of bank of america which is popping and WELLS FARGO. Appreciate it. >> you’re welcome. College, do you think there will be a hand-out from the maybe you need to rethink a look at grand realities of …”
“…Think gold will be in five years, and should that be a part of value investing? >> I have no idea where it will be. It won’t do anything between now and then except look at you. Coca-cola will be making money, and I think WELLS FARGO will be there will be a lot of — it’s a lot — it’s a lot better to have a goose that keeps laying eggs than a goose that just sits there and eats insurance and …”
“…Stated that buying stocks was a potentially good deal if you have a long-term perspective on it, so if president obama were asked about whether buying bank stocks and even stocks like citibank, bank of america, WELLS FARGO, jp morgan,is it a potentially good deal for those with a long-term percent next? About that? >> I don’t know what he would say about it. He doesn’t consult me on his …”
“…Card issuer 500 million dollars capital one is taking the step because of quote unprecedented market conditions. Many banks and financials are cutting dividends including WELLS FARGO which made a similar announcement just last week. >>> and more troubles in the newspaper industry. Mcclatchy saying it will cut 1600 jobs or 15% of its …”
“…Majcal kingdom, a fairy tale world where there’s no market manipulation and ignore the destruction of city bank but WELLS FARGO, u.S. Bancorp and jpmorgan, just about every other bank you can name. Destruction that was particularly egregious in today’s miserable action because these ultrashort financials are pulverizing every financial in …”
“…To you you and potheo size why not? There’s some better things. While many companies are cutting their dividends, including WELLS FARGO, which by the way triggered a big bank rally when it raised its dividend last july, we did see dividend boosts …”
“…Of private equity there are some companies that I look to for that list that are looking to exit the tarp program rather quickly. Look at jpmorgan and a northern trust, WELLS FARGO a little bit down the list, u.S. Bancorp, these companies have come out and said listen, we have plans to exit this sooner rather than …”
“…And he’s right. You stay with a trade until you’re wrong, and it blows you out. Today the banks performed a little better, and as melissa mentioned we did have a little rally in financials toward the end of the day. WELLS FARGO, which cut its dividend, did make some positive months of the year earlier in jpmorgan, citigroup, bank of america as you can see here either side of positive or a little more. …”
“…Go until the trading day ends we’ve got some glimmers of hope. Seeing some strengthening in general electric, parent company of this network, higher by 5 5 1/4%. WELLS FARGO continues to gain. They cut the dividend by 85% >> the s&p 500 last month was down a heck of an awful lot. We’ll talk about some of the strategies being used in the …”
“…They just weren’t great investors. They weren’t too good at playing the derivative markets. But they could be combined to make companies. And of course WELLS FARGO is a good one. And you know, if they just got out of the way, if the authorities, the government just got out of the way, you would …”
“…Should be given on credit reports in order to encourage foreclosed homeowners to get back into the housing market. >> but first, most active names there’s your ge, trading 6.89. Bank of america, jpmorgan, WELLS FARGO, and just to break up the monotony of the banks, there’s pfizer in the 5 hole. …”
“…And that’s what the chart looks like for the last three months. The problem is a lot of people don’t believe that rally is going to be sustainable and they think we’ll be in the same situation as what happened at the end of december, that is, we move back down again. Just letting you know, WELLS FARGO, you see what happened, they sold financials off right after 10:00 eastern time, as they do every single day. WELLS FARGO cut the dividend but had some positive comments about the first two months of the year. That stock is in positive territory right now. Tradertalk.Cnbc.Com for more. And scott still on the down side …”
“…As citigroup will indeed be. I don’t know if you just drop it because the stock has fallen. It would be a perverse way to go about changing things. You can throw WELLS FARGO in there or something like that. >> WELLS FARGO or northern rob, adam, thanks for joining >>> up next, jim cramer up next we’ll be right back. …”
“…Comments there from goldman sachs putting them on the conviction buy list. Good news there. We watch names like WELLS FARGO who announced they were cutting the dividend and general electric up at this tech stocks, the nasdaq was the first of the three major indices to go in the red. …”
“…Get a jump of a hundred. That has disappeared. The jobs report coming in line with expectations but still an ugly number. And provisions in december and january. WELLS FARGO cutting their dividend. More talk about general motors. That stock at a 75-year low. A lot happening for folks to digest right now but once again, the market taking us into negative territory. …”
“…Also watching WELLS FARGO, h. R. Back to you. >> cheryl: we’re going to be talking about the big job support in a moment. When you look, nicole, at these financial companies, in particular with citi, WELLS FARGO cutting the dividend, are you finding the traders on the floor are getting a little more nervous about financials, the fact they’re just totally backing away from them. >> they’re not touching the …”
“…We’re down 7% for the week, worst week since october, but look at the tech. The first line of attack is wait until 10:00 and then press. Gets the shorts pressing the that’s really what happened. You look at WELLS FARGO. They cut their dividend but made positive comments about their operating results for the first two months of the year. …”
“…Obviously, citi is back above that $1 level, but certainly, it’s very tough to watch these names here. 1.003 for citigroup, so, losing its rally as well. WELLS FARGO also announcing dividend cuts, slashing dividends 85%, don’t forget what happened moody’s yesterday watching both WELLS FARGO AND they cut jp morgan and thinking about cutting WELLS FARGO, the pressure is on 0 here. The traders are very much in this wait and see mode. They were expecting some big rally back at some point and clearly we’ve been oversold and I wasn’t supposed to come in …”
“…Let’s take a look at the the important thing is some better tone today overall. Have you noticed executives buying back stock recently. Bank of america was doing it. WELLS FARGO did cut the dividend but they made positive comments the first two months. And of course, the nonfarm payroll reports coming in line …”
“…Lead anywhere or what ultimately is decided. But on monday, we should get some sense because it will be a fascinating trial that begins real quickly, on the WELLS FARGO dividend cut, just wanted to mention, they raised their dividend july 17th of 2008 by 10% to 34 cents a share. The stock went up, by the way, …”
“…Large margin and posted by 20 cents and beat them on the revenue side and resale preparation area, that’s doing extremely well and taxes more a pretty good play. WELLS FARGO cutting the dividend this morning, a big news from a nickel to 34 cents, obviously, financial concerns have done this and you know, the street likes this and preservation of capital for them is going to be …”
“…Done better and commodities definitely do better. We’re seeing that, copper highest level since november. Copper stocks are up. Most of the big commodity stocks are up in the mid to single this crowd is WELLS FARGO. Like a circus around WELLS FARGO the last couple of days. They’re just opening up 66 that’s $8.78. Do the math, da, da, da, 8% maybe, thank you very much. The important thing is they did …”
“…Aig at 36 cents. You can see how these things are faring. General motors to the down side more pressure, down 10%. And WELLS FARGO, we heard from moody’s yesterday and now WELLS FARGO slashing their dividend, this after wal-mart yesterday raised its dividend. Take a look at the next board here, some of the other names at that we’re focusing on. …”
“…Erin, back to you. >> thanks very much to you, guy. Now back to the delectable david. >> thank you, erin. We’re going to talk about WELLS FARGO, as we said. The company reducing its quarterly common stock dividend. Let’s start off with a long-term yesterday like so many bank stocks, it hit a new multiyear …”
“…The dollar today. Alexis: another major company reported it’s cutting its dividend. Shibani joshi is at the desk and has the details. >> WELLS FARGO joining the ranks of citigroup, ge, a list of financial companies which recently announced dividend cuts and investors having a positive reaction with shares up 9% in pre-market trading after WELLS FARGO slashed its dividend by 85%. Cutting it from 34 cents a share, to 5 cents a share, that will save the company about 5 billion dollars, the company also saying that business is good, so, you can see that …”
“…>> plus david faber, as that he has been cooking up that i’m sure will be absolutely delectable. >> i’m a terrible cook, actually, erin. But we’re going to take a look at WELLS FARGO cutting its the stock yesterday hitting a multi, multi, multiyear low. That’s not a surprise. Doing that. …”
“…Means stocks are better and commodities are better. Copper, highest level since the commodity stocks are all up mid single digits right now. WELLS FARGO cut the dividend more than 80%, but they’ve been making positive comments in the notes about strong operating results for the first two months of 2009. Little comments from executives …”
“…Although we’ll see what the but i’ll leave that for our colleague steve liesman. I’m david faber. The banking sector crushed it would seem every day. Today WELLS FARGO cuts its dividend but the stock looks higher. We’ll get into that. First back to mark for a check on the futures. >> let’s look at those futures. They ain’t too bad. We’re up 5. And another buy one get one day …”
“…>> the u.S. Economy lost 651,000 nonfarm jobs last month while the unemployment rate rose to 8.1%. That’s the highest since december of 1983. WELLS FARGO shares are called higher after the company cut dividends and saying that operating results were strong. …”
“…Less than they thought. Marvel, that stock is high irand and the big stock to watch today is WELLS FARGO. I almost think that the financials may need to start acting a little bit better before anybody. And that would be the toxic >> — that maybe we can finally get beyond that. …”
“…You can send in your questions. >> i’m going to ask him to send me some see’s candies. >> becky will bring them back for you. You can’t really send a dairy queen sundae. WELLS FARGO. Check it out. Indicating higher. 85.3%. Saying that business is good. And that that merger that …”
“…Was going to be 7, 725. I agree with you. I’m more concerned about the revision. Revisions are far more permanent than first number which tends to get revised. But I think some of that WELLS FARGO chatter may be the financials are not all going off to the island of malachi. …”
“…>>> time for the trader’s edge. Art, it’s hard not to focus on that jobs number and the but anyone talking about WELLS FARGO saying business is good? >> there’s been a lot of chatter about that. And the feeling on the back of the bank of america comments that things are going well, people are beginning to wonder …”
“…Initially gm wanted to avoid chapter 11, fears customers would be reluctant to buy a car from a bankrupt automaker, so we’re watching gm this morning. As I said, the banks are so in focus with WELLS FARGO just cutting its dividend and citigroup trading yesterday below that dollar a share mark at 97 cents. This morning $1.02 is where we see citi at. $1.02 is the bid on citigroup which is where it closed in there you see it on the screen. A lot breaking this morning and WELLS FARGO joins the plethora of banks that have cut their dividends here in recent weeks and now 5 cents per share from 34. Very active trade on the wells stock this morning. Those are your three market movers. …”
“…Wants to encourage pay structures that reward success over the long-term. All right, now let’s go to connell mcshane for the three market movers of the morning. Connell: just breaking at this hour, WELLS FARGO is cutting its dividend. Some people saw this coming and now it actually has happened. 5 cents per share is the new quarterly dividend from wells 34 cents per share had been the previous dividend. In the premarket action it is trading to the down side. 7.87 is the bid on WELLS FARGO after it closed at $8.12 a share in yesterday’s trading a stock that’s already fallen by 70% this year. Just in 2009. So WELLS FARGO a number of headlines are crossing here. Talking about future earnings being higher and what have you. And its tangible common equity can now grow faster. That’s the whole point of cutting the dividend down to 5 cents from 34. …”
“…"squawk box" begins right now. >>> welcome back. WELLS FARGO yielding 17%, and just moments ago it’s announced that the board of directors will reduce the common stock dividend from 34 cents, that’s per quarter, to a nickel. …”
“…Give me the first chart, not a chart. First screen. Omg. Why omg? Check it out. Wal-mart $194 billion market cap today. Now, jpmorgan, bank of america, citi, WELLS FARGO, pnc financial, goldman sachs and morgan, if you add them all up, $192 billion. Are you kidding me? Omg moment. …”
“…>> when you have exeer xerox at $5 intel depending on which day you look at it. >> you have WELLS FARGO under I asked some traders, but I can’t repeat their words because they are unsayable on t.V. …”
“…We had citigroup obviously dropping below a dollar at one point, did not close there, was the big story today, the insurance companies were in fact much worse. Once again today companies like hartford were down double digits here. WELLS FARGO, listen, the chairman came out and said in the middle of the day that he bought 100,000 shares. It still didn’t help that much. The company was under pressure. Moody’s warns it’s considering a downgrade of its credit rating. …”
“…Stocks go in the tank after a one-day respite. The s&p trading at its lowest level since september of 1996. Financials leading the way lower today after moody’s cut the ratings of bank of america and WELLS FARGO while lowering the outlook on jpmorganchase. And one of the dow’s biggest names is now a penny stock. That’s right. You can get a share of citigroup for less than $1. In fact, less than the atm fees …”
