Thursday, April 9, 2009

Wells is Profitable...Very Profitable...Earns $ 3 billion in 1Q09

After months of some folks claiming the US banking system is insolvent Wells Fargo comes out with this earnings pre-announcement. They earned $ .55/share. A record for them. Consensus was .26/share.

Influential analyst Meredith Whitney had them rated a sell and believed Wells would earn .06/share.

Roubini has been saying US banks are insolvent.

I don't think so.

Adam

Long position in Wells Fargo
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