Market Update: Off to the Races on Wells Fargo Profits Call…

Half an hour to the close and DOW is up 214 to 8052, S & P up 26 to 851 and NAS up 52 to 1643..

The markets are ecstatic over the Wells Fargo profit talk and the fact that the stress tests are over, even though we have no idea how they went, what metrics they used and what 1Q earnings look like for the financials…(aside from Wells who released early)

But since Wells stepped up to the plate with the news that the Wachovia acquisition may give them a record profit, investors are hopeful that the big financials will begin leaking the news that they feel they have passed their stress tests…

CNBC:

Wells Fargo‘s acquisition of Wachovia late last year helped the bank generate a surprisingly healthy $3 billion in earnings for the first quarter, Wells Fargo CFO Howard Atkins told CNBC.Wells Fargo, the fourth-biggest US bank, stunned investors Thursday by announcing it expected the record results. The news sent the bank’s stock [WFC 19.20 4.31 (+28.95%) ]soaring and pushed the entire stock market higher.

In a live interview, Atkins said the bank released the results two weeks early because it felt the the news was important to the market.

Seems like a very smart move to release earnings early get ahead of the federal steamrolling TOTUS bank controlling ensnarement mechanism called stress test results….

TOTUS does not want to take the TARP back from the big financials, he wants to control lending. They want to give it back. Good for Wells getting ahead of Geithner…I still wouldnlt buy a bank other than one in Canada though, too risky for me :0)

Advice for Jamie Dimon, send your TARP repayment paperwork to Sheila Bair at FDIC, she does what needs to be done not what she wants to do..ask the regional banks they applied to FDIC not Timmeh….

April 9, 2009. Tags: , , , , . Economy, FDIC, Finance, Obama Administration, Politics, TARP, Uncategorized, Wall St.

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