It dropped almost 14% last month. I don't think that the recent questionable activity will kill the firm. It's just a matter of time before they bounce. I mean, look what happened with Deutsche? We all know that Uncle Sam isn't going to let Wells fall over this. They are, simply put, too big to fail. Have we bottomed out? Is it time? Perhaps when the head honcho resigns we'll get a nice pop. http://money.cnn.com/2016/10/01/investing/wells-fargo-fake-account-scandal-september-2016/index.html https://www.thestreet.com/story/137...n-and-then-surge-higher-this-chart-shows.html
I really don't know enough about the business of banking, but my question would be could one draw an analogy to CMG regarding new customers and "same store sales"? Probably not apples to apples huh? You need someone that really understands the business to weigh in before you jump. I have found when the Street dot com says go long..... go short. But who knows. It'll definitely be a good intraday trader, especially around FOMC noise, I would think.
Looking at these upheavals which happen with the bank on a daily basis, I wouldn't recommend going long on it, at least for now. Give it some time, maybe you will earn less but your profit will be guaranteed.
I went short, hedged, on the Quad top in 51 area, no brainer, am waiting for bounce to sell more. I don't read anything about companies, matter of fact, half the time I don't have a clue what I am trading, I see symbols and if they have enough volume and part of the 50 stocks/ETFs they get traded. I occasionally trade something outside of my norm and usually junk stocks as I put it, very low priced stocks that were once much more, when stock doubles, I unload 60% and rest is free, where I usually have more losses is these junk stocks as most have no options so I can hedge, but overall they profitable for me.
This looks like one of those January effect type stocks to pick up at year end if it keeps drifting lower. Even if there is a January effect bounce, this could be a dead money stock for some time if customers are closing accounts. They report on the 14th, so that should be the day that tells you what's going on internally.