Wells Fargo Hears "Uncle"

Forgive Citigroup (C) if it's got its mind on other things today than to worry about buying out Wachovia Bank (WB).  Wells Fargo (WFC), after a late-entry bid, managed to land the major commercial bank today.  In fact, we hope Wells Fargo can understand if we don't offer due congratulations for the accomplishment amid such an environment.

Then again, after this morning's devastating opening across the board, WFC shares are actually up $1.20, or more than 4%, at this time.  So perhaps proper acknowledgement is in order, after all.

That said, Wells Fargo is in no way immune to the foundations rumbling on Wall Street.  According to Zacks senior financials industry analyst Neena Mishra, who covers WFC with a Hold rating currently: "Given the continued market challenges, it is expected that credit metrics will further deteriorate in the coming quarters, requiring the company to make higher loss provisions."

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Read the full analyst report on WFC