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Current DateTime: 08:38:12 25 Nov 2009
LinksList Documentid: 30483322
Expiration DateTime: 11/25/2009 8:39:22 PM

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Current DateTime: 08:38:13 25 Nov 2009
LinksList Documentid: 30456179
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WFC Moves Down As Dick Bove Downgrades
Published: Wednesday, 21 Oct 2009 | 3:59 PM ET
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By: Bob Pisani
CNBC Reporter

Stocks weakened midday, with three catalysts:

1)  Rochdale analyst Dick Bove downgrades Wells Fargo [WFC  Loading...      ()   ] late in the day to a Sell but maintains the price target of $25.  Bove talked earlier in the day that there was a serious erosion in the bank's loan quality in the third quarter. "It does not appear that the bank can sustain the third quarter's results. I would avoid the stock," Bove said.  WFC down 4.5 percent.

2) crude rally over $80 is beginning to weigh on equities

3) Wal-Mart [WMT  Loading...      ()   ] announced hundreds of millions of dollars in price cuts for the holidays shortly after 2 PM ET; this is potentially going to kill prices (margins) in retail; retail stocks drop on the news.  WMT down 2.3 percent.

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