Wells Fargo (WFC) NewsBite - WFC Falls on Financial Sector Worries

Posted on Tuesday, August 12, 2008 10:04 AM

Wells Fargo (NYSE: WFC) opened at $31.00. So far today, the stock has hit a low of $30.94 and a high of $31.34. WFC is now trading at $31.19, down $0.42 (-1.33%). Over the last 52 weeks the stock has ranged from a low of $20.46 to a high of $37.99. WFC shares are trading lower with other banks this morning after writedown announcements from UBS (UBS) and JP Morgan Chase (JPM) rekindled investors' worries about the slumping financial sector. Technical indicators for the stock are neutral and S&P gives WFC a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on WFC the stock seems like it could be a candidate for a September out-of-the-money bear-call credit spread above the 35 range. [ABR-Seven Summits Strategic Investments NewsBite]

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