David Hawkins Posted April 9, 2009 Report Share Posted April 9, 2009 Wells Fargo expects earnings of $3 billion • Thursday April 9, 2009, 9:39 am EDT NEW YORK (Reuters) - Wells Fargo & Co said on Thursday it expects to report net income of about $3 billion for the first quarter. The results appeared to beat analysts' estimates, and Wells Fargo shares soared in premarket trading. "In this terrible environment, to exceed on the upside is going to raise the bar pretty high," said Matt McCormick, portfolio manager and banking analyst at Bahl & Gaynor Investment Counsel. "Wells Fargo is clearly a dominant bank, one of the best operators out there." It could not immediately be determined whether the $3 billion in net income was before or after dividends paid to the U.S. Treasury. The bank has issued $25 billion in preferred shares to the government. The fourth-largest U.S. bank reported preliminary earnings of about 55 cents a share after preferred dividends, compared to 60 cents a year earlier. Analysts had been expecting quarterly profit of 26 cents a share before exceptional items, according to Reuters Estimates. It was not clear if that figure was comparable to the preliminary number of 55 cents. A year ago, the bank reported first-quarter profit of $2 billion. The bank is due to report full first-quarter results on April 22. Wells Fargo shares climbed nearly 34 percent to $19.90 in premarket trading. "Our business momentum is strong and we expect our operating margins to remain at the top of our peer group," Chief Executive Officer John Stumpf said in a statement. The San Francisco bank slashed its dividend 85 percent in March, which it said would save it $5 billion a year. The bank also said last month it was planning $2 billion in additional cost cuts this year, starting in the second quarter. Wells Fargo bought Wachovia Corp for about $12.5 billion on December 31. The bank has said it expects $5 billion in annual cost savings from the acquisition. (Reporting by Elinor Comlay; editing by John Wallace) The very first Sentence bothers Me a lot. "Wells Fargo & Co said on Thursday it expects to report net income of about $3 billion for the first quarter. The results appeared to beat analysts' estimates, and Wells Fargo shares soared in premarket trading." It's like all a Company has to do is Predict that it will earn Big Money and their Stocks Rise. I truely believe that Many Stocks were falsely inflated with False Predictions only to have them Crash and Burn later. Link to comment Share on other sites More sharing options...
JeffIsHereToo Posted April 9, 2009 Report Share Posted April 9, 2009 The very first Sentence bothers Me a lot."Wells Fargo & Co said on Thursday it expects to report net income of about $3 billion for the first quarter. The results appeared to beat analysts' estimates, and Wells Fargo shares soared in premarket trading." It's like all a Company has to do is Predict that it will earn Big Money and their Stocks Rise. I truely believe that Many Stocks were falsely inflated with False Predictions only to have them Crash and Burn later. There is nothing wrong with this announcement they're just reporting it's non-certified results which are conservative. The stock manipulations, I think you mean, were really due more to short traders and other market manipulators rather than the firms themselves. There are strict rules and requirements for companies that make "forward looking statements" or provide guidance (Private Securities Litigation Reform Act of 1995). These statements are based on management's current expectations and if a company purposefully reports false or misleading statements to investors that later prove not to be true or done as you say to inflate the value of the stock they can be sued by stockholders and the SEC. I hate the banks but this is good news and along with this weeks lower than expected unemployment numbers...hopefully we'll see some real improvement soon! :happy feet: Link to comment Share on other sites More sharing options...
Boss Doctor Posted April 9, 2009 Report Share Posted April 9, 2009 Wells Fargo owns America's Servicing Company for mortgages, and they hold my main mortgage. Does anyone know if they've benefitted from bail-out money? Link to comment Share on other sites More sharing options...
David Hawkins Posted April 9, 2009 Author Report Share Posted April 9, 2009 Wells Fargo owns America's Servicing Company for mortgages, and they hold my main mortgage. Does anyone know if they've benefitted from bail-out money? I hope not.....If they are doing what they are doing, with OUT Bail Out Money, then Good for them...... :happy feet: Link to comment Share on other sites More sharing options...
stormeaston Posted April 9, 2009 Report Share Posted April 9, 2009 See...............you can make money during a depression. Link to comment Share on other sites More sharing options...
RStangsOC Posted April 9, 2009 Report Share Posted April 9, 2009 See...............you can make money during a depression. Think it has much to do with HIGH credit card interest? Link to comment Share on other sites More sharing options...
JeffIsHereToo Posted April 9, 2009 Report Share Posted April 9, 2009 Wells Fargo owns America's Servicing Company for mortgages, and they hold my main mortgage. Does anyone know if they've benefitted from bail-out money? While I am happy to see banks make money, an indicator that things are perhaps bottoming out, and the trickle down of the positive news in the markets, there are some VERY disturbing things about Wells Fargo and the bailout money. http://www.cbsnews.com/stories/2009/02/09/...in4788018.shtml Link to comment Share on other sites More sharing options...
Boss Doctor Posted April 9, 2009 Report Share Posted April 9, 2009 While I am happy to see banks make money, an indicator that things are perhaps bottoming out, and the trickle down of the positive news in the markets, there are some VERY disturbing things about Wells Fargo and the bailout money. http://www.cbsnews.com/stories/2009/02/09/...in4788018.shtml See? I knew you'd have something. This is exactly what I expected. They use tax payer's money for acquisitions, and then deny that they used tax money for acquisitions. Nice! Link to comment Share on other sites More sharing options...
