NOVEMBER 21, 2008 (Dow 8046, up 494) - Would lighten up next week if the rally continues. Stocks will continue to be sold simply because as an asset class they are easiest to sell to meet obligations, like redemptions. Would not short the coals down here.
like the stock but some people think the co is doing things wrong & are skeptical - CEO interviewed: changed the writeoff period for home equity loans from 120 days past due to 180 days which is the industry standard but had already increased bad debt reserves in the 2nd qtr by $2B - level III (illiquid) assets were up only after big writedowns were taken - bank has less than $1B in CDOs - seeing spreads widen and is financing asset growth with short term debt - Cramer says WFC is the best bank in America
27.79
0.00%
08/20/08
next day close
28.92
+4.07%
09/04/08
CFO interviewed: the $1.75B capital security paper recently issued was mostly institutional (vs retail per Bill Gross at Pimco) and was oversubscribed - we have access to institutional investors - Cramer said he wanted to clarify the issue
29.67
+6.77%
09/08/08
am reiterating a buy now that the government has nationalized Fannie (FNM) & Freddie (FRE)
33.56
+20.76%
09/18/08
still recommending
37.00
+33.14%
09/19/08
had a good run & is expensive trading at 17x earnings
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