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Sheldon Liber Return Risk +1.96% MID Tracked Blogger Profile & Performance Subscribe to author

Symbol Sentiment Start Return Closed WB 12/02/08 +14.94% 01/02/09 WFC 12/02/08 +28.71% 12/08/08 Via BloggingStocks:   Filed under: Rants and raves, Money and Finance Today, Wachovia Corp (WB), Wells Fargo (WFC), Chasing Value, Stocks to Buy, Best Stocks for 2008 This has been a terrible year for financial institutions. However, Wells Fargo (NYSE: WFC) has been able to make it through the obstacle course better than most. The stock has been up and down with the market but the scandals and large write-downs that have tanked other companies have not been a part of the Wells story. What has me wondering about Wells today is the prospectus I received from the company to purchase shares at $27 each. The offer is for 407,500,000 shares, far more than I could swallow at a cost in excess of $11 billion -- I have never seen that kind of money! I'm sure they just figured I might take at least a few shares off their hands, and I have in the open market. If memory serves me correctly, this offering was announced about six weeks ago. The strange thing is that this came to me on a day when the stock closed at a price of $21 and change. Who pays $27 for a $21 stock? Continue reading Chasing Value: Wells Fargo is getting weird Chasing Value: Wells Fargo is getting weird originally appeared on BloggingStocks on Tue, 02 Dec 2008 14:48:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments   Read the rest of original post »

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