WELLS FARGO DOWN 25% ....

By
Real Estate Broker/Owner with Lazarus Realty

...as the Great Depression of the 21st Century Begins...

...Stock is now trading at $9.15 after dipping under $9.00.  Thus Wells Fargo joins GE as a penny stock.

I might add that I used to bank with Wells Fargo but when I tried to get a loan for a used car ( a piddly $4000.00) they turned me down.  I went to B of A and they gave me money for 3 cars.  I switched to B of A. 

UPDATE: WFC is now $11.14 -- Did I call the bottom? Is Lazarus a Contrary Indicator? ( I dont think so -- I think its just a short covering bear rally and expect more to follow )

LET'S HOPE I'M WRONG ABOUT ALL THIS.

And .... If you're looking to buy some real estate in Fresno .... dont let my rant stop you.  CALL ME - I can help.

 

 

 

Lazarus Realty
Lazarus

Direct:
Fax:

559.301.1647
559.438.7475

1319 W Bullard #4 -- Fresno CA -- 93711

© Randy "Lazarus" McAtee

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Rainmaker
368,313
Dean Moss
Dean's Team - Keller Williams Realty Partners Chicago IL - Chicago, IL
Dean's Team Chicago IL Real Estate Team

Randy -

I still can't get over the fact that GM and Ford are below $2/share.  Can you?

DEAN & DEAN'S TEAM CHICAGO

Feb 20, 2009 05:10 AM #1
Ambassador
2,755,526
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

I though a "penny stock" was one trading under $5.

Feb 20, 2009 05:11 AM #2
Rainmaker
309,621
Dawn Workman
Veracity Real Estate Group, LLC - Camas, WA
Camas Real Estate Expert, MBA, 480-540-8100

UGH!  The housing market may be down, but at least you can still live in it :)

Feb 20, 2009 05:17 AM #3
Rainmaker
79,032
Randy "Lazarus" McAtee
Lazarus Realty - Fresno, CA
Owner/Broker, Lazarus Realty, Fresno California

Lenn - it all depends on who you talk to.  Given the position of Wells Fargo and General Electric the break under $10.00 is a pretty big deal.  

Looks like we're getting a rally off this bottom as I type.  Will it hold? We'll see.

Feb 20, 2009 05:23 AM #4
Ambassador
534,876
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Randy - I hope you are wrong but am thinking you are probably aren't totally off course.  I think the next six months will continue to tell the tale.

Feb 20, 2009 05:27 AM #5
Rainmaker
79,032
Randy "Lazarus" McAtee
Lazarus Realty - Fresno, CA
Owner/Broker, Lazarus Realty, Fresno California

Jason -- I HOPE I'M WRONG TOO!

Dean --- GM would be a ZERO : BANKRUPT - except for tax payer bailout money.  I dont even know how our money was invested or what if any return I will get on it.  DO YOU?

Feb 20, 2009 05:29 AM #6
Rainmaker
388,769
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana

Supposedly Wells Fargo didn't need the tarp money.  Investors are scared to death of almost all banks right now.  Until they can show a real balance sheet I wouldn't buy any financials.

Feb 20, 2009 05:42 AM #7
Rainmaker
1,264,552
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert

Wells can be tough to deal with loan wise I bank there for convenience but thats about it.

Feb 20, 2009 05:44 AM #8
Rainmaker
1,132,801
Claude Cross
Homes By Cross, Inc. - Charlotte, NC
Charlotte NC Homes For Sale

BOA is tanking. Citi is tanking. The Banking disease is rampant.

Feb 20, 2009 06:09 AM #9
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Rainmaker
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Randy "Lazarus" McAtee

Owner/Broker, Lazarus Realty, Fresno California
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