Wells Fargo makes $3 billion profit in the first quarter

Discussion in 'Economy' started by Chris, Apr 9, 2009.

  1. Chris
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    Chris Gold Member

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    NEW YORK (AP) — Wells Fargo & Co. said Thursday it expects record first-quarter earnings of $3 billion, easily surpassing analysts' estimates and providing an encouraging sign for the banking industry.

    Wells Fargo is the first major bank to give an indication of how the first-quarter looked. Several pessimistic forecasts about potential loan losses have jolted the market in recent days, and investors have been anxious as Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co. all report next week.

    Wells Fargo's stock surged $4.72, or 31.7 percent, to close at $19.61. Broader markets also rose on the Wells Fargo report, with the Dow Jones industrial average gaining more than 246 points to 8,083.38.

    The Associated Press: Wells Fargo projects record $3 billion 1Q profit
     
  2. Toro
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    Toro Diamond Member

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    That is absolutely awesome, and could mark the eventual end of the bear market.
     
  3. manu1959
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    manu1959 Left Coast Isolationist

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    except their bailout was 25 billion so they actually lost 22 billion.....
     
  4. driveby
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    driveby Gold Member

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    So why are the dimwits still trying to shove TARP money down their throats ?.......
     
  5. Chris
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    Chris Gold Member

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    The financial stocks always recover first.

    I saw Warren Buffett on tv tonight saying "even I could make money on 1.5% Fed money."
     
  6. neurosport
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    neurosport BANNED

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    that's what i was thinking ...

    we would probably need some details on this except i don't care.
     
  7. editec
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    editec Mr. Forgot-it-All

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    Yup.

    The scam continues.

    We lend the banks money at a discount, and they lend it back to us with at a huge profit.

    They're real geniuses, aren't they?

    This parasitic class ought to be purged.
     
  8. neurosport
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    neurosport BANNED

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    i know dude !

    i wish i knew about all that shit when i was in high school - i would have gone into banking.
     
  9. Toro
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    Toro Diamond Member

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    That money is capital, not income. It will run through the balance sheet. The effect on income is the cost of the TARP money.
     
  10. neurosport
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    neurosport BANNED

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    that reminds me when i was working in electrical engineering a girl working next to me had a $100,000 transformer explode.

    but she was able to argue how supposedly it wasn't her fault and then she declared to me " problem solved ! "

    no problem was solved. you just came up with a bullshit excuse. same thing with this economy - they just came up with the way to mask the problem - they didn't solve shit.
     

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