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Two Ways: Wells Fargo Ramps Up Securities

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Strengthen your portfolio in good times and bad.

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Wells Fargo (WFC) is said to be ramping up its securities business. According to the Wall Street Journal, the San Francisco-based bank has largely avoided the investment-banking and capital-markets business lines, but CEO John Stumpf said today that it now wants to "grow and invest" this field, which it inherited from Wachovia.

The new business will be called Wells Fargo Securities and will compete with other banks that offer merger-and-acquisition advice, underwriting in stocks and bonds, loan syndication, and fixed-income trading.

Wells seems to recognize that Wachovia had some quality business lines which could ably service its own clients. A rebound on the Street has also allowed profits to surge as the credit markets stabilize.

Wells Fargo stock finished the day up $0.02, or less than a percent, to 23.10.

From the Bull Pen: Today was a very light trading day, but it does seem like the S&P 500 avoided disaster by recovering from early morning weakness. Toddo pointed out the stealth snapper in Grandma Goldman (GS) earlier this afternoon. Banking bulls can also look to WFC with nice defined support near $22 on the daily chart. A sell stop can be set below that level.

From the Bear Cave: As Professor Quint Tatro mentioned, the downside move was Wednesday, and Thursday. For bears, standing aside and awaiting better entries isn't ever a bad idea.

How rough was this Monday coming back from the long weekend? I hope your evening gets better. Have a good night, and I'll see you in the morning!
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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