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WFC Moves Down As Dick Bove Downgrades

Stocks weakened midday, with three catalysts:

1) Rochdale analyst Dick Bove downgrades Wells Fargo 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 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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