“…>> it’s both parties, but it’s I would separate that just from >> if you have no plan, then the short sellers are in charge. If I were back at my hedge fund, I would say, you know what, there goes WELLS FARGO like there goes swifty at the racetrack outside of boston. >> they did put out a long plan on housing and they put all the details out today. >> it’s not the plan that’s …”
“…I try every day to come out and try to find something good to say, sxern, i’m doing people a >> no croci today. I’m doing people a disservice. Insider buying left and right. WELLS FARGO huge insider buying. Coca-cola huge insider buying. They look like idiots by the time they get the report. >> they do. And by the way, they were all buying on the way down, too. It doesn’t necessarily mean >> it’s the great american …”
“…And we would not have to have what is obviously the banking system. But tim geithner, he’s mulling things over and, you know, i’m confident by the time that bank of america goes to 1 and WELLS FARGO’s at 2 that he’ll have a and then we won’t have to worry because the short sellers won’t be able to make enough money if they keep leaning on it. >> hopefully before ge goes to a >> parent company of this …”
“…>> ooh. >> all right? >> interesting-looking crocus. Neil hennessey, there was a headline that just crossed. WELLS FARGO, management buying sharing of WELLS FARGO. Jeff immel bout shares of ge in the past week and then there were shares bought of coca-cola. I’m not saying these guys necessarily get it right. …”
“…I spoke with them and they said they’re watching the members closely in the dow average. That said, moody’s focussed — look at jpmorgan and WELLS FARGO. Moody’s warning it may cut WELLS FARGO rating and already did so on jpmorgan. Wal-mart, the glimmer of hope. Same-store sales soaring, raising the dividend 15%. …”
“…Production outlook, we did see mobile moving to the down side, the winner on this particular board is rogers up about 17%. J. P. Morgan and WELLS FARGO, moody’s coming out on those two names. May have cut WELLS FARGO’s credit rating and did change j. P. Morgan’s rating to negative. …”
“…You don’t even get two days put together, and this is what makes people crazy down here. The inability to pull together some kind of consistent rally. Let’s look at the financials. There’s your first source of we told you about WELLS FARGO earlier in the day. Moody’s warning it’s considering a downgrade of its rating. Citigroup broke below a dollar. There is all sorts of discussion now that citi and bank of …”
“…Going to add to their stimulus it looks like that’s not going to happen. All that optimism is gone. Financials losing ground amid concerns that jpmorgan, WELLS FARGO, bank of america will see their credit rating downgraded. We want to talk about a little bit of good news and bob pisani walmart. >> it wasn’t all bad news. …”
“…Loan, it won’t be worth 100 cents on the dollar. That may be true. They said they can take these losses over time and ge capital can make money. >> today the financial worry du jour. Now we’ve got WELLS FARGO at a new low. That one was supposedly really well run and managed and bif buffett loved it and all this other stuff. …”
“…Even though we’re off the lows, when you get a move up yesterday off of three down weeks and you get another down leg today, yesterday looks like a sucker rally. That’s wa people call it there. WELLS FARGO, moody’s warning they are considering downgrading its credit rating. Citigroup is about to break a enough said on that. You know what’s going on with the insurance stocks, hartford, lincoln, the whole group there …”
“…Maybe we’re forming a bottom, but people are not ready shall the jitters still remain here, nervousness. Let’s take a look at the next board, watching some of the other names, such as WELLS FARGO AND j.P. Morgan because moody’s is warning that it may cut WELLS FARGO AND basically considering downgrading the credit rating on WELLS FARGO, change the outlook on the ratings for j.P. Morgan to negative and this as the banks are starting to see rising credit costs and deteriorating returns. So you can see both of the names down on WELLS FARGO in particular, down about 10% here. So, that’s what we’re watching, down 85 at the moment. Back to you. >> dagen: nicole, thank you so much for that and our own charlie brady was looking into …”
“…But that is perhaps the loan financial that is actually in positive territory after a significant fall yesterday. This morning the features are more on the negative side, starting with WELLS FARGO, which has hit a new low, if maybe even seeing, we discussed, certainly on the bottom of the screen. Moody’s comes out and goes to a negative outlook on WELLS FARGO, on a number of banks, on jpmorgan. And there’s a look at wells. Now, remember, wells bought wachovia. Didn’t get any government the ftic had to be very happy …”
“…Nasdaq is a financial stock, i.C.E. Is a financial stock. We like things like u.S. Bank and WELLS FARGO, nobody wants to touch them before march 30th when we get the stress testing but with those two bank, we think they’ll pass the stress but off to the race, but nobody believes that at the moment. …”
“…Department stores were weak as you had macy’s nordstrom and saks below expectations. Come over here and we’ll show you where some of the financial stocks are opening. WELLS FARGO on the down side here. See if we can get to the post. I can see the post here. It just opened down 9%. Of course, the stories we told you this morning, moody’s warning that it is considering, considering downgrading the here’s the big post for WELLS FARGO over here. You can see the crowd standing just opening down 9%. Tradertalk.Cnbc.Com. Scott, how are we looking at the >> not so great, bob, thanks so …”
“…That’s a surprise. Aeropostale, a little worse than expected, abercrombie down 30%. That was really a mess this we had macy’s also WELLS FARGO down 8%. We had moody’s coming out, warning that they were considering downgrading their credit rating. Trader talk.Cnbc.Com. >> we’ll be negative as well off …”
“…Outraged about this. What was then that repercussions and what before the present time with the aig effect and WELLS FARGO canceling incentive trips, the ceo takes out a full-page ad is saying it is unfair to the people who earn this incentive to cancel a trip but that is …”
“…Can we just — in corporate headlines this morning, this sounds so familiar. If you just read what they’re saying. Moody’s is warning that it may cut its rating on WELLS FARGO citing concerns that the capital ratios of the company could deteriorate from levels, same story with jpmorgan changing its …”
“…Are there names to you that are obvious in their mispricing to the cheap side at this point? >> I could talk about this probably ad nausea. In the capital structures, talk about bank of america or WELLS FARGO, long the preferred, short there is a gigantic mismatch between those just within the capital structure of each of those securities, regardless of what happens. They could both move up or down, but they’re not going to stay in …”
“…Do stocks. The big names, your halliburton in oil service, eog in the even the coal stocks like massey were up in the high single digits. Take a look at WELLS FARGO, and it’s just a quick example here. Late in the day we had word that there might be hearings in the house on mark to market march 12th. You saw the move up here, and then moving down toward the …”
“…News that china lin crease spending in infrastructure, manufacturering, under a second stimulus package that’s giving the entire sector a boost right now. WELLS FARGO in the red. Rivals cut the dividend payment. Analyst expects them to cut dif dend. …”
“…Have been down double digits. Weak side. Some of the regional banks are down 3%, 4%, 5%. WELLS FARGO is a little weak. Citi has been in positive the industrials are the second weak link here. General electric, the biggest percentage decliner in the dow …”
“…Short squeeze because we’ve had so much of a straight down move that that I just don’t think is sustainable and that the people who have jumped in it late and like I say the WELLS FARGO or even rio, the brazilian miner that tim talks about so frequently, this stock has gone $12 to $18, and it’s back down at $12, and people have jumped on it huge. …”
“…To being short, and, you know, joining the party late, and I think they can be the ones that are going to chase this thing up, and I would say that you could get a pop into the mid to high teens out of WELLS FARGO like that on any of these given days, especially if whatever the next magic number, 689 or whatever holds in s&p. >> joe. …”
“…Those are short-term moves, and as aflac did last week, it gave back virtually all of it over the subsequent two sessions. The two stocks that are on my radar right now are WELLS FARGO, because the stock is down from $30 to basically $10 over the past month. Again, take a look at that chart if you want to see something …”
“…You the government told us we had to take the money involuntarily. >> their credit reports coming up. I say watch out with WELLS FARGO. >> that’s a buffet favorite for a long time. >> it’s been a good performer …”
“…Do I want to know what’s coming up next? >> we should look into this. I hear what you are saying, but looking at WELLS FARGO, they have two bad banks, wachovia and west financial. Wachovia is on the list of 19 banks that will be stress tested. WELLS FARGO bought them last theythey inherited $90 billion in bad loans from both operations. …”
“…More after the company acquired he also said he plans to stay until the company repays the there was a note out of goldman sachs taking a look at the different banks and they said bank of america and WELLS FARGO are vulnerable to more dilution in large part because their tangible common equity is lower than jpmorgan. And keep in mind this is what happened to citi. The government had to convert its preferred share into common. …”
“…Bank of america, jpmorgan. You can see the pressure is quickly, I can tell you on the market on close orders that are coming if three minutes, they’re all for sale. Citi had 2.5 million for WELLS FARGO were sale. And talking to the traders and walking around on the floor, that’s what i’m look at emergency. Don’t forget, energy, down $4.5. That’s not helping anything. …”
“…A $500,000 annual fee. Basically reflecting the concerns about the risk of ge bank of america, goldman was out with a note today in the wake of the citi restructuring on friday saying that bank of america and WELLS FARGO because of their lower total tangible common equity ratios could see their common shareholders diluted if the government has to convert their preferred shares into common. Also, we had headlines crossing …”
“…Goldman out with a note saying citi is still a sell. There’s too many questions about the government’s holds and the next couple of banks where questions were raised about that, bank of america and WELLS FARGO, they have the lowest common tangible equities, their ratios are the lowest, we could see added dilution if the preferred shares have to be …”
“…Higher on the news, nevertheless up 9% as you can see, nevertheless, this is had a bottomless pit of taxpayer money, there’s going to be a revolt somewhere today on that. And speaking of the financials, WELLS FARGO, interesting piece in barons’s over the weekend. Saul of a sudden forget about tier one capital ratios it’s about tangible common equity and believe it or not wells far bow …”
“…Ratios, and 4%, whether that’s the new marker. Citi has got it, but others don’t. >> jp close, but others close. WELLS FARGO. >> u.S. Bancorp. >> wells definitely far below, and jp morgan below. >> bank of america. 2.6 or something. >> and one them has a lot of tax …”
“…Changed permanently, like in the last couple years. Never be the same as it was. Watch for something like >> liz: david darst? >> three of the top ten to holdings are financial. American express, u.S. Bank corp. And WELLS FARGO. It’d love to know what he thinksf the long term prospects for those three. Secondly, he sold half johnson and johnson a name that we talked about on the show for a long time. …”
“…The last 52 weeks. Andy, we have a list of the top holdings that he has. Now, 19 out of 20 of his top stock holdings — names like coca-cola, WELLS FARGO, american express, procter & many that we own are all down. 19 out of the 20. What is a guy like warren buffett who is in it for the …”
“…Hours but I just walked by the post today. One lone governor sitting at post trading citi. The busiest day that $1 stock has ever seen. But citi, bank of america, huntington bank, WELLS FARGO all hurting, interestingly. Amex and jpmorgan not hurting, doing well today. Insurers could be the new right now. People are looking to washington …”
“…A high-risk business. I don’t know, the ris management department needs to check in the drug rehab and get help. >> david: oh! Jared how lock had you been working with WELLS FARGO? What was the nature of the relationship in past? Did you have problems with them before? >> we have been a client for …”
“…The market was down but now back up on the ge headlines. The bond market trade shows less risk of defaulted citigroup. More risk like rivals of WELLS FARGO AND jp morgue ap. Those who take a risk on bad debt might be the new rich in this country. We continuure series on debt and …”
“…The stock market has taken a lot of lows. We broke through the old lows and didn’t have follow through. We are seeing a lot of options action and bearish plays and names you would expect like citi bank and WELLS FARGO. It to me are people who are covering positions they had before and realizing it’s not going to be much left there. Has the feel we’re picking apart on old bones. …”
“…>> casey, you know, when wa wachovia and WELLS FARGO backed up, they’re just blowing the money. They already have invested. Don’t caterers have to back out because of not staffing the stadium? …”
“…Preferred stuff. Yes, when I look at a chart from american bank association, WELLS FARGO was 2.3. Jpmorgan was a higher one. Citi now would be above 5. …”
“…Worry, a great deal of apprehension and for the most part, it’s justified. People are worried for a reason. >> dagen: jay, thank you. It’s good to see you, jay miller of WELLS FARGO fund in wisconsin, be well. Stay warm, too. >> thank you. >> brian: well, the citigroup banking story not just the u.S. This is a global story as well. Let’s get a check on the global market impact and some of your …”
