Wells Fargo WFC Stock Analysis

The following is stock analysis on Wells Fargo ( WFC ) for 10/21/09

Wells Fargo & Company Support and Resistance Levels - October 21, 2009

Resistance: $31, $31.53

Support: $30, $29.34, $28



http://stockcharts.com/ - Chart

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Wells Fargo & Company (NYSE:WFC) reports earnings this morning. On the upside, a break above $31.53 would be very bullish and you would likely see a further move higher. On the downside, Wells Fargo has support in the mid to low $29's as well as $28. I will buy if WFC falls below $28 going forward. For More Technical Analysis - Go Here

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Wells Fargo & Company WFC - $20 Price Target

October 8, 2009 - UBS has come out and slapped $20 Price Target on shares on Wells Fargo & Company (WFC) today as the firm initiated coverage. This is rather strange and to be honest, I'm not buying the call.

With the stock trading near $30, it would take a HUGE shoe to drop in order for this call to come true. The stock has bullet-proof support at the $24 level which has held numerous times when the Dow Jones was under 9000.

Wells Fargo & Company (WFC) is set to report earnings Oct 21, 2009.


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Warren Buffett CNBC June 24, 2009 6/24/09

Warren Buffett was on CNBC today ( June 24, 2009 ) and gave comments on how things are going in the economy.

Warren Buffett Interview on CNBC - 6/24/09


Economic Progress: It's been pretty flat since we last talked in May, in terms of the Economy coming back, it takes awhile. Job's are the most important problem we need to solve right now.

Green Shoots - We're not seeing " green shoots ", industrial demand is still down, these green shoots haven't happened yet lol. ( Warren also said he just had eye surgery and he still can't see them )

President Obama: The Obama administration is doing things, and it will take awhile for them to take effect

Ben Bernanke: I don't think you can do better then him, he should be re elected

Inflation/Deflation? I don't worry about deflation at all, we won't see it - We have taken action on fighting this economic war which raises the probability of very high inflation.

Wells Fargo WFC: I'm sure Wells Fargo wants to get out of TARP ASAP. Earnings power is huge no matter what. I just wish they wouldn't have taken the warrants that came with the tarp.

Apple ( AAPL ) - Steve Jobs: I think if I have any serious operation or medical condition coming up I would tell America. I would make full disclosure if I become ill.

Stock Market Prediction: I think its attractive over the next 10 years, equities will do better then fixed dollar investments.

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Bank Stocks May 7, 2009 5/7/09 - BAC

The financial stocks are exploding to the upside today as we await the actual results from the stress tests after the bell today. Just look at some of these gains in pre market today. It looks like a massive short squeeze to me! Wal Mart ( WMT ) reported better then expected same store sales which is adding fuel to the fire as well.

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Bank Stocks - 5/7/09

Citigroup, Inc. (C) - $4.32 Up 11.92%

Bank of America Corporation (BAC) - $14.53 Up 14.50%

Direxion Financial Bull 3X Shares (FAS) - $12.71 Up 11.22%

Wells Fargo & Company (WFC) - $28.23 Up 5.18%

American International Group, Inc. (AIG) - $2.09 Up 13.59%

Fannie Mae (FNM) - $0.96 Up 7.87%

Freddie Mac (FRE) - $1.05 Up 11.70%

Huntington Bancshares Inc. (HBAN) - $3.95 Up 14.49%

Fifth Third Bancorp (FITB) - $6.41 Up 21.45%

General Electric Co. (GE) - $14.31 Up 4.68%

General Motors Corporation (GM) - $1.75 Up 5.42%

Capital One Financial Corp. (COF) - $26.68 Up 19.43%

Direxion Financial Bear 3X Shares (FAZ) - $4.66 Down 11.07%

UltraShort Financials ProShares (SKF) - $39.67 Down 7.74

Check out my report on March 10th, 2009

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Wells Fargo WFC April 13, 2009 4/13/09

The following is stock analysis of Wells Fargo ( WFC ) for 4/13/09

Wells Fargo Support and Resistance Levels - April 13, 2009

Resistance: $19.60, $21.06, $22.50

Support: $17.50, $16

http://stockcharts.com/ - Chart

Wells Fargo WFC Stock exploded higher on earnings news out during pre market on Thursday. The previous resistance level of $17.50 was gapped over. The technicals are almost perfect here, we saw a huge gap near $20, a sell-off during the morning, testing $17.50, and then a rebound back toward the highs. $17.50 from here on out becomes a critical support level. A close below $17.50 and I would be a seller of WFC. On the upside, I don't see any major resistance until $21.06 and then $22.50. I am also monitoring the 200 day moving average at $24.57. Pullbacks should be bought! Jim Cramer was on CNBC during the afternoon of 4/9/09 and said WFC could eventually trade to $26 based on future earnings. For More Technical Analysis - Go Here

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Bank Stocks 4/9/09 April 9, 2009 WFC

The financials are soaring this morning as Well Fargo ( WFC ) came out earlier and said they will earn $0.55 for the 1st quarter. This is a huge beat and is taking the whole stock market up. I had a hunch WFC would report a good number but not this good! As you can see, it is surprising Wall Street!

