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WELLS PUTS BEST ASSET ON DISPLAY
By Robert Trigaux, St. Petersburg Times Business Columnist
Wells Fargo displayed on Wednesday that it really is the Big Kahuna of Florida banking at a time when many bank competitors are in a serious hurt.
The California banking company reported quarterly earnings - a $2.55 billion loss, in fact - and the market still decided to reward Wells by pushing its stock to $21.19 a share, an astonishing 30.88 percent jump.
The practical impact is Wells Fargo's market value rose by $16 billion in a single day to $70 billion. In contrast, Bank of America has a market value of $37 billion and Citigroup's is just $23 billion. Combined, the value of these behemoth competitors is smaller than Wells at the moment.
For those napping out there, Wells Fargo bought Wachovia Corp. at the start of this year. In so doing, Wells became the No. 1 banking company in Florida. Ads promoting the Wells-Wachovia merger are under way (given its name, Wells Fargo is big on Old West stagecoach images). Later this year, "Wachovia" will be retired and replaced by the Wells Fargo name.
Amid banks asking for federal infusions of capital, Wells (which has accepted one round of federal dollars ... more

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