“…Ray of light, the stocks that led the bank are holding out the market is turning lower >> liz: sandra smith? >> you are looking at them WELLS FARGO, jpmorgan, a few looked back at research notion for key gan analyst robert patton wrote that said details show the regulators are unlikely to nationalize …”
“…Surrounding these golf tournaments. Here’s the tarp recipients who also sponsor golf tournaments. You have b of a with merrill lynch, WELLS FARGO, morgan stanley, u.S. Bank corp. Announcing this year this is the last year they sponsor their golf tournament later on in the year in walk. You have some banks involved but …”
“…I’m fired up. Thank heavens. >> all the govern references. I love it. The double bogey. If morgan stanley has a double bogey then WELLS FARGO had a rim out on the green. But there’s a lot of fallout here from this whole northern just in the last couple days you have WELLS FARGO coming out and joining morgan stanley and u.S. Bank corp. As well. They all come out and say we’re going to reduce our entertainment spending …”
“…Obtained the names of the banks on the list and many of them are familiar to us. Let’s start out with the first full screen here, j.P. Morgan chase, bank of america, citigroup, WELLS FARGO, state street, bank of new york mellon, u.S. Bancorp, suntrust banks, capital one financial, pnc, …”
“…19 institutions here. Senior washington correspondent peter barnes doing late night work. From financial industry sources his. Jpmorgan chase, bank of america, citigroup, WELLS FARGO, state street, bank of new york mellon, suntrust banks, capital one, pnc, regions financial. Fifth third bancorp. Keycorp, metlife, goldman …”
“…>> caller: hi, man. Okay, whole my top five positions right now are nordic american tanker, johnson & johnson, WELLS FARGO, connieco phillips, and caterpillar. >> even people from the noles have to say, am I diversified. …”
“…Financial rally that included bank of america! Up almost 10%. A nice upward moving jpmorgan, WELLS FARGO, pnc financial, hey, I thought the financials again. …”
“…As we move down the road on the stress test, the bernanke we can to protect common, preferred and bond holders. It has to make your preferred share purchase of bank of america and now WELLS FARGO, karen, and for that matter, david einhorn and other folks didn’t he get some of the preferred shares? >> this has to make that incrementally better. No doubt. …”
“…Year to date, 2009, we’re talking about a month and a half, jpmorgan has $39 billion in and WELLS FARGO, $55.Billion, bank of america, $40.4 billion down, u.S. Bancorp, $21.8 citigroup, $28 billion. …”
“…The so-called stress test. It looks at the top 19 institutions with assets of $10 billion. We know the names, bank of ameca, WELLS FARGO, go down the list. It is going to see how much capital they have, if they have enough capital to …”
“…Said. Preferred to convertible preferred to equity. That’s dissolution, that’s destruction, and in the short saying the banks must come off and WELLS FARGO has been injured the most because they didn’t want any money and they were the strongest bank out there and they were forced into the t.A.R.P. Program. >> and so you you’re looking at the top five shorts today, morgan stanley, bank of america, WELLS FARGO, citi. You’re saying they have the >> we’re looking at them all under fannie/freddie category. They’re all potentially nationalized very shortly and …”
“…Course getting $10 billion in this will bring up the question of other companies with deals, wachovia has a pga turin nmt two they’re part of WELLS FARGO, which got $25 billion in there’s a couple out there, obviously the buick open, that’s coming up as well. That’s the second tournament that buick has sponsored. And obviously that’s part of …”
“…It seems like you’re questioning sports marketing or marketing in general with companies that have taken federal money here. So my question to you, then, is wachovia, obviously now owned by WELLS FARGO. They took $25 billion in funds. They have a golf tournament in two months. Buick obviously part of general motors, they’ve taken $16 billion, are asking for more. What do you want these companies …”
“…So the banking index rallied on that, as well as the major banks. You can see citigroup, bank of america, jpmorgan chase which cut its dividend by 87% yesterday and WELLS FARGO all moving higher today. Another gainer ge, which coming in today’s session was down about six out of the last seven sessions but basically an analyst retracted a note from …”
“…Short covering, the sector up some stocks having a great day, bank of america, citi, WELLS FARGO as well. These stocks had a very good day, much needed day. Many will argue they were oversold. The whole market was oversold according to many of the traders …”
“…To 40%. Jpmorgan slashing their dividend. WELLS FARGO saying they could follow suit and slash dividends. It hurts when they cut the >> earlier today I read a …”
“…Citigroup, all of them moving higher. Bank of america with a memo to employees saying the bank doesn’t need any more federal aid and it’s in better shape than most rivals at this point. Jpmorgan and WELLS FARGO also moving higher. As this is happening we’ve seen the vix, which is the measure of fear come off significantly it’s down about 14% or so. It was above 50. But as the day moved on today we …”
“…The financials, no surprise, leading the rally. The sector is up 9%. Some of the stocks really moving, too. Morguean stanley up 14%. WELLS FARGO, bank of america, prudential rallying on again, either short-covering, ben bernanke, call it what you aig being the biggest loser, the threat, of course, of bankruptcy still hovering around him. …”
“…Up and down. The sector is up. We’re seeing big move in the stock like morgan stanley, WELLS FARGO, bank — new york bank melon. All the stocks are doing you saw them down the other …”
“…Ceos and the senior management of companies look at the purpose of the meeting and make sure the meeting makes business sense, which I think is true in 95% of all meetings held anyway. >> I don’t know if you remember that ad that the head of WELLS FARGO took out saying yes, we cancelled our trip, we didn’t want to but we did it. In some cases they’re trying to make a case that these trips and if they are on a golf course or …”
“…>> and then we’re debating a mortgage protection program. Why one of the nation’s top home builders can help fix the >> but first the most active names at the new york stock exchange, citi, b of a, ge, WELLS FARGO, and sprint nextel. At verizon wireless, we understand that training and teamwork… Are what move …”
“…Now it’s jumping 14, between 14 and 15%. You’ve got volume moving very quickly here for most of big name financials. Again, to see WELLS FARGO moving higher by 6 3/4% is something interesting. Goldman not participating at the moment in this party. …”
“…Previous recessions. But it is a mixed bag. We are in economy created 12,000 jobs last year, deadly soviet position of wacovia by WELLS FARGO, wacovia employs 20,000 people, bank of america is fighting for its survival. As we sit here today they employ …”
“…Techs and the broader markets are weaker, especially semiconductor stock. Look at where the banking stocks are trading right now. We see gains across all of them. Citigroup is higher, bank of america, WELLS FARGO AND on a percentage basis, those gains don’t look too impressive. But on a percentage basis we’re looking at gains of 10% for citi and bank of america and 8% or so …”
“…On the floor say it’s short covering. Also expecting a bit of a bounce post that expiration that we saw on friday. This is just a few of the things we’re watching. The financials, WELLS FARGO indicated to the up side as you can look at concophillips. That has gotten an upgrade to a hold from a sell. Good news for them on that. We’ll be watching some of the names that hit so many lows …”
“…Giving a lift to citi shares and other banking stocks. Citi a recipient of $45 billion in government aid is up 8%. Bank of america, is up 12%. WELLS FARGO up 8% and suntrust today is up 8%. All of this in premarket trade. Some other stocks we’re watching today include gm, it is up as …”
“…Go ahead, todd. >> right. Bank of america and citibank, with their balance sheets in the shape they are in I would not want to be long those two stocks. But a WELLS FARGO, their balance is sheet is in much better shape. They have a much better picture going forward and they make massive profits that might be a good place to invest if you want to do you have to understand that …”
“…We won’t have to wait long though. In march, they’ll to have if they actually faye dividends, the preferreds are going a lot, lot higher. Not just for bank of america but for WELLS FARGO. >> do you have wez fargo. >> I have some. >> the news is all over the map. Senator dodd saying short term nationalization may be in the offing will then you felt almost …”
“…And the worst performing cdss today are absolutely a lot of but a lot of it is the merrill lynch’s subdebt is one of the worst performing cdss up 25% today. You have WELLS FARGO’s, wachovia’s division. Wachovia’s subdebt is up significantly, thank you very much golden west. So even though we are starting to see a little bit of a short covering pop here and that is getting exasperated because …”
“…>>> are you up, are you down? The dow right now down 120 financials getting hammered WELLS FARGO, b of a, citi right now trading below $2. >> with the markets testing the new lows we’re seeing, the charts have not been looking very pretty. Both the dow and s&p continue …”
“…Those are the positive folks. When you walk and talk to other folks they’re shaking their heads. New york city, bank of america, WELLS FARGO, sunshine, just to name a few. Certainly concerns about nationalization. Those still exist. You did hear ken lewis coming from bank of america of saying there was no need for it but at the same time people are contemplating the idea, …”
“…You heard meredith whitney saying sell citi at that level yesterday, now down another 18%. We’ll continue to watch that, WELLS FARGO, yesterday I talked about options trading, about the bearish options trading occurring in WELLS FARGO. Maybe even two days ago. They were betting to the down side and as a result, you can see once again still lower there. So many names hitting new lows. …”
“…The november spike in new lows here. Take a look at the bank stocks. You should not be surprised. They lead the new low list here at citigroup, bank of america, WELLS FARGO, suntrust, even fifth third at one point was at a new low. May have turned positive. We’re off of our lows here on the bank. But let’s not kid ourselves. Energy stocks which had a very interesting run yesterday on a …”
“…A lot of them are opening down some of them like bank of america and citigroup are trading down 10% preopen. Unusually large volume in some of the banks this morning like bank of america and citigroup. So there’s WELLS FARGO, which is just opening here. Looks to be down almost 10% at $10 and change. So that’s pretty much what we’re 10% declines in all the major …”
“…Institution is taking tarp money, there should be supervision and should not be profligate spending. Once again, business gets done at these meetings. I thought it was very interesting ceo of WELLS FARGO took out full-page ads apologizing to his key workers they won’t travel on a trip they earned. Then took a paragraph at bottom and said, I also apologize to my friends in …”
“…Good for golf. >> a good day for them. >> not a bad day for them. >> it’s attractive, it actually. It hasn’t been this cheap in a long, long, long time. >> WELLS FARGO already murdered. Down 8% on the day. >> it’s like driving over somebody and then being bag up. >> it really is. >> the pressure is on, the pedal …”
“…>> I forget how it works and what the government is backing. I’m not sure they understood the >> they have a fence on that. >> and pete was talking about this last night with WELLS FARGO AND the consumer banks are getting hit now. U.S. Bancorp is trading close to >> here’s a question. If you’re sitting at home and you own these banks and you’re thinking, man, I wish I didn’t …”
“…Americans have been knocked out from being able to buy a home. The guidelines have changed from the servicers, including bank of america, WELLS FARGO, country wide, j.P. Morgan chase. They continue to tighten guidelines, so when you knock 21,000,000 out from being able …”
“…Really grow their bank on a and you’d see health come back but I haven’t heard anything like that being adressed in d.C. >> we’re be looing at some of these charts today. WELLS FARGO $12.17 a share. Citigroup at $2.52. Would you be a seller of these these companies at these levels? …”
“…Toward providing liquidity in but again, the biggest problem is the market share for almost all loans is so concentrated amongst the cities, the jpmorgans, bank of america, WELLS FARGO, and the like, that you’ve got to disaggregate that market share concentration. And that would be putting good money — and I mean very clearly non-punitive capital into these …”
“…Appear to be on board. Of course, they have to be since any institution taking t.A.R.P. Money is required to participate. Jpmorgan’s jamie dimon called it elegant and WELLS FARGO said they are supportive in spirit. Both say they will not write monthly payments. >> I would expect that term extension rate reduction will …”
“…If you did a long-term chart it was hovering around that in 1992, around those levels. It’s it tough time for WELLS FARGO as well. WELLS FARGO yesterday hit a new the bearish activity on that ubs, this is the other side of the coin. The stock is doing well because they’re giving up 250 depositor names over to prosecutors. …”
“…This housing plan s you had to know it would draw as much criticism as support. I want to take a look at the industry reaction first. Jamie dimon called the plan elegant. And WELLS FARGO says they’re supportive in spirit. Interesting both say they will not choose the plan’s option of writing down mortgage principal to lower monthly payments. >> I would expect that term extension, rate reduction will …”
“…You see segregation that banks that are directly tethered to this consumer they are getting beaten down more than the capital type of plays, morgan stanley, goldman sachs and WELLS FARGO falls in that category and that’s the reason why you are seeing the ominous sign. >> the consumer credit exposure. >> exactly. >> and how about the exposure on the west coast, the biggest …”