Bank Stock Update - 4/9/09 - Pre Market Trading

Wells Fargo ( WFC ) - $20.00 Up 34.32% - Wells Fargo projects record $3 billion 1Q profit - When this news broke, WFC stock jumped to $17 immediately. Since the spike, WFC has been steadily climbing.

Financial Bull ( FAS ) - $7.61 Up 22.94%
Financial Bear ( FAZ ) - $13.68 Down 23.32%
Citigroup ( C ) - $3.07 Up 13.70%
Bank of America ( BAC ) - $8.42 Up 19.26%
JP Morgan ( JPM ) - $31.29 Up 14.07%
General Electric ( GE ) - $11.16 Up 4.89%

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Wells Fargo WFC Stock 3/23/09 March 23 2009

The following is a Wells Fargo ( WFC ) stock technical analysis for March 23, 2009.

Wells Fargo Support & Resistance Levels - 3/23/09

Resistance Levels: $15.47, $16.25, $17.60

Support Levels: $13.65, $12.70, $10.50

http://stockcharts.com

Wells Fargo stock is right in the middle of two major moving averages that I follow, the 10 and 50 day moving averages. After topping out at $17.60, WFC stock has failed to close over the 50 day moving average for the second straight day. I will continue to watch the 10 day moving average because if WFC can continue to close above this level ( currently at $13.65 ), it will be a bullish signal for things to come. As soon as you have a stock close below both of these two averages, you start to have problems and the downside risk is significant. On the upside, there will be some resistance at $15.47 ( Friday's High ), $16.25, and Thursday's High of 17.60. A close above $17.60 and it is likely $20 will be retested. For More Technical Analysis - Go Here

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Bank Stocks 3/12/09 March 12, 2009 - Citigroup

Today, 3/12/09, the bank stocks are mixed as world markets fell big last night but economic data released this morning was positive. There is also hopes that today's mark to market meeting will suspend the rule.

Banking Stock Update - March 12, 2009 - Opening Stock Prices


Citigroup ( C ) - $1.54 Flat - Citigroup Executives Score $2.2 Million Betting on Own Stock

Bank of America ( BAC ) - $5.02 Up 1.83% - BofA now country’s biggest bank

Wells Fargo ( WFC ) - $12.00 Up 1%

General Electric ( GE ) - 8.90 Up 5% - Rating cut by AA+

Financial Bull 3X ( FAS ) - $4.02 Flat

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Bank Stocks 3/11/09 March 11, 2009 - BAC

Today, 3/11/09, the bank stocks are higher after Citigroup's ( C ) CEO Vikram Pandit came out and said that Citi is profitable through February. The Stock Market rallied huge yesterday after this news!

Banking Stock Update - March 11, 2009 - Pre Market


Citigroup ( C ) - $1.57 Up 8.28% - In the letter sent Monday, CEO Vikram Pandit said Citi had an operating profit of $8.3 billion before taxes and special items through February. Pandit said the first-quarter performance so far has been the bank's best since the last time it recorded net income for a full quarter -- that was in the July-September period in 2007.

Bank of America ( BAC ) - $5.30 Up 5.65% - Bank of America continues to go higher on the citi news. Also, Jim Cramer was out on Mad Money stating that one of his technicians said BAC stock could go back into the teens.

Wells Fargo ( WFC ) - $12.47 Up 5.56% - WFC stock up another 5%, Warren Buffett loves this stock.

General Electric ( GE ) - 9.13 Up 3%

Financial Bull 3X ( FAS ) - $4.02 Up 7.77%

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Bank Stocks 3/10/09 March 10, 2009 - Citi

Today, 3/10/09, the bank stocks are higher as Citigroup's ( C ) CEO Vikram Pandit has come out and says that Citi is profitable through February. Citigroup Inc. has been operating at a profit through the first two months of the year, according to a letter that the bank's chief executive sent to employees. This news is stunning and is the type of news, if true, could really turn the stock market around quickly.

Banking Stock Update - March 10, 2009

Citigroup ( C ) - $1.17 Up 11.43% - In the letter sent Monday, CEO Vikram Pandit said Citi had an operating profit of $8.3 billion before taxes and special items through February. Pandit said the first-quarter performance so far has been the bank's best since the last time it recorded net income for a full quarter -- that was in the July-September period in 2007.

