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Wells Fargo & Co. posted a record third-quarter profit by limiting loan defaults and wringing costs from Wachovia Corp. The quarter included gains from hedging, leading analysts to question whether the profit would continue, and the stock dropped 5.1%. Full Article at Los Angeles Times
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Shares of Wells Fargo fell 5.1 percent after Richard X. Bove, the outspoken banking analyst at Rochdale Securities, cut his rating on the stock to “sell” on Wednesday afternoon, saying the bank’s third-quarter profit of $3.2 billion was “unsustainable”... Full Article at Dealbook
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Rochdale Securities analyst Richard X. Bove, a member of the Forbes Investor Team and a widely followed financial analyst was less than impressed by third-quarter earnings at Wells Fargo even though the bank blew away the analyst's forecast. Full Article at Forbes
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Oct. 21 (Bloomberg) -- Wells Fargo & Co. dropped 5.1 percent in New York trading after Rochdale Securities LLC analyst Dick Bove cut the stock to “sell,” saying third-quarter profit was “unsustainable” and included a swing in mortgage servicing fees... Full Article at Bloomberg.com