“…Was trading well in a premium to that value and you look at jpmorgan trading $10, $12 — >> the reason jp — the reason up until reason up until recently that jpmorgan and WELLS FARGO traded at premium relative to the peers bass because of no specific to WELLS FARGO now they were thought to have fewer of the problems that the citigroups and bank of americas had and you look at the WELLS FARGO chart and it looks like death. What happened? >> the reason I think is because of the fact that the perception is maybe they haven’t been able to avoid it. Jpmorgan took their medicine. They’re trading $15 underneath that perceived book value whereas you finally got the pullback out of WELLS FARGO. A little bit of an evening out, dylan, you are finally getting the things pricing give or take at the price of value near that book and a discount through that >> are there other big — joe, coming to you in one second. Are there other big big banks in the WELLS FARGO situation that are perceived to be good but are actually maybe not, of that >> not of that scale. You look at ub — yeah, u.S. Bank and that finally pulled back as well. …”
“…Amount of the layoffs. A name that you own? >> a visiting disney? I’m concerned that the characters won’t be there. I need transparency. >> they’re not giving you >>> to the banks, WELLS FARGO which had been one of the holdouts, WELLS FARGO was one of the names that had better business practices, that had fewer bad loans and then take a look at this, WELLS FARGO goes off a cliff. Over the past few days here. Pete najarian please tell us >> a lot of chatter and …”
“…Worked out. Cody: amen to that. Reach out directly to the servicer. Don’t listen to commercials that roblt bert will help rebecca: a lot of scams out there. Mr. Hyde, thank you very much. Co-president of WELLS FARGO home mortgage. Thank you, sir, for joining >> thank you very much. Have a good day. Rebecca: on tap next, the boys, they’re back. They’re here. They’re back with another round of "quick shots". …”
“…That seem to be retroactively attached to this thing. Are you with or against >> he can speak for himself. Where my take is on tarp, WELLS FARGO is one of the companies asked to take the original tarp funds. We didn’t ask for the money. We didn’t want it. We were told to take the and we did. We put the money to go good use in terms of lending and extending outreach to to commercial companies in that respect, WELLS FARGO definitely put tarp funds to to get lending going in america. Eric: mr. Hyde, very important point you brought at one point goldman sachs says they wanted to give the …”
“…Help the housing market. >> I think best thing a the plan. WELLS FARGO.Com, wachovia.Com, we posed to our web site details of this plan. Whitehouse.Gov is having information available to it. The best thing consumer can …”
“…A misnomer to think every lender and lent the actions of every lender in the past were the same that is not true. There are many responsible WELLS FARGO is one of them. Cody: even in this case, you’re in favor of it, dollar for dollar, matching for the lend earns. You guys directly benefit of tens of billions of dollars of welfare of these policies. …”
“…Our mortgages? I want my interest rate to go down, take off some of the principle. President’s plan. Welcome to mike hyde. The co-president of WELLS FARGO home mortgage. Mr. Hyde, thanks so much for joining us for "happy hour." so, that little clip there from the fellow from freedom …”
“…Finishing up 6. We saw traders here they thought we were a little thought we were a little oversold we could see a bounce they don’t quite believe the bounce, WELLS FARGO, hit a new 52 week low, tomorrow is a new day. 7553, there it is, new low i’m …”
“…>>> bottom line, how are things going to wrap up today? Still punched to the upside by 10 points. Nicole with the >> reporter: got to continue to watch WELLS FARGO, a lot of trading action traders pursuing bearish contracts making bets to the downside of WELLS FARGO the stock hit a 52 week low, year-to-date WELLS FARGO down 53%, banks are having a tough time. >> sure shibani at the nasdaq. …”
“…In, it will filter in, but everybody is waiting for a turn around at some point the feeling still bearish you can banks, WELLS FARGO, jpmorgan, citibank of america, we were seeing for sale on bank of america here approaching market on close orders in the last 25 minutes of trading. …”
“…Started to take hold down nearly 15%. Nicole, what is happening? >> bank of america for sale here on the dow, WELLS FARGO, of course hitting a new 52 week low watching that as before I come in with the negativity let’s bring in some leaders. Here’s the dow jones …”
“…@ . >>> 26 to the close. Shares of WELLS FARGO hitting lowest level since april of 1997 on fears that the fourth largest u.S. Bank could cut its dividend and post higher losses after purchase of wachovia, WELLS FARGO at goodyear tire shares up, the company swung to a fourth plans to slash another 5,000 jobs and further cut tire …”
“…Grandkids grandkids. Lastly, I mention jpmorgan, it’s 20 on the s&p 500 by market cap, WELLS FARGO is at $55 billion. It’s the second largest, citigroup is $15 billion. It’s like worth the same as there’s five stocks working …”
“…Cnbc’s matt nesto has the details on what the oracle of omaha is buying and selling for that matter right now. Matt, what is he doing? >> you just showed WELLS FARGO, that’s one of the stocks he’s holding on to which is getting some of those are noticeable as one new name on his list of increased stake that buffett …”
“…>>> earlier I was telling but bank of america. Look at WELLS FARGO here, down 4.5% right now. Recovering a little bit off the lows, but some of the banks, bank of america, citi, WELLS FARGO not reacting so well to the president’s plan to put $75 billion into the stabilization of the housing market. Welcome back to "the call." i’m trish regan. …”
“…Get some kind of, do become have the fullbacking the united states behind them. Fullbacking of treasury, of fed, of doesn’t that put healthy banks like WELLS FARGO AND talk about at talk about at a dvantage? >> well, it clearly does. And I think there are many, even in the obama administration who understands that. Which is why I think what …”
“…They paid a premium for it and they didn’t want government backing up bad david: this is chairman who used to be ceo. He stepped down as ceo but >> he has led the bank for when you look at WELLS FARGO they haven’t had problems other banks had. Haven’t gotten into toxic securities. Done good mortgage lending and reaping rewards. David: bert, what happens, let’s talk about unfair advantage here. …”
“…There 8400 banks out there, there is lot more banks than just big ones we hear about, but some of them are pretty well-run. >> and big ones are healthy when you look at WELLS FARGO, big bank. David: WELLS FARGO, correct me if i’m wrong said we don’t want a bailout. >> they didn’t want a bailout. Not only bought wachovia troubled bank and some say pretty much insolvent when …”
“…>> yeah, that’s true. Last summer when the banks first started rolling out their own plan. Actually, still occurring. I talked with wachovia this morning, of course now owned by washington mutual I believe or WELLS FARGO. They told me that the first group of getting refinances for modifications those are starting in four to six weeks targeting those loans that look like they could …”
“…Willing to put his money to work on the opinion — >> but put his money to work on >> and short the financials if you look at his 13 out, he actually got longer with a couple of the big boys, WELLS FARGO, bank of america in the fourth quarter. Some places that he’s playing, again, u.S. Tobacco, philip morris, these are very reliable businesses where he has significant stakes in these companies. …”
“…Help finance that area. There’s a lot of concern about that. >> anything that hung in there and hung in there, gee, that’s WELLS FARGO, too, hung in there. >> disney and heinz also at new you would think heinz would be a place to hide. >> restaurant business is …”
“…Mortgages, get the housing market moving again and only 0 ten of the tarp packages, if you look at the top banks here, bank of america, citi, j.P. Morgan chase. WELLS FARGO, bank of america getting 45 billion dollars. An extra 5 billion in tarp and government guarantees, we will all get what is called a snapshot. From these banks, the top 20 banks today. …”
“…Sort of a trading man tra right the dollar strength has created real weakness in our markets. European banks are weak. So WELLS FARGO is open. Capital one is up. 10.5 to 12 indicates. You’re talking roughly a 10% …”
“…Never gotten an mba. He was running a company that at its peak had 700 employees and was getting financing through bear stearns, through citigroup, through WELLS FARGO, who all gave him lines of credits and securitized his loans so he could lend you money. >> he was averaging at the peak pocket. >> in his pocket. …”
“…>>> welcome back. Lots to talk about on the up-and-down front this week for obvious reasons. WELLS FARGO on the banking front. It was not their week. 18% the move. What’s going on here, karen? >> well that was a macro, not a good week to be a bank, but also specific to them, I don’t think people loved their restating of …”
“…Telling me, business is down and everybody is suffering at the moment and then this. Can you put a price tag on how much you’ve been hurt since let me just say WELLS FARGO pulled >> first of all, the references that the president made were really to those companies that were taking the tarp funds. Using an example of the super bowl in las vegas. But the perception is that to …”
“…Others took and they decided it was the right thing to do to write them down. But again, those marks, I believe, versus economic true value of cash flow from the securities are absurd. So I think this writedown is not that material to WELLS FARGO or to the rest of the industry. I don’t think this is a big issue and you shouldn’t look at WELLS FARGO because of this there’s a lot of other issues here, and certainly the home refinance business is booming will have some more to say next >> we’ll leave it there. The program. >> we’ll see you soon. …”
“…The system. The capital markets are commercial paper’s working better. We’ve seen high yield issuance. And bank balance sheets are getting refinanced by the capital markets. That’s healthy. >> real quick, would you put your money into WELLS FARGO after what you saw today, the report and the fourth quarter loss by 7%, because of the new charge? …”
“…Common shareholder unless you have a situation where the and make money. I mean, you’ve recapitalized, you know, capital raises at bank of america, at citi, jpmorgan, WELLS FARGO, all these public investors have invested. They’ve lost a lot of money. There’s got to be some and I think you need to have private capital come in, both from private equity. I think you need additional secondaries when things are — …”
“…Of china limited the largest bank in the world, followed by china construction bank, and jpmorgan is actually number 3, followed by hsbc. But you know, you also have WELLS FARGO on the list but beyond that — well, bank of america is at the bottom of the list at number 10 there. What did you think of the recap plan out of treasury secretary geithner this week? Of us were hopeful for a whole …”
“…With the ceo of las vegas visitors and convention livid right now about all of the piling and hiring deeper on vegas, people pulling their business out for a number of reasons. WELLS FARGO pulled out of a convention there. And you know the goldman sachs canceled business there. President obama saying some negative comments about vegas, about anybody taking tarp money or government money, taxpayer …”
“…We have them. Then you have also this morning coming out with their loss. You can see 30% all day long. WELLS FARGO late yesterday announce ago write down. That was some of the traders. Going to happen. The up arrows. …”
“…So clearly in this economy, people are reeevaluating the for the most part, they recognize they have to continue to focus on driving their that WELLS FARGO event was half ago. It was unfortunate that they elected not to come. I think what we’re finding right now is the companies generally are eevaluating again, is there a business purpose and they’re …”
“…Morgan down 30% since we came in basically at these levels all day. Also some others making news as far as quarterly numbers, things to watch, WELLS FARGO, the fourth largest u.S. Bank, not necessarily a name everybody follows closely but one to watch and they announced after the bell yesterday that they are going to have writedowns and preferred securities. …”
“…>> the weakness is primarily in the financials. Look at the big names here and it’s been a rough week. A lot of them are down 7%, 8%, 9%, 10%. WELLS FARGO, and it doesn’t matter what you’re looking at. Most of the regional banks are down because they’re easy to short and there’s not a lot of news and they don’t believe geithner will have a firm, …”
“…The low that’s held here and not go to new lows. >> rob, I know you’re more bearish on the banks. So I want to get your side of when you look at companies like WELLS FARGO right now and you know that the government between these bank hearings that we’ve been watching on capitol hill and all the criticism that’s come out against these banks, what is the future for them, the near-term future as the …”
“…We think it’s a great time to commit money to stocks. >> go right to the bank thing. If you think banks are going it recover, are you buying them? That’s a hell of a call? >> we still think you ought to be owners of the u.S. Bank here, WELLS FARGO. We like the exchanges like ice we think they will be places where a lot of good action will occur and we like technology like intel as well. …”
“…Administration’s move and coming off this 200 point loss, basically unchanged, whether or not they could take it or test the 8004 levels. Let’s take a look at the banks, the banks are coming out under pressure here, obviously, WELLS FARGO, here at home the u.S. Fourth largest bank and this is one to watch here. WELLS FARGO down 3% right now. Europe, you heard ashley talking about this earlier, putting and WELLS FARGO says it will take it down on a group of securities and you can see it lower today year to date down 4 #%, so tack on this 3% to obviously down more than 45% just for 2009 alone. …”