Barclays ( BCS ) - $3.92 Up 17.72% - Barclays upgraded to outperform at Credit Suisse

Financial Bull 3X ( FAS ) - $3.17 Up 17.41% - FAS up on the Citi news, FAZ tanking

Bank of America ( BAC ) - $4.22 Up 12.53% - BAC up on the Citigroup news

Wells Fargo ( WFC ) - $10.98 Up 11.12%
General Electric ( GE ) - $7.78 Up 4.99%

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Bank Stocks 3/9/09 March 9, 2009 - WFC

Today, 3/9/09, the bank stocks are higher as Warren Buffet was on CNBC talking highly of his Wells Fargo ( WFC ) stock holding. This has to give shareholders confidence when owning WFC stock and it appears to be spreading to most of the banking sector. This rise in the bank stocks is the reason the stock market is up from the pre market lows.

Banking Stock Update - March 9, 2009


Wells Fargo ( WFC ) - $9.62 Up 11.73% - Thanks Warren Buffett!
Bank of America ( BAC ) - $3.66 Up 16.63%
Citigroup ( C ) - $1.04 Up 1% - Even Citi is going up!!
JP Morgan ( JPM ) - $16.89 Up 6.03%
Financial Bull 3X ( FAS ) - $2.88 Up 9.03%
General Electric ( GE ) - $7.50 Up 6.23%


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Bank Stocks 3/6/09 March 6, 2009 - BAC

Today, 3/6/09, the bank stocks are higher in pre market after Wells Fargo ( WFC ) announced that they are cutting their dividend.

Banking Stock Update - March 6, 2009

Wells Fargo ( WFC ) - $8.90 Up 9.73% - Wells Fargo slashes dividend 85 percent to 5 cents. Wells Fargo slashes dividend 85 percent to 5 cents for expected annual savings of $5 billion.

Bank of America ( BAC ) - $3.30 Up 4% - JPMorgan, Wells Fargo, Bank America Face Ratings Cuts. Bank of America Says Bonus Disclosure Will Cause ‘Grave’ Harm.

Citigroup ( C ) - $1.04 Up 1.96% - Citigroup Reportedly Seeking To Sell Stake In Monex

Other Bank Stocks that are rising - Fifth Third ( FITB ) & Ambac ( ABK )

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Bank Stocks 3/5/09 March 5, 2009 - BAC

Today, 3/5/09, the bank stocks are lower in pre market. BAC, HBC, and BCS are down big in pre market trading.


Banking Stock Update - March 5, 2009 - Pre Market


Barclays ( BCS ) - $4.20 Down 15.83% - Barclays questioned on Lehman Brothers funds.

Wells Fargo ( WFC ) - $9.12 Down 5.59% - Shares of WFC have been hit hard over the past two weeks. On a positive note, US Congress to examine mark-to-market accounting-source

HSBC ( HBC ) - $26.51 Down 6.49%
Bank of America - $3.43 Down 4.46%
Citigroup ( C ) - $1.09 Down 3.51%


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Stock Market Report 3/4/09 Wall Street Watch

This afternoon, March 4, 2009, the stock market is getting a lift due to Chinese stimulus package which helped give Asian markets a bounce overnight. Oil is is jumping because of this news as well. Oil prices touched $45 briefly this morning but is now trading at $43.77 per barrel.

Stocks to Watch - 3/4/09


DryShips ( DRYS ) - Drys stock is soaring today on an oversold bounce and the fact that it is finally trading back over the 10 day moving average ( $3.53 ) for the first time since a few days after it topped out in the $17's. This is something to watch very closely! DRYS could be getting ready to make an up move but the stock remains extremely risky. From what I can tell, earnings might come out 3/5/09 after the close. DRYS is expected to report 0.71 cents per share in earnings.

Potash ( POT ) - Potash has really stuck out to me today! It made a daily high this morning at $81.49 and then dropped like a rock starting just after 11am est. Longs better hope the 73.49 low holds or a retest of $70 could be coming soon. After $70, $65 must hold. Today is the first time in many months where you saw strength in the stock market but weakness in POT. Mosaic ( MOS ) is up a bunch today so whoever sold big this morning knows something!!!!

Wells Fargo ( WFC ) - This to me is the most important event which actually just started happening about an hour ago. Wells Fargo ( WFC ) stock has been getting hammered....almost like a hedge fund is attacking it on the short side. This has caused the overall stock market to get weaker. Keep an eye on this stock! WFC hit a high of $11.32 this morning but is now trading just above $9. Is WFC the next shoe to drop?

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Bank Stocks 3/3/09 March 3, 2009 - Citigroup

Today, 3/3/09, the bank stocks are higher in pre market as Citigroup will lower payments on some mortgages.

