wells fargo

Are the markets discounting a V-shaped recovery? Or does the evidence suggest this is still a bear market rally akin to those of the 1930s and 1970s? Editor Justice Litle answers this and more ...

From Tom Petruno's Money & Company blog in the LA Times:

Wells Fargo and Bank of America said today they would resume allowing customers to deposit California IOUs, which both banks had stopped accepting in early July.

From Tom Petruno's Money & Company blog in the LA Times:

No big bank wants to be the last one in the TARP pit.

On the same day that Bank of America Corp. was reported to be working on a plan to repay part of its federal capital injection under the Troubled Asset Relief Program, Wells Fargo & Co. CEO John Stumpf was on TV promising that Wells would be returning its TARP money "shortly."

Remember those banks that the federal government bailed out because they were "too big to fail?" Well...after mergers and bank takeovers (some encouraged by the government) those banks bailed out because they were "too big to fail" now are much bigger. JP Morgan Chase and Bank of America combined now control more than 20% of all bank deposits in the United States.

Wells Fargo and Morgan Stanley reported conflicting results which will generate intense focus after U.S. Treasury Secretary Timothy Geithner’s comments yesterday. This article's focus is on DOW, S&P 500, and US Treasuries.

Today the simple and powerful way to bet against the government for a potential tenfold return, by way of future bank meltdown, is revealed. Editor Justice Litle explains...

Nobody has learned from the past.... Short covering must be a big contributor to the day's rally; Monday will probably be horrid...

JPMorgan Chase (JPM) cuts its annual dividend from $1.52 to 20 cents per share today. JPMorgan is preparing for a longer recession and double digit unemployment. JPMorgan has been deemed to be in the best financial shape of the other major banks. In the current marketplace that is like having the best seat on the Titanic.

Stocks that I am watching for the coming week:

Electronic Arts (ERTS) announces earnings tomorrow after the bell. The stock has dropped to its 52 week low price of $14.66. I will be interested to see what the company’s earnings were for the past quarter. I still think that the EA

Wells Fargo, a financial stock has faired out the past year reasonably well when juxtaposed to it's competitors and is an excellent buy at the moment. In the past year the stock has traded down just 2%; compare that to Bank of America (BAC) which is down 65% or the bankrupt Washington Mutual and Wells has actually done well. For the rest, see http://fiscalfrenzy.com

Two banking mergers were officially completed last night. Bank of America

Wells Fargo today announced second quarter earnings that show the bank is a stand out among other financial institutions

It looks like earnings are really driving this market over the last few weeks as investors are looking for signs of stability. Last week Google helped drive the markets higher. The week before GE helped to drive the market into the ground. Looks like it is Bank of America's turn.