Skip to content
April 10, 2009 / ronkenner

Wells Fargo delivered a much-needed bit of good news for the banking sector Thursday, saying it expected to book a better-than-expected profit of approximately $3 billion in the most recent quarter.

The announcement not only sent Wells Fargo (WFC, Fortune 500) stock 32% higher, but boosted shares of many other big banks as investors bet that Wells’ peers may also post results that exceed Wall Street’s estimates. Bank of America (BAC, Fortune 500), which will report its results on April 20, gained 35%.

So what does that mean? They’re making 300 billion but Obama still has to come save them?

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: