Wachovian
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Wall Street Breakfast: Must-Know Newsby SA Editor Rachael Granby- Bank trio becomes duo. Wells Fargo (WFC) will become the largest U.S. bank by branches with its bid for Wachovia (WB), after Citigroup (C) withdrew from compromise negotiations late yesterday on concerns about the quality of some of Wachovia's assets. Wells Fargo, with a bid valued at $11.4B, expects the purchase to be completed by the end of the year, and denies it will have to absorb assets shakier than originally thought.
- Government considers next steps. As the financial crisis continues to worsen, the U.S. government is considering two dramatic steps to turn around, or at least slow, the damage: guaranteeing billions of dollars in bank debt and temporarily insuring all U.S. bank deposits. The moves, which would mark the government's most extensive intervention to date, are in discussion stages only.
- Credit stays frozen. As frozen credit markets refuse to thaw, the cost of default protection on corporate bonds reaches new global records amid investor concerns the credit crisis will trigger corporate failures as companies struggle to finance their businesses. Interbank lending remains limited, and borrowing from the Fed's expanded discount window continued its trend of setting new highs every week, as the total daily average rose to $420.2B vs. $367.8B last week.
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Wednesday, October 15.Bullish Calls:Continental Resources (CLR) -- "This is a remarkable decline. All of the high quality ones are down so much, I can't go against it. This is where you pull the trigger.
3M (MMM) -- The moment this stock starts yielding 5%, I'm a buyer. Until then, keep your powder dry.Bearish Calls:Computer Sciences (CSC) -- This is a company that was going to be bought, but they passed up the chance. Now I don't want to buy it."Email continues...
Annaly Mortgage (NLY) -- I think this is a business model that needs to borrow money. Definitively do not buy."
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Who Is Now Number One in the Banking Industry?
Hunter, Really a great idea. How do we start? I am sure there enough employees that would love to see Wachovia surviving. We need some co-ordinated effort to prove that Wachovia can survive. Let's do something.
On Oct 05 09:01 AM hunter wrote:
> The best thing for the banking public may be for Wachovia to remain
> independent. If Wachovia is bought competition will lessen and that
> will be bad for the consumer. I too hope Wachovia will take advantage
> of the rescue bill and the relaxation of mark to market accounting
> rules. Wachvovia has a very profitable retail bank and their customer
> satisfaction reviews are among the highest in the industry. With
> the rescue package passed Wachovia can overcome its mtg woes and
> earn itself out of this mess. If Wachovia employees truly care about
> their company they should do what airline industry employees have
> done and take pay cuts to ensure their future. Wachovia's Sr MGRs
> should take the lead in salary cuts and take back ownership and make
> their company great again.