“…That one and we will talk about lloyds and talking about that. The banking stocks key to watch and watching credit suisse and j.P. Morgan cutting the price target on credit suisse today and WELLS FARGO dirk it out and how many people actually caught it, but WELLS FARGO saying that it will write dun a group of fourth largest bank, certainly one to watch here and also pepsi fourth quarter net income, we got those numbers, and watching …”
“…That said they never met an armenian they didn’t like. Have you? >> i’ve met a now. >> I love them as a group. Popping and dropping, there we any, WELLS FARGO, 4% to move lower in the direction. Jeffrey, a bank after your own heart. >> it was after moi open heart. After-hours their quarter got worse and we’ll have to investigate this one, general …”
“…Theythey are retro actively changing that and will be reported with the securities and exchange commission. Shares moving lower after hours for WELLS FARGO. Reports from reuters and others, during the 3:00 hour helped the market turn around today. This, the obama administration …”
“…>> we have more breaking news starting with WELLS FARGO. >> robert gray? >> they are revising their 4th quarter report saying a wider loss than originally reported, …”
“…Rally on the agreement on the stimulus plan and the bank kraeceesbank ceos on the hill, including john stump, the shares are in WELLS FARGO one of many in we’re picking that at the time for floor show, traders at the new york stock cme group and the intercontinental exchange. Actually, i’m looking right …”
“…Lows of session. We were down more than 220 points now down 186. The stock of the day, picking the entire banking sector is WELLS FARGO is among the worst at the moment, down 9.5%. The markets are continuing to digest what treasury secretary tim geithner said on tuesday, or what we were saying earlier, what he despite yesterday’s slight …”
“…There was a lot of disappointment on wall street concerning when geithner spoke earlier in the week. Questions remaining, circulating around the stimulus. Is it enough. You’re seeing WELLS FARGO being hit hard. Bank of america, citi down. Bank of america down 7%, citi down 4.8%. J. P. Morgan down 4.5%. …”
“…18%, its earnings did beat wall street estimates. Buyers coming into coca-cola today. The other side of that trade, you got the financials. Citigroup, bank of america, WELLS FARGO AND others well into nicole petallides has that and more for the new york stock exchange right now. Nicole. >> brian, when you hear that, morgan stanley employee being …”
“…>> uncertainty about the future of those financials that is clearly weighing on this market this day. Look at the losses across the board. Citigroup, jp morp, morgan stanley, look at WELLS FARGO. Again, tumbling more than 9% bank of america and american express, your select select or spdr sector, it’s down nearly 4% …”
“…How is that good for anybody? >> well, they’re on welfare. That’s fine. >> oh dear god. This is much bigger picture this is much bigger than WELLS FARGO going, on a sales retreat to las vegas. This is all billion, giving handouts in the middle. Thinking that the upper echelon don’t need anything. Small businesses don’t need any money. Even corporate america …”
“…They were happy to hear from they feel like they will be put out of business. Those are real jobs!. >> brian, i’m the mind says citigroup should have a gulf stream and, you know, companies like WELLS FARGO should probably have executive retreats junkets in vegas, but I don’t want to pay for it. That is the problem here. As long as we have this bad bcyling out bad actors, jim rogers hit the nail on the head before, you …”
“…They will get paid, right? >> you can’t dictate where people will go and how they will entertain. It is part of the business. Brian: these are people made money for WELLS FARGO. >> jobs associated with I applaud vegas for stepping hotel industry is driver of many industries in this country. …”
“…>> i’m having trouble seeing a little farther down there. >> all right. >> and yes for WELLS FARGO. >> I think most would pay it back today, but there’s a stipulation in there if they pay back the funds I they have to replace it with something. They would have to do a …”
“…In the good old usa to overlook these companies. Sanofi-aventis is bigger than intel, bigger than pepsi, WELLS FARGO or mcdonald’s. It’s also higher. Arcelor is bigger and bce, and a …”
“…Little farther down. >> yes, sir? >> all right. >> and yes for WELLS FARGO. >> very good. Thank you, madam chairman. >> the gentlemen yields back. Mr. Lance from new jersey is …”
“…>> mr. Lewis? >> i’m having trouble seeing a little farther on down there. >> yes, sir? >> i, too. Yes. >> and yes for WELLS FARGO. >> very good. Thank you, madam chairman? …”
“…>> mr. Moore of kansas for five >> thank you, mr. Chairman. I have a series of questions i’d like to ask, and ask each of you to respond and start if we can with WELLS FARGO, mr. Stumpf and just move this way, if you would, please. How much taxpayer money did your company receive in the past five number two is how much salary did you receive in 2008, and how …”
“…May be forced to take $500,000 salary, the $1 aside, for taking t.A.R.P. Money. >> they already took huge hits on their bonuses, most of them got no bonuses. I don’t know if we quite know what the deal is with WELLS FARGO AND maybe one other. But six of the eight are already getting no bonuses. So no matter — >> top executives as well. >> stock as well, and you know …”
“…Worked in places in minnesota, colorado, texas, and now california. Across the country many of our customers are facing difficult times. We’re very proud that WELLS FARGO has been open for business for our customers. In the last 18 months when many of our competitors retrenched, WELLS FARGO made 540 billion dollars in new loan commitments and mortgage originations. Last quarter alone, we made 22 billion in new loan commitments and 50 billion dollars in new …”
“…Worked in places in minnesota, colorado, texas, and now across the country many of our customers are facing difficult we’re very proud that WELLS FARGO has been open for business for our customers. In the last 18 months, when many of our competitors retrenched, WELLS FARGO made $540 billion in new loan commitments and mortgage loan originations. Last quarter alone we made $22 billion in new loan commitments and $50 billion in new mortgages, a total of $72 …”
“…Down the conversation. If you have to talk go off, it’s getting a little dissubtracting. Mr. Stump. >> members of the committee, i’m john stump, president and ceo of WELLS FARGO AND company. Our company has been serving customers for going on 158 we’re virtually an in all businesses and our team members are in all different states of …”
“…Technology, health care, any place else that was an >> I think that the best opportunity’s out there is if you still want to look in the financial, just take a look. Book value, WELLS FARGO versus WELLS FARGO still trading. Trading, dylan, above its book value. What, yet, jpmorgan trades at a big discount. I think that’s an opportunity. And take a look also. We talked about it last week …”
“…Again employing americans. At a time government is trying to give billions to automakers it seems very eager to put plane makers out of business. President made swipe at WELLS FARGO which recently scrapped rewards trip to las vegas for top salespeople. Today the ceo of wells took out a full-page ad defending the canceled trip. Correctly noting in the ad. …”
“…And gords the short sellers. That would cause a 50% move up in bank of america and citigroup. Five-point gain in WELLS FARGO. But she’s no phony maroney and I don’t think that’s going to just as the media loves geithner, the investors love banking with whitney. To paraphrase uncle joseph …”
“…Those of us sitting here trying to read through it all day long. Financials are doing well. High hopes on what we’ve seen. Financials doing well. Bank of america, WELLS FARGO, the names with the buy orders here late in the day. Not citi. They’re looking like it may sell off the reits are doing …”
“…>>> here is what you saw on this hour and only on this hour of fox business. Four of the five stocks that short sellers are betting against are financials. Citi, WELLS FARGO, jpmorgan, that’s from john tobacco. We’ve seen $625 million of pork trimmed from the outrageous five. Those are the most egregious examples of spending in the stimulus bill. …”
“…Five short because people are moving from these alternative energy companies so the fertilizer companies seem to be getting hit to some extent. After that j. P. Morgan, WELLS FARGO, goldman sachs and citigroup round out the top five. The banks continued to get slaughtered. >> stuart: apart from potash, the other four were big name …”
“…There’s only a few big trees and you talk about them all the you talk about bank of america, WELLS FARGO, everybody is but there is some good when you’ve got a forest fire and that is all those trees that burn down create fertilizer for the next group of trees. So, exactly what’s playing out …”
“…Their business, but it’s really about keeping people in homes. >> you do believe foreclosure mitigation would be a good thing for bank of america and it’s not a risk — >> and WELLS FARGO, significant, wachovia, a.R.M. Option on the books. There’s a very lot of uncertain >> it would be a lot better, as well, if there would be some attempt to uncouple these derivatives so you’ve got the nontoxic mortgage-based …”
“…I’m not saying for an investment you buy bashgs ac for three ken lewis might be raking leaves this time next year. >> if you’re looking at bank of america or WELLS FARGO, it really depends on the detail and what they’re going to do on the mortgage mitigation, what they’re going to do to keep people from foreclosing. Ken lewis said the refi market is booming, interesting choice …”
“…Of america’s c.E.O. John mack, vikram pandit and mr. Stump from WELLS FARGO. Coming to capitol hill next week, the hearing takes place around 1:00 tuesday. >> thanks very much, robert. …”
“…Morariu do it literary writers came out with a story saying it will fail, it will be nationalized makes no sense. He likes the stock where it is at the price. He thinks it could expand. WELLS FARGO, double digit increases to regional banks like huntington, region, all those big ones are all to the up side double digits here. Look at the commodity stocks. …”
“…For wall street to say, right back atcha, so far the aig insurers who partied at the st. Regis or the WELLS FARGO bankers who had to cancel their las vegas junket or how about the merrill brokers who pocketed billions in bonuss? So far they’re not saying anything about the democrats holding a nice …”
“…Large declines year over year and year to date. We are looking at gains across the board with the exception of ge which is down about 3%. Obviously there is a look at the banks. WELLS FARGO AND deutsch bank down on the session while the others are seeing moved upward. >> the full story of the day, …”
“…That is not a lot of money. >> i’m talking about $100,000 a year of taxpayers’ money that’s going to this retreat. Mind you we’ve been talking about the company, WELLS FARGO cancelling its big las vegas junket. They’re using taxpayer money not to just head to any old resort, stuart. …”
“…Plus an additional obstruction of justice charge. The case is expected to go to trial next month. WELLS FARGO AND goldman sachs scaled back after criticism for $500,000 paid for by the taxpayer over the past five years for annual retreats at vary sorts. …”
“…Continuing concerns about financial stocks, not just bank of america and citigroup, which have really taken the brunt of punishment recently, but some of the other large money center banks, WELLS FARGO for example, are just driving concern about the general financial sector. Now, of course, the equity market is concerned really with the lack of vision and clarity coming from washington, d.C. We certainly hope to have a little bit something more come …”
“…In the world by retail deposit, not by market cap any longer, continues to be a story. Down another 8%. The good news it was down 18% bee four bucks earlier today and WELLS FARGO hit down. And america express, headlines out of billionaire distress investor wilbur roth courtesy of reuters, he owns and famous for buying into distressed industries, mortgage services et …”
“…Let the banks spend it, lets the >> brian: it does stimulate it. >> dagen: all the resorts, not anymore where say, goldman sachs would have had the hedge fund >> brian: it’s a national disgrace, no other way to say it. WELLS FARGO is trying, by the way I got a call from somebody at WELLS FARGO yesterday supposed to go on the trip. He’s like they’ve already paid for it. So basically the money is down the drain anyway. >> if you’re watching fox business we’re report that go. >> brian: and their …”
“…For annual retreats, resorts in sandra smith is here with more >> well, and you think about what we’re talking about WELLS FARGO calling off their big employee las vegas trip, goldman sachs canceling the hedge fund conference down in citigroup being criticized for putting their name and sponsoring the city field for the mets. …”
“…Bank of america down almost 20% at this point after record another similar drop yesterday. And there’s your weakness. Bank of america, citigroup. We’ve got double digit decline. WELLS FARGO down 15%. Some of the other ones in single digit declines. Key corp in single digit declines. Look at citi and bank of america and there’s your real weakness …”
“…All over that, brian. >> brian: well, the stimulus plan now may be over 900 billion give you a full rundown of all thrown into it from tax credits to rebates, support projects, plus, one day after WELLS FARGO is forced to cancel a junket for high producers, I guess the democrats don’t have a problem because they’re going on their >> dagen: call that stimulus. >> brian: we’ll tell you more. …”
“…You dole out this money and then >> nothing. >> all of a sudden they are talking about the various once again, look at morgan stanley and goldman sachs. The wehner outperforming, citi, WELLS FARGO is struggling. If you run the numbers, you wonder is WELLS FARGO still got downside because of the fact that jpmorgan’s outperformance of WELLS FARGO when you are going april also to april also, those two names are starting to diverge and absolutely you are seeing jamie diamond’s company rising up while WELLS FARGO is true book value now might be closer to one to one now at jpmorgan, two to one with wells >> brings us right back to leadership. Financial system is ridiculously screwed up. …”
“…>> the a.I.G. Bird hunting thing in england, money vaporized by bad loans they made, and WELLS FARGO was fairly compatible on that issue. Let’s keep things low, tone it down until the storm passes. …”
“…Bob, what do you think? Have a little p.R. Sense here, >> they should. The fact that this came up again with WELLS FARGO AND didn’t understand this was going to be a problem. If I am running a p.R. For these …”
“…>> you can still get a 99-cent breakfast at those places. >> that’s off the strip. >> WELLS FARGO just the latest to be blasted for corporate excess. Why doesn’t wall street get it? Maybe they are beginning to. Let’s ask our "bulls and bears." bob, what do you think? …”
“…Weeks at its las vegas hotels and also going to eliminate ’09 deutche bank analyst reduced its price target on the stock as well all this on the heels of WELLS FARGO canceling their 12-day sales coverage bonanza. Number 3, goldman sachs, a lot of volume in goldman sachs said in light of the current environment they were going to reschedule annual hedge fund conference, it’s usually in sunny miami, they are going to …”
“…I’m going with him. >> liz, something to watch for the market is going to continue to be how the big banks receive the taxpayer funds, bailout funds how they’re going to continue to cut back, b of a, WELLS FARGO, goldman all examples of that. >> liz: eric ross your best investment idea right now you should know that eric co-manages, overseas about 10 >> yeah, so our healthy living …”
“…E-mails. WELLS FARGO that took about 25 billion in tarp money. Canceled this junket where they would have a big event in las vegas. Ann e-mails me quote, waist in …”
“…Been a big laggard, down for a fifth day, down 10% and that’s not to say that all banks are lower because you can take a look at j.P. Morgan, goldman sachs, with nearly all up arrows and WELLS FARGO defending their trip and saying they’re canceling the vegas event and they’re changing their ways or damage control. Here is where you’re getting the …”
“…Are they waking up or damage control. >> are they waking up. After WELLS FARGO canceled the las vegas trip or junket, it’s not a junket and even howard atkins the cfo of WELLS FARGO came out still defending the conference saying this is our way of rewarding our employees, now what? It’s time that these companies start to find another way other than sending a thousand people out to las vegas for wine …”
“…Going to end up owning them at the end of the day. Nationallizes and more tarp to come. >> liz: folks, he makes a great point. He is a warning you be careful. In the meantime all you’re seeing is all of this storm and drama around WELLS FARGO AND all the other names, first, WELLS FARGO canceling its trip to vegas, supposed to did an incentive trip for good employees, goldman sachs canceling a conference in miami. …”
“…Big conventions don’t have escape clauses and couldn’t pinpoint a number, but says they will be at a loss most likely for a lot of the down payment that they had already made for the arrangements here, but otherwise these WELLS FARGO employees thought they would be rewarded with a las vegas get away, they will not be legislation, initially defended all of this and said they’re going to continue on and then faced mounting scrutiny from lawmakers and criticism from lawmakers and taxpayers speaking out about it saying we don’t want our taxpayer money funding this sort of trip and WELLS FARGO completely canceled the whole thing and says that none of the fund used for the trip would be coming from those tarp funds, but still, lawmakers don’t like the looks of it and now we’re learning that lots more of these banks are having …”
“…European feeder funds tomorrow, back to you. >> david: wow, we don’t know about, new ones icht rich, thanks very much. It could have been a real sin in sin city if WELLS FARGO didn’t cancel the las vegas junket. >> liz: a junket in vegas with the trimmings. Sandra smith has the junked >> we have been trying to find out how much is it going to cost them to get out of this? I talked to the las vegas convention center, they said they’re completely removed from all of this. The plans of WELLS FARGO were directly with wynn resorts and a couple of pricey hotels they were set up to be at, but otherwise, the las vegas convention center says, yes, a lot of these big deals, these big conventions don’t have …”
“…The government gave these companies the money so they can continue on. How can they say, no, you can’t use it to advertise or reward your employees. I got on the phone and I actually called former employee, 15 years she spent at WELLS FARGO as a mortgage broker, deborah rickcard. She’s on her own. I said do you see this as doing more harm than good? She said absolutely. She said for a industry as big …”
“…He will hold a t.A.R.P. Ken lewis, jamie dimon, vikram pandit and other executives from WELLS FARGO AND so forth. Lloyd blankfein will all be there testifying before the house financial services committee. Can we stand the drama that’s going to come out of that hearing next week? >> when they all put up their …”
“…Planning the pricey sioree saying it was misusing taxpayer money for bailouts. Sandra smith has the end of the party for us. What happened? >> the party is officially off. Basically WELLS FARGO is facing all the mounting speculation, stuart, that all these big banks that received tarp funds, taxpayer funds and how they’re spending it. They received a lot of criticism and WELLS FARGO in the past couple days came out and suspended what they were doing in las vegas and said this is something we do to reward our it’s executives that go out an important conference. …”
“…Falling under $5 a share. Taking a look, that’s an that in spite of the fact we’ve seen financials among the best performers of the day. They are weakening now. Goldman sachs and WELLS FARGO both pulling out of sunny conferences. …”
“…Money, it’s probably a good time to cut back on the corporate — >> b of a didn’t cancel their top junket until the reporters were on it. >> which junket — >> WELLS FARGO. Not b of a. >> they had something planned and canceled it since. >> do we really want ken lewis flying commercial? >> I don’t want ken lewis running a company. …”
“…An hour ago. So it’s not like they decided to do this in response to what we were doing. >> you said it’s proactive. Is that like last night when WELLS FARGO proactively canceled their junket to the hotel — >> why don’t you call it if you want an editorial bias here. >> the insanity continues. …”
“…Later date. One of the big questions going forward, some of these banks were forced to take some of this they need to advertise and these were ways they got their names out there. In the case of WELLS FARGO, this was a way they rewarded some of their best employees. There’s a big question here, is the government stepping in and really complaining about the way they’re spending their money but …”
“…Very careful how they’re spending their money after many received billions of dollars of taxpayers funds from the >> cheryl: I have to play devil’s advocate. This is a cultural issue within a company like WELLS FARGO. Not all the banks said they wanted tarp money. Initially they were forced to take tarp money. >> but the perception is they’ve gone through that first traunch they were forced to take it. …”
“…To cancel. The company saying government money was not to be used for the meeting. This meeting in las vegas, it’s a big tradition. Not the first time they’re doing previous WELLS FARGO trips have included everything from helicopter rides, horseback riding, wine tasting, private jimmy buffett concert held in the bahamas. …”
“…That yield curve could be great for banks that could make a lot of money. >> tom: banks are lending >> the smaller regionals. >> tom: we used to have WELLS FARGO but now their a national play with the purchase of wachovia. They wanted to go to las vegas. They had some big junket going there and sandra smith has been …”
“…I like the smithsonian but come on, folks. Anyway. >> tom: speaking of californians, looks like the WELLS FARGO wagon will roll into tell you how the ban wagon got derailed next here on "fox …”
“…People and ask, sell a package >> and more money. >> dagen: a bailout plan next and even more irresponsible if they don’t do something about the spending, whether it’s WELLS FARGO, whether it’s any of the firms, the citigroup, and the 50 >> dagen, you’re put– >> citigroup for 500,000 dollars, I mean, give me a …”
“…So when money gets tight buying fewer dvds is an easy place to cut back. As a result, disney will not only cut the number of disks it releases, but also rethink how it markets and packages them. >>> WELLS FARGO becomes the latest bank to try to fight off bad publicity. The company canceled the pricey junk in las vegas. WELLS FARGO defended the 12-night all expenses paid. Washington was against the …”
“…>> the airplane and promotional expense and all the rest of it. Everybody will be using netjet. >> why have these guys had such a deaf political ear? From the WELLS FARGO thing to vegas and all these other things, joe, it took a public outcry before goldman capped — they have not been paying attention. >> do you know it’s a bad idea …”
“…Retreat in las vegas, 12 days at the wynn and encore resorts in they received $25 billion in federal taxpayer bailout money and WELLS FARGO has been defending this experience all day today, saying it was necessary for team building and to bring WELLS FARGO AND wachovia employees together. Just moments ago WELLS FARGO said it is reconsidering whether to hold the event and apparently it will not go forward. We also have a statement from new york attorney general andrew cuomo saying the question here is whether WELLS FARGO is paying taxpayer money to bankroll las vegas junkets. Apparently that will not happen. The calls to the treasury department through all this have so far been unanswered. Guys? …”
“…Jpmorgan chase, and}i tournament, despite taking in billions of dollars. And bailed out banking giant, WELLS FARGO, planning more than a week of corporate junkets at the win in las vegas. That is top-notch casino. Maybe they think winning the jackpot will bail them out.% …”
“…Saying here, sheila bair, yours, you create one bad bank for each of them and funded by — you don’t print it at the treasury, it’s funded by the debts from those banks, citigroup and jpmorgan and WELLS FARGO. >> hold on a second. Pick one, WELLS FARGO, that’s the best relatively low number of toxic assets. And they create a bad bank if and it’s totally hypothetical and i’m not trying to cast aspersions on WELLS FARGO. They sell or borrow money from the fixed-income market which at this point is collateralized by the u.S. Taxpayer because banks can do that. >> exactly. >> and they fund their own bad …”
“…Responsibility to hire investigators, and run the investigations to actually differentiate who should be painted with which brush instead of trying to paper everybody like they did last fall from WELLS FARGO to goldman sachs to morgan stanley with the same basic scenario. Take a look at the stock charts for a second. We’ll get the traders in here. But look at morgan stanley versus bank of america so far this year. You think you have a couple of …”
“…Modest signs of improvement. >> very mild. >> right now i’m convinced that the financial system — there’s not a single entity that has any shareholder equity left. >> except for WELLS FARGO AND jp and, finally, we have to see evidence of the emerging markets hit bottom. >> and commodity prices would help with that? Crude looks like it’s stabilizing. …”
“…Coming back for more now? Aig is the new player? Who do I think may be coming up? WELLS FARGO when they bought wachovia, 57 to 58 billion dollars in adjustable rate more beginnings that are really bad you may see WELLS FARGO coming up to the plate. And they have a strong mortgage business as well. >> a lot of these mortgages out of california in …”
“…A treasury kesman tells cnbc that the big financial framework will be released early next week and all options are on the table when it comes to the idea of a bad bank. And WELLS FARGO says it will pay preferred stock dividend of almost $372 million to the treasury later this month. That’s cnbc.Com news now. …”
“…Credit is made. That’s in the "wall street you said that. >> well, and, carl, that is true, and, yet, you look at some of the major banks well capitalized like u.S. Bank and WELLS FARGO AND capital one and bb and t. They’re lending in the fourth quarter is up from the third quarter despite the gdp being >> despite the notion that’s out there that somehow there’s no …”
“…If banks run through the capital, okay, that’s bad. Then they will need to be that’s where your bad bank comes the fdic cures the failures, gives the deposits to the good we like WELLS FARGO AND jpmorgan. I mean, they are the that’s why I own them from my so what do we do with these assets that can’t be written down? …”
“…>> yeah, better than expected fourth quarter. Their backlog grew by about $14 billion up to $ 4 billion. Low valuation. >> WELLS FARGO, 20% on the week. Higher than the s&p. >> they’ve actually taken advantage of that. Their dividend will maintain and the fact that they’re not quite as bad on the earnings. >> you know how they like to do …”
“…>> back to the place where you have bad debt coming up, jumbo loan announcements and delinquencies. Jumbos, which are potentially the good loans and jpmorgan was the biggest underwriter, WELLS FARGO second, 90-day delinquencies are up. Jpmorgan and WELLS FARGO, though they’ve escaped a lot of the subprime, have a lot more bad junk coming. >> so what do we do with that as you watch that happen, you do >> I think the government …”
“…>> we shall see. Matt, we have a whole hour to the closing bell rings in less than 50 minutes. We’ll hit the trading floors. Plus with all of the job cuts, WELLS FARGO senior economist says the economy’s only hope for a lifeline is more federal spending. That is something to argue …”
“…The stock was up as much as 25%. And there it is today. It is down a bit. We talked earlier in the week about tangible common equity. There’s a concern there in terms of the layer of tangible common that WELLS FARGO has very thin, I brought that up in the past. But we also had a question for wells about what the market disruption laws were. Well dylan ratigan had howard …”
