Wells Fargo shares sold off yesterday after Bill Gross said he did not participate in the debt auction. Today, Wells CFO Howard Atkins clarified what the auction was and why the market reacted wrong to the news.
Disclosure (“none” means no position):Long WFC
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One reply on “Wells Fargo CFO Clarifies Bill Gross Comments”
Fascinating how the markets sell-off based on one mans comments. There are a trillion reasons why Pimco may have passed on the deal and some how this translates to the sell-off Thursday.
Did anyone notice what Cramer said 3min into the vid….that Gross said many institutional investors wont make more investments until Fannie and Freddie get taken care of. My bet is that there may be some truth to Barry Ritholtz’s article What Up With Pimco?