Ive heard a lot about these crooks, but so far nothing has happened. I think if somone took the time and held their feet to the fire,we might see this stock at $1 in no time. thats right $1
They have to say something in 1 month. If anything like Leh it will leak out a week to 2 weeks prior and it will die. Maybe we get a bounce to short into on the incredible .25 point rate cut lol. If not 11 to 1 aint bad at all.
i captured 2 pts on WB this morn, its the only financial stock that i could find that i didnt have to locate for
Wachovia shares nosedive amid rising bank concerns Monday September 15, 1:05 pm ET Wachovia shares nosedive on heightening concerns about bad loan exposure, capital CHICAGO (AP) -- Wachovia Corp. shares plummeted Monday amid intensified concerns on Wall Street about big banks' exposure to bad mortgage loans. Shares of the fourth-largest U.S. bank, already down more than 70 percent from a year ago, tumbled another $3.12, or 21.9 percent, to $11.15 in afternoon trading. The steep decline reflected investors' anxiety about the financial sector in general and banks in particular after the credit crisis claimed two storied investment firms. Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy protection after failing to find a buyer over the weekend, and Merrill Lynch & Co. sold itself to Bank of America Corp. to avoid a similar fate. Analysts raised questions about the potential need for Wachovia to have to raise new capital to absorb future credit losses. Mike Mayo of Deutsche Bank downgraded the stock to "Hold" from "Buy," concerned about Wachovia's large portfolio of risky option adjustable-rate mortgages, which he called a wild card in analyzing the company. "Our view has been that Wachovia does not need more capital," he said in a research note, since he thinks loan losses over the next few years will be less than expected. However, given increased concerns about economic growth and intense stress in financial markets, "this margin of safety has been reduced." "If the market senses even a chance that Wachovia needs new capital, its stock could get punished, starting a downward spiral," Mayo said. Wachovia's current problems result mostly from its $25 billion purchase of mortgage lender Golden West Financial Corp. in 2006 at the peak of the housing boom. It thus inherited a deteriorating $122 billion portfolio of Pick-A-Payment loans, Golden West's specialty, which let borrowers skip some payments. Morgan Keegan analyst Robert Patten upgraded Wachovia to "Market Perform" from "Underperform" given the recent sell-off in shares, setting a price target of $12.50. But he said he still expects that Wachovia may have to raise capital, "especially if the housing markets were to worsen materially as we head into 2009."
ISNT THIS A CRAMER FAVE?HE s having the ceo on his show today...if the guy hasnt jumped off the building already.
If any of you watched or heard Merideth Whitney today on Street Signs, she pretty much laid out WB as the next likely one to get ripped, as their mortgage exposure, by her reckoning, is the largest of several they mentioned. The video of her interview may be available at cnbc.com, well worth watching if you didn't see it. Fair warning, if you ain't scared yet, you will be, unless of course you're short, in which case you will be delighted. here's the link http://www.cnbc.com/id/15840232?video=856915680&play=1
MS and WB....these guys are despirate If WB closes negative today.....then its only a matter of time before lights out!