“…Rest of the industry, down 50%. Despite the poor numbers. The big banking names, the yo-yoing continues. Up 10% one day, down 10% the WELLS FARGO down $1.30. Morgan stanley down 1.13. These are trading stocks. Nobody holds them for long. Allstate is down in double they had a downgrade in the ratings from the s&p. Important thing is they had a …”
“…Ever leaves his panic room. More on that later. But tell you under no uncertain terms that you can only be in the strong bank even after a bad bank solution and that means jpmorgan and WELLS FARGO, because they will be able to take advantage of whatever, if there is evan I bad bank, whatever is thrown their way. Whole benefit from the first national bad bank? I think it’ll be WELLS FARGO AND jamie dimon’s bank, jpmorgan. Stay with cramer. >>> coming up, cramer’s weaving a tale of two markets. Jim goes head to head with …”
“…Off of the market which helps housing but let’s not get carried away. The bottom line, the only thing we know for sure about the bad bank plan that everyone’s buzzing about, besides the people now talk about stuff that they have no idea what they’re talking about is that WELLS FARGO AND jpmorgan will be so scale out of losers and get on board the winners and ride them higher. How about we go to chris in the …”
“…Via making money of what is known as the yield curve. Lending at higher ones. Hey that’s what a bank does. Why I was able to buy wachovia for just 15 billion and why WELLS FARGO’s in such good shape now. Saw an increase in 19 billion in rise 159%. It took two points of market share, that’s not including the wachovia acquisition. WELLS FARGO told us it doesn’t need no stinking t.A.R.P. Money. You can hold jpmorgan and WELLS FARGO or buy thom a pullback if they used the revolution bad bank plan. People really have short the rtc worked for the surviving …”
“…This strength for citi. Only two banks that I know that sure don’t need government help and one is jpmorgan. We know that from their last statement. And the other is WELLS FARGO. >> all aboard. >> which we know from their earnings report today. I love them so much. I own them in my charitable trust. Wells farg office sticking to …”
“…The market says it’s worth zero. Other people argue it’s worth that is where a lot of this has — where the rubber has met the road. I talked to the cfo of WELLS FARGO about valuing loans that have yet to come completion. Your choice market to market, what’s it worth now? Take a listen to mr. Atkins. …”
“…Covered for you. Guys, let’s hit on the financials today. Just soaring. >> yeah, they were on fire all day. J.P. Morgan up huge. Eric you hit that first. WELLS FARGO up 25%. >> what else are they going to do when you think about it, cody? Here you have barack obama suggesting a bad bank to take toxic assets off the balance sheets of banks. Of course they’re going to react positively. The market doesn’t care if …”
“…Take a look at what happens on the major financials. Bank of america is up over 50%. It’s just of the last five trading session. WELLS FARGO had an earnings I want to know the commodity more modest in the financials and 3-7% up in most of the big …”
“…Further details out of the stimulus package next week. We hear about that. Citi and others started to rally on that. Citi up 17%. WELLS FARGO up 30%. They announced a loss but said they are keeping the dividend. They don’t need more capital. Great for them. Barclays up 38%. …”
“…Neil is the president and c.E.O. Accepting a position in the white house as deputy of economic policy. >> WELLS FARGO having a banner day in particular. Reported first quarter loss since 2001. …”
“…Wouldn’t it be nice to have strength back-to-back? Particularly for the take a look at jpmorgan, citi, bank of america, the dow components holding on. And also WELLS FARGO which started it off today when they said they were keeping their dividend and not pursuing further capital at great news for the look, WELLS FARGO, up 27%. So, the fed keeping things, keeping rates unchanged. Also showing the confidence and support everything from mortgage-backed securities saying they’d be willing to …”
“…These were loans that were made and they got significantly hurt by their investments and we had to write off. >> they were levering up by borrowing money from WELLS FARGO AND giving the larger number to madoff? It may not have been specificle tied to investments, but their wealth suffer and assets have …”
“…Pile of bad loans and collected a wide variety of fees in the process. Now we are trying to figure out who shoo shdeal with the losses and what happens from here. WELLS FARGO among the banks that ran itself much better than many banks in this country of ours. Did not participate in a lot of the more exotic and absurd and risky practices. All the same, they suffer and having bought wachovia, they suffer for whatever happened in that bank potentially. Howard atkins from WELLS FARGO joins us when they report their quarters on "the closing bell". We appreciate your being here, in brief, I don’t want to spend a ton of time on the quarter, but in brief, what is the take away from the past three months at WELLS FARGO? >> we had a busy three months, as you know. Doubling the size of the company through the acquisition of wachovia. …”
“…>> liz: you’ve got to look at WELLS FARGO as in right this second. It’s our stock of the day, because warren buffett’s berkshire hathaway, the bank’s largest shareholder is …”
“…That is clear. Prospect for the week and hoping things are up for a fourth day. >> just ahead, we will talk to the WELLS FARGO cfo with his break down of his company’s latest results and the challenging environment for the banking industry in another first on cnbc interview. …”
“…They took off just as we were taking off 20%. Look at these returns today. Everybody is loving it. They love that WELLS FARGO is keeping the dividend and not asking for more money. The citi, jpmorgan, dow components. Poked around and talked to traders and citi buy orders, WELLS FARGO, buy orders. Bank of america, buy orders. Now take a look at the reits. They’re ripping, too. Take a look at this group. Up many of which are up more than 10%. …”
“…Even in the after hours session yesterday, we saw that pop in the financials and that the dow is up by 200 points. >> WELLS FARGO AND howard atkins. About good bank bad bank and they are put in the banking >> the common equity is true measure of the stock. >> whether it’s really a …”
“…They’re in the bad bank and buy stocks that don’t need the bad >> keb heebner, since the last, WELLS FARGO, citibank and bank of america, are you betting financials will be the place to make money? >> financials are the largest part of my concentration in my vy both banks and life insurance …”
“…Would absorb these toxic assets. That’s helping out the optimism on the street. WELLS FARGO reporting a $2.8 billion loss in the fourth quarter. That stock up four bucks or a quarter of 1% to 20.25. Warren buffett making out on …”
“…And again you get that velocity. >> mr. Cote, good to see you. >> glad to talk with you. >> david cote, the chairman and ceo of honeywell at the white >> a quick programming note. The chief financial officer of WELLS FARGO is going to be on "the closing bell" to talk about the bank’s latest earnings and that’s at 3:15 p.M. Eastern time right here on cnbc. >>> and we’re also watching the fed because believe it or not, …”
“…Our team coverage from the noor of the new york stock exchange. Nicole? >> this stimulus talk and the bad bank talks are not to get this market moving to the up naught with WELLS FARGO, all the banks taking off this morning before opening bell. We started to see the orders for many of these names, even those in the dow jones industrial average, citi, bank of america, j. P. Morgan, some of which were actually up 20% right at the opening bell. WELLS FARGO as well. Despite the fact they’ve had these big losses that they’ve reported. Everybody so happy to hear they are coping the dividends. …”
“…A good third of that coming today. To the gains in financials. With the end of the financial reporting season, they have been moving up here throughout the last several days. Take a look at the big financials. WELLS FARGO up nicely here bottom line is this, they’re improving their balance sheet even though they’re continuing to report big losses. Citi and bank of america also up that’s all the time I have. …”
“…Now, traders and investors very excited about the bad bank idea with the fdic, so, now, you can see a lot of these banks on 0 a tear to the upside. Put that with WELLS FARGO announcing that they kept their dividends and don’t need further capital. WELLS FARGO another catalyst to this financial move to the upside, as soon as that opening bell rang, you saw these three dow components. …”
“…Us the charge or wells took the charge in order to write down loans that its clients in wealth management business have secured with their holdings in madoff’s she said that WELLS FARGO did 23409 direct any of its wealth management clients to invest with madoff, although she also declined to say how many loans were affected and also how many clients had loans that were secured by their madoff but again, that is what WELLS FARGO is saying today about that $294 million pretax charge it took related to bernard madoff. Back to you, mark. >> thank you very much, mary thompson. …”
“…Even if snow the forecast, his kids will get the day off school. That’s the way it works. They don’t sell the snow tires down there. >> a bunch of wimps. >> mark, we have some color on a charge that WELLS FARGO actually took in the fourth quarter. It took a $294 million pretax charge in its wealth management business, that the bank said was related to bernard madoff. …”
“…Were a week ago here. Yes, that’s an advance. It is welcome, but still pretty look at the banks here. A hope for some kind of bad bank plan is what’s motivating. But look at WELLS FARGO. Despite the fact that they had a loss, they also had a big hit for a credit reserve bill. The talk on the street is the balance sheet is improving on WELLS FARGO. So you look at it. Just change the rubiks cube in your head. They’re improving the balance sheet. Citigroup has had a big move …”
“…Build confidence without the power of lowering rates any I mean, zero can’t go anylower, all right, 108. Take a look at financials whipping to the upside and WELLS FARGO up 21%, bank of america up 15%, citigroup which was up 20% now up about 17%, so, certainly, you can see the financials on the move to the upside. And so many groups are higher. …”
“…A real hot stock, both of these five years ago and hooking up together and work on next generation optical networks. Back to the banking sector, you guys were talking about WELLS FARGO, this you were to look at this with a naked eye you would think bad news, 5.6 billion credit reserve for future lossings, cleaning up the mess at wachovia, but the street sees …”
“…Too high for the economy. Connell: interesting, makes more sense that at&t is trading in the pre-market it was up, but the numbers are a little short and other numbers on the screen, WELLS FARGO, that’s good news not cutting the dividend and don’t need the tarp money. >> very much good news and allaying concerns and at&t is a different, pre-market, post …”
“…They took that big hit for a credit reserve bill. The street believes the balance sheets are improving. That’s what matters as well in buying the toxic assets. WELLS FARGO just opened up $3.14 to $19.41. Do you the math. That’s close to a 20% improvement. You want to see how strong the market is, look at boeing. They didn’t have a good report. They had a loss. …”
“…Trading day. It’s the financials that really were looking to the upside here as we were ticking it off, when I walked around and heard about buying over for citi and also, WELLS FARGO did actually post a big loss so we did have legg mason and other names that we have been watching very closely as well. And then, as I was talking to the traders some of the names that they, you know, it’s not …”
“…Meridien equity partners talking about the stimulus plan and the idea of this giving a boost to the market at least for now. So we’ll be watching names in particular, names with earnings, names making news, including WELLS FARGO AND legg mason, yahoo! At&t, boeing, also general dynamics and wellpoint. Just to name a few of the names that we’re looking at here. As I look up another bank, once …”
“…So far, wells’ performance has certainly been atypical of many of the large banks. As you saw tier one capital is there. Now, mortgages, of course, a dirty word, right? But WELLS FARGO was, by the way, one of the largest subprime lenders in the country. We’ll get to that in a minute. They continue to be one of the largest mortgage lenders. They did $230 billion in 2008. …”
“…>>> WELLS FARGO. Interesting institution, isn’t it? Of course, warren buffett, one of the large shareholders, the stock hung in there so much longer than so many of our other financial services companies. Then ultimately over the last few months really gave in. And has come, well, crashing down to earth, I guess you could but this morning, going to be a different story. WELLS FARGO after reporting its fourth quarter numbers looking up percentage wise quite a bit this morning. We can take a look at it. There it is. You can see up as much as three full dollars on a $16 price. You can do the math for yourself. That’s almost a 20% rise. Why? Well, they report the numbers. Of course, WELLS FARGO bought wachovia as I said at the open the second largest bank by market cap in the country, one of the largest overall by assets and deposits and everything else. Take a look at the numbers. …”
“…However, management is now beginning to change its tune. That’s dragging down the entire sector. Rio down by nearly 5%. Mark and erin, back over to you. >> up next, the faber report. David has more on the WELLS FARGO wachovia integration. And we kick off our global hunt for opportunities at the world economic forum in davos where …”
“…That’s helping a little bit. We remember we got that fomc they can’t lower rates but they can talk about expanding the type of assets they’ve been buying. That got a lot of attention WELLS FARGO, they reported a loss, but it included some charges including some big credit reserve bills. Important thing today isn’t the numbers itself. They’re confusing, the bottom line is they’re really attempting to improve their balance sheet. …”
