Wells Fargo & Co said Thursday it expects to report record profits for the first quarter of roughly $3 billion, or 55 cents a share. The projected numbers are after preferred dividends, including $372 million in dividends paid to the U.S. government, are taken into account. Analysts surveyed by FactSet Research are expecting, on average, profits of 31 cents a share. Wells Fargo said it expects total revenue for the quarter to be $20 billion. The firm will report its first-quarter results on April 22. http://www.marketwatch.com/news/sto...21-CFE0-43EA-B41B-43DFAAE5D8E0}&dist=hplatest Great news. Let them pay back TARP monies.
IT's pure bullshit. They smash numbers huh? Cooking the books the Governemental way..... Maybe its all that money that the consumer is sticking in savings that buffed up WFs bottom line.....since WAL MART Stores miss. Humm....WF "smashes est" while WAL MART STORES MISS? 70% plus of this economy is not "Banking", its consumer spending. Another Head Fake for a small push up to 8000. At least it's movement you can trade. But HEY...>WE ARE ENTERING INTO A NEW BULL MARKET>>>PARTY IN THE STREETS PEOPLE!
The Trillions of dollars they are spending to prop the markets and economy up is finally working, whew, and I thought this credit crisis was going to go on another few more weeks, this is the best economy in the world thanks to the power of the printing press, the new bull market is back.... :eek: :eek: :eek:
This caught me by surprise. The futures are just relentless...I'm waiting for a pullback to get in, but it just keeps getting a bid up. This is ridiculous!!! I don't plan on fighting this trend at all even though I'm not sure about the banks anymore. Who knows how much of WFC's profit is related to Mark-to-Fantasy. IMHO, Time will tell. Whoever held the SKF & FAZ overnight just got killed. I know the feeling. Goodluck trading.
I knew something was up when the banks were staying firm the past few days. congrats to WFC investors and realizing Wachovia was a STEAL!
It's more than likely account gimmicks. Regulators are looking the other way, banks are being encouraged to cook the books. The government has alot of our money invested in them, the government is going to let them get away with murder, like raising rates on revolving customers good or bad credit as they take tax payer money, thatâs just plain rigged. I made good money on my WFC position from $13.97, I sold 2/3 this morning @19.05.. Just understand how this game is rigged and make money.
I remember the bankers sitting before congress. The question was asked "how many of you want m2m removed?" One meager banker raised his hand. Grats Wfc lol