Banking, finance, and taxes
Wells Fargo Offering Larger Than A Super-IPO (WFC, WB, BRK-A)
Published:
Last Updated:
Wells Fargo & Company (NYSE: WFC) has priced that monster share offering. Rather than $10 billion being raised, it is more like $11 billion. The banking giant priced 407.5 million shares at $27.00 per share. The stock closed down 9% today on the news that the offering was coming. It closed down about 8.5% yesterday in the post-election selling. And shares are down 4.7% in after-hours trading at $27.40 tonight.
Over the last two days we have seen a 10% sell-off in the market. Theselling came despite us knowing that the news is going to be bad forbeyond much longer than just this week.
That is the new climate for you, but this is one of the "In The Club"financial institutions that the government has mandated will be asurvivor. It is also one of Warren Buffett’s only personal holdingsand is one of the companies we have predicted he has bought more ofvery recently. We think Berkshire Hathaway (NYSE: BRK-A) has alsobought more, maybe in this offering.
Jon C. Ogg
November 6, 2008
ALERT: Take This Retirement Quiz Now (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