RUFDRAFT Posted April 9, 2009 Report Share Posted April 9, 2009 Wells Fargo expects earnings of $3 billion• Thursday April 9, 2009, 9:39 am EDT NEW YORK (Reuters) - Wells Fargo & Co said on Thursday it expects to report net income of about $3 billion for the first quarter. The results appeared to beat analysts' estimates, and Wells Fargo shares soared in premarket trading. "In this terrible environment, to exceed on the upside is going to raise the bar pretty high," said Matt McCormick, portfolio manager and banking analyst at Bahl & Gaynor Investment Counsel. "Wells Fargo is clearly a dominant bank, one of the best operators out there." It could not immediately be determined whether the $3 billion in net income was before or after dividends paid to the U.S. Treasury. The bank has issued $25 billion in preferred shares to the government. The fourth-largest U.S. bank reported preliminary earnings of about 55 cents a share after preferred dividends, compared to 60 cents a year earlier. Analysts had been expecting quarterly profit of 26 cents a share before exceptional items, according to Reuters Estimates. It was not clear if that figure was comparable to the preliminary number of 55 cents. A year ago, the bank reported first-quarter profit of $2 billion. The bank is due to report full first-quarter results on April 22. Wells Fargo shares climbed nearly 34 percent to $19.90 in premarket trading. "Our business momentum is strong and we expect our operating margins to remain at the top of our peer group," Chief Executive Officer John Stumpf said in a statement. The San Francisco bank slashed its dividend 85 percent in March, which it said would save it $5 billion a year. The bank also said last month it was planning $2 billion in additional cost cuts this year, starting in the second quarter. Wells Fargo bought Wachovia Corp for about $12.5 billion on December 31. The bank has said it expects $5 billion in annual cost savings from the acquisition. (Reporting by Elinor Comlay; editing by John Wallace) The very first Sentence bothers Me a lot. "Wells Fargo & Co said on Thursday it expects to report net income of about $3 billion for the first quarter. The results appeared to beat analysts' estimates, and Wells Fargo shares soared in premarket trading." It's like all a Company has to do is Predict that it will earn Big Money and their Stocks Rise. I truely believe that Many Stocks were falsely inflated with False Predictions only to have them Crash and Burn later. What's your point? Link to comment Share on other sites More sharing options...
Lurch Posted April 9, 2009 Report Share Posted April 9, 2009 I made a fortune today. :happy feet: :happy feet: :happy feet: Link to comment Share on other sites More sharing options...
David Hawkins Posted April 9, 2009 Author Report Share Posted April 9, 2009 What's your point? People buy Stocks on Information......then it Crashes and People LOOSE.....all because a Company Falsely Reports what they will do. Link to comment Share on other sites More sharing options...
RUFDRAFT Posted April 9, 2009 Report Share Posted April 9, 2009 People buy Stocks on Information......then it Crashes and People LOOSE.....all because a Company Falsely Reports what they will do. See? That didn't take nearly as long! Link to comment Share on other sites More sharing options...
David Hawkins Posted April 10, 2009 Author Report Share Posted April 10, 2009 See? That didn't take nearly as long! Link to comment Share on other sites More sharing options...
RUFDRAFT Posted April 10, 2009 Report Share Posted April 10, 2009 Wells Fargo expects earnings of $3 billion• Thursday April 9, 2009, 9:39 am EDT NEW YORK (Reuters) - Wells Fargo & Co said on Thursday it expects to report net income of about $3 billion for the first quarter. The results appeared to beat analysts' estimates, and Wells Fargo shares soared in premarket trading. "In this terrible environment, to exceed on the upside is going to raise the bar pretty high," said Matt McCormick, portfolio manager and banking analyst at Bahl & Gaynor Investment Counsel. "Wells Fargo is clearly a dominant bank, one of the best operators out there." It could not immediately be determined whether the $3 billion in net income was before or after dividends paid to the U.S. Treasury. The bank has issued $25 billion in preferred shares to the government. The fourth-largest U.S. bank reported preliminary earnings of about 55 cents a share after preferred dividends, compared to 60 cents a year earlier. Analysts had been expecting quarterly profit of 26 cents a share before exceptional items, according to Reuters Estimates. It was not clear if that figure was comparable to the preliminary number of 55 cents. A year ago, the bank reported first-quarter profit of $2 billion. The bank is due to report full first-quarter results on April 22. Wells Fargo shares climbed nearly 34 percent to $19.90 in premarket trading. "Our business momentum is strong and we expect our operating margins to remain at the top of our peer group," Chief Executive Officer John Stumpf said in a statement. The San Francisco bank slashed its dividend 85 percent in March, which it said would save it $5 billion a year. The bank also said last month it was planning $2 billion in additional cost cuts this year, starting in the second quarter. Wells Fargo bought Wachovia Corp for about $12.5 billion on December 31. The bank has said it expects $5 billion in annual cost savings from the acquisition. (Reporting by Elinor Comlay; editing by John Wallace) The very first Sentence bothers Me a lot. "Wells Fargo & Co said on Thursday it expects to report net income of about $3 billion for the first quarter. The results appeared to beat analysts' estimates, and Wells Fargo shares soared in premarket trading." It's like all a Company has to do is Predict that it will earn Big Money and their Stocks Rise. I truely believe that Many Stocks were falsely inflated with False Predictions only to have them Crash and Burn later. :happy feet: Link to comment Share on other sites More sharing options...
DDT Posted April 10, 2009 Report Share Posted April 10, 2009 People buy Stocks on Information......then it Crashes and People LOOSE.....all because a Company Falsely Reports what they will do. "PUMP & DUMP"?????????????? Link to comment Share on other sites More sharing options...
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