“…Keep in mind they’ve got 25 billion in the first round of tarp disbursement and say they’re on or ahead of schedule in absorbing wachovia, back to connell: both of those things seen as good news for WELLS FARGO, thank you, robert. Now, a lot of talk about the obama administration expect today announce a plan to give more help to the banks. That man may include this …”
“…The number of planes they would be able to deliver in the time period and back out the strike missed estimates. Cutting the full year forecast largely due to the strike which set them behind and of course the conditions in the global economy and then there’s WELLS FARGO which is really helping send the futures higher. WELLS FARGO revenue down by 70%, fourth quarter losses of 11 sorry, revenue to 11 billion dollars, but you back out offing they did beat the street and they’re 41 cents a share and beat 33 cents a share and fourth …”
“…Strike we told you about, issuing a pretty grim outlook this year. We go inside those numbers, mr. >> yes i’m here, erin. WELLS FARGO, that wagon keeps on chugging, kind of. They did that wachovia deal, lots of writedowns. But they’re making lots of home mortgages. We’ll look at what is now the second largest bank in this country by market value. …”
“…Sachs, all trading higher. Look at some of these gains. Pretty impressive on these from fairly low levels. Morgan stanley called higher, goldman sachs higher. WELLS FARGO had results — hard to figure out what the bottom but they reported a loss. Some people in factorsing things said that the company was above expectations in terms of a they also don’t need any more …”
“…>>> dow futures now up even more now. Up 40 on fair value. So that’s 157 points. WELLS FARGO now, up 20%. It was a $16 close. Now bidding 19.50 to 19.59. Citigroup is up a dollar premarket, just about, 90 cents. …”
“…Fired him today, or would it be >> I hi he would be, yeah, but i’m thinking — >> let’s talk about — we only have a minute, sorry, leo. WELLS FARGO reporting earnings, expected to make money, 3 3 cents a share what do you think about this one? >> I think there’s a near-term uncertainty because the risks underlying wachovia are not known, but longer term I think …”
“…34 cent regular dividend was there’s bunch of other metrics here too that may or may not be helping the stock. For whatever reason, beck ki, WELLS FARGO,s that that’s not quite, but we’re closing in on a 20% gain, citi had a 20% gain. That’s not so hard on a $3 stock, harder on $16 stock, but …”
“…But we have to do it intelligently >> congressman, we’ll be we appreciate you coming on this congressman baucus and kanjorski. >> you’re still watching WFC. >> bid and ask on WFC, you know, when you report a loss of 79 cents and the first call is looking for a 33 cent profit then you see the stock react like that. …”
“…Unemployment rises in the u.K. A positive economic story there. All right, let’s go to connell mcshane for the three market movers of the morning. >> good morning, ashley. WELLS FARGO, breaking everybody — earnings are just coming out. A net loss there of 79 cents a …”
“…I’m carl quintanilla along with joe kernen and becky quick. We have a packed agenda today. We’re going to get the fed decision on interest rates, quarterly results from boeing, at&t, WELLS FARGO, conco philips and becky is in davos. Becky, it looks coal, but i’m guessing they have heaters for you or something. You’re comfortable, right? Not bad at all. …”
“…I think they should. >> boeing, reported earnings before the bell. Thoughts on this one? >> I don’t think it’s really about this past quarter’s really about their outlook and what kind of cancellations >> WELLS FARGO, among those who was thought, not even to want the money from paulson’s secret meeting of the nine last fall. >>en a big favor to warren buffett and the rest of that. But tell you, what no longer …”
“…More layoffs at target and texas here’s your closing bell. A lot to buy on c.B.S., WELLS FARGO AND texas instruments late in the day. Not even 1.1. Oil down 4 dollars. That’s what we are seeing today. …”
“…Troubled large bank. Nationalize it, get rid of management and bring in some sort of receivership, whatever the structure is, where does it leave jpmorgan or a WELLS FARGO, sort of like the car conversation, if we do this to chrysler, where does it leave ford or if we do it to citi, where does it leave jpmorgan and WELLS FARGO? >> it settles pricing on the bad situations and over time they will gain market share. >> the other ones. >> the nonnationalized banks. >> bob, a pleasure. …”
“…When what we did what pete and at american express, along the out of the money put. Earnings came out, like you said another, in line. Both of them will get crushed tomorrow, I meantime call and I think the same thing is playing now the WELLS FARGO, because in WELLS FARGO, they’ve got earnings this week, wednesday, WFC. The volatility has jacked to the today it was a, you know a tug-of-war between the bulls and the bears at the 15 strike in february. For the call — for the puts. …”
“…Military, some industrial. Very low exposure to dead he. I like united technologies very chubb, my ensure ed in full disclosure, unlike WELLS FARGO. Chubb is the highest, other than travelers, highest best, cleanest balance sheet company I know in the insurance industry. …”
“…Dull southeast bank that has done nothing but lend money prudently, which is what banks are supposed to do. >> right. >> looking at WELLS FARGO, they seem to be doing well. Looking at their business model, they could be looked upon as …”
“…Another round of write-downs, wherever that mark is, I think is where the securities will trade. >> that’s what you just said, I think is fascinating. You said wherever that mark is. You know, some suggest, the most recent mark was on WELLS FARGO buying wachovia’s assets. Some look at the indymac example of 37 cents on the dollar, sometimes you hear 25 cents on it’s not necessarily very clear. And it’s not going to be clear …”
“…>> I have to wrap this up, leo, what do you need to see to come on this show or any public environment or for that matter and more importantly in a private environment where you’re transacting to commit new money into goldman, morgan, WELLS FARGO or j.P. Morgan. No better news on housing, better news on economy. Tarp, and visionary actions by their executives. >> so you like what you’re seeing so far from the four and …”
“…Seem to be in disarray. On the other hand, I think we’re seeing new leadership evolve. I like what I see at u.S. And we’ve not seen the fourth quarter report from WELLS FARGO, but we can hope for a good result from them when we hear >> gary, we have to leave it we so appreciate you joining us. Thanks very much. >> gary townsend. Up next on "the closing bell," a …”
“…The market close tonight. Going to have the numbers, fourth quarter results, analysis and see where the stock is >> but first, most active names, citigroup atop the board. There’s b of a, ge, jpmorgan, and WELLS FARGO. And you wonder why we discuss …”
“…Pointing out that you know, a lot of the problems that two of our institutions relate to acquisitions, countrywide and merrill, in the case of bank of america and WELLS FARGO, struggling, but I don’t think at risk with the assumption of wachovia’s business. Which, by the way, has a strong …”
“…So it all comes down to what the new obama administration does. Can obama fix the financials? Reskook the good once like jpmorgan and WELLS FARGO without destroying their stocks, more than they’ve been, while saving the prefers and bonds in citigroup and bank of america because the destruction of …”
“…That can rally but if those two were kept in bu*r’ess, if the preferred stocks and bonds are insured and if we separate them from the healthy banks like jpmorgan and WELLS FARGO, then we will get past this moment. Even if it means that we flirt with the s&p 500 and do)j*tj lows. Actually the latter more of a function that it includes bank …”
“…Of us. I would ask you, tell me what banks to not invest in right now, that are going to disappear five years, I take that advice. >> I think there are lots of good banks out there. I think WELLS FARGO is good bank. Keycorp is good bank. Comerica hasn’t done too well, considering they’re based in detroit area has been hit hard by the no, you’re not going to buy …”
“…Five, six, seven, and even in the case of coal double-digit gains. A lot of these stocks are day traders, they’re not held for any length of time. >> as you were talking, WELLS FARGO with the action, it closed up $2.42 a share at 16.65. There was a bit of a frenzy, excitement there. But the stock is closed now, up …”
“…Significantly as well, down 60% yesterday. Started to make a little bit of a contract. Some of the names in the red are u.S. Bank corp., one that hit a new low again. WELLS FARGO hit a new low today as well. So these are some of the names we’ve been watching. Also general electric, dow component and big player. …”
“…Things. I do believe that there are clearer winners. I still believe j.P. Morgan is still going to be the cream of the crop, if you will, but some of the other names that look like they were going to do well like the bank of americas and the WELLS FARGO aren’t looking as good as they were at one time. Alexis: you now have to start to wonder when WELLS FARGO reports with this new deal with wachovia, what is under the hood here, because we …”
“…To get hit with a capital gains tax, I don’t want to get hit with a dividend. You know, it’s a little bit listen, alexis, just a couple weeks ago, one of my charles’ choice was to short WELLS FARGO. People who listened and did that made at least 50%. Some like to go short and they’re intimidated by it and worried. It at that point. …”
“…Street today. Meantime the banking sector getting hit hard yesterday. Down 20%. Among the big losers yesterday, we’re talking about WELLS FARGO, state street which got clocked. Bank of america, sitcitigroup, the this is a huge airrea of concern well. …”
“…There is a lot of work that needs to be done. The nations banks, in fact the world banking community was literally on the ropes today. Bank of america, citigroup, jpmorgan chase, WELLS FARGO, hsbc, all down, double-digit percentagewise today. Even those who once favored the tarp plan were admitting that the first $350 billion of tarp money, well it is …”
“…There was an article out today saying they have to cut the that freaked people out, plus it’s a big part of the index that people use to shoot down if WELLS FARGO is in big trouble, then every other bank is in huge trouble. Here’s one from todd. Dear jim, you often recommend we wait for stock to pull back …”
“…>>> here’s one from ron in texas. WELLS FARGO is either a good opportunity or a bottomless pit. Does this make sense? Ron, I nibble a little to my chart aboutle trust. …”
“…In any businesses right now except smith barney, which it is in the process of selling. You did not only have, though, the issue of citigroup, andrew. You had jpmorgan down sharply, WELLS FARGO down sharply. What has occurred that is new or fresh to get investors back on this bandwagon of believing that perhaps there is more upset to come in this sector? >> well, I don’t know if it’s …”
“…Ailing company in 2008 anti-money laundering trading scam and b of a. WELLS FARGO completing the respective acquisitions for watching citigroup in focus and important to note WELLS FARGO 5th raiding raise after completing acquisition as well. Let’s take a look how the airlines are faring, soaring high as a result of crude oil pulling back in morning and actually seeing crude oil turn around and that could be a …”
“…Because I am dozing up on it’s also a great joke. Time for round 53 big banks completing acquisitions of rivals, bank of america, WELLS FARGO AND p and c. How will they effect the community banks? We go back to the days of mr. Potter the regional banker? …”
“…Those of the january effect. That means in the financials before we see a turnaround allot of reports talking about this, bank of america, WELLS FARGO the they have completed acquisitions and citigroup announce st the ceo and top executive foregoing bonuses for 2008 perpetrators are …”
“…Brothers did in september of course, there planning to lay off 35,000 people over the next three years. WELLS FARGO did concentrate the stock by of wachovia they now have $14 trillion in assets and locations coast-to-coast plus m.D.C. For the new WELLS FARGO it is unclear if they will indeed get rid of the wachovia name on the eastern seaboard. Pnc financial services …”
“…But of course, the stock is diluted and the government has back 300 billion of the toxic assets you wonder what else is lurking beneath the surface. Stick with the banks. Bank of america and WELLS FARGO deal done. Brian: a lot of people bought the merrill lynch deal would >> it was an incredible premium when it was announced. WELLS FARGO also overpaid in retrospect even at that time. Pnc taking over national city they got 7 billion and target money and used 5 billion. >> somebody has to manage the >> WELLS FARGO said the call >> bear up through the roof and how many go through? >> we will see you later. Coming up on "money for breakfast" we will take a look …”
“…>> thank you very much. Big day came news closing of the deal to buy merrill lynch bank of america now the biggest financial services company. WELLS FARGO officially completing the $127 billion takeover of wachovia. …”
“…Of america, we’re saying good-bye to merrill lynch in that regard./ also being acquired is wachovia being acquired by WELLS FARGO. Good-bye three financials and the technology stocks. South carolina utility company, owens, illinois, a materials business, and flir technologies, …”
“…Put in the place. Amazon is taking the place of merrill lynch. This is the last day that merrill lynch shares are costco will take the place of wachovia, which has been acquired by WELLS FARGO. A lot of buy and sell orders to pick up the new shares that will be put in the s&p 100 and selling off of the two names that will be taken we have breaking news. …”
Yesterday Ken Heebner (read: Super wealthy investor) put his money into WFC and other financials… Good be a good sign…
FROM an article on NOV 14, 2008:
“Ken Heebner got into oil and basic materials in the second quarter. Quickly he found he was wrong, he got out of those and now he is all in financials. A good sign? Ken Heebner owns 86 stocks with a total value of $11.3 billion. These are the details of the buys and sells during the third quarter.”