Banking Stock Update - March 3, 2009 - Pre Market


Citigroup ( C ) - $1.27 Up 5.84% - Citigroup to lower mortgage payments for some homeowners that are out of work.

Fifth Third Bancorp ( FITB ) - $1.87 Up 5.54% - FITB continues to shine over the past week despite banking weakness. They are expected to benefit from the bank stress test coming next month.

Bank of America ( BAC ) - $3.83 Up 5.24% - BofA's Lewis: Merrill TARP funds a 'tactical mistake'

Wells Fargo ( WFC ) - $11.47 Up 5.81% - John Najarian came on CNBC yesterday afternoon and said he expects to see WFC jump back into the mid - high teens when these bank stocks start to recover. He feels the sell off has been overdone.

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Bank Stocks 2/27/09 February 27, 2009

Today, 2/27/09, the bank stocks are tanking in pre market due to the Citigroup details that are coming out about the Government 40% stake.

Banking Stock Update - February 27, 2009 - Pre Market

Citigroup ( C ) - $1.50 Down 39.02% - Financial Stocks are tanking - new details on the Citigroup stake by the Government reveal that this company is toast and the Government has basically taken this bank over. Who will be next is the fear that is going through Wall Street this morning!

Bank of America ( BAC ) - $4.70 Down 11.45%
Financial Bull 3X ( FAS ) - $5.11 Down 12.50%
Barclays ( BCS ) - $5.28 Down 13.30%
Wells Fargo ( WFC ) - $13.10 Down 9.10%
Financial Bear 3X ( FAZ ) - $61.50 Up 12.84%

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Biggest Stock Gainers 1/28/09 - January 28, 2009

Today, January 28, 2009, their are several stock gainers that are breaking out in pre market trading. The bank stocks you see below are breaking out to a possible new program in February. Under the program, which is expected to start in February, up to $200 billion will be made available to spur auto, student and credit card loans as well as loans to small businesses. To do that, the Fed will buy securities backed by those different types of consumer debt. The Fed also hopes that action will lower rates on those loans. The program could be expanded in size or scope to provide financing for other types of securities, such as those backed by commercial mortgages. The house is also expected to pass a stimulus bill today. In Pre Market trading, the Dow is hitting 8300 and is breaking out technically. Check out today's biggest gainers and the Top Stocks for 2009.

Hot Stocks 1/28/09 - Biggest Gainers Today

Citigroup ( C ) - $4.39 Up 24% - Citi is going up with the above banking news.

Allied Irish Banks ( AIB ) - $4.37 Up 24% - AIB has been going up for days but is going up with the bank stock news above.

Financial Bull 3X ( FAS ) - $11.60 Up 25% - If you think the financial sector is going to explode higher, FAS is the stock for you because it offers 3 times the stock move.

Barclays ( BCS ) - $6.28 Up 20.54% - Barclays is one hot stock today as well, it has been breaking out for days!

Bank of America ( BAC ) - $7.80 Up 20% - BAC was just $5 last week but it appears Jeff Mackie saved the day as well as today's banking news.

Wells Fargo ( WFC ) - $19.59 Up 21% - WFC is going up with the above news, what isn't?

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Meredith Whitney CNBC 11/05/08 - Citigroup C

Meredith Whitney was on CNBC today, 11/05/08 ( November 5th, 2008 ) Here are some of her comments:

Financials and Economy are so far off the tracks right now....

Where are we in the Financial Sector?

We are in a new part of the cycle, going forward, there will be contraction in the overall mortgage market - credit card lines are going to shrink, credit will be taken away from companies, we've never seen this before, also we have an economy that is not doing good right now. Earnings estimates on Wall Street are still to high.

How much is priced in?

Citigroup ( C ), Wells Fargo ( WFC ), Bank of America ( BAC ), JP Morgan ( JPM ), I think these companies still have further down to go, we are in for a rude awakening, I see a slow grind down for these stocks. I think Citigroup goes into the single digits. The stock prices in the financial sector are still way to high, wait for lower prices.

Meredith warned people in August before this whole downturn, so I always find what she has to say interesting. She called this financial crisis before anyone about a year ago....she has even received death threats, but she has been right!


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CNBC - John Najarian on WFC Wells Fargo - USB US Bancorp, financial stocks 8/25/08

John Najarian was just on CNBC saying that he believes we are not out of this financial crisis and you want to buy the " good " banks on dips such as Wells Fargo ( WFC ) and US Bancorp ( USB ).

" Buy when their is blood on the Streets" Focus on the fact that these banks are on the low end of the downfall, and we are 9/10ths through this....once you start to seeing consolidation the up move will be big. John Najarian feels there will be 5-10 of these banks consolidated as this is your sign that the worst is over!