WFC, Wells Fargo & Co.

wfc dec 6 2014

With a market capitalization of >$285 bln. WFC has overtaken the record of Citigroup, set in 2001, for being the largest US bank. (That was not achieved by internal organic growth as the take-over of Wachovia had a lot to do with it). Perhaps also the fact that Warren Buffett reportedly has a $25 bln. stake in this bank.

     In any event the stock is back in the channel, has overtaken both Bank of America and Citi Bank and there is little left to do. A step aside type of situation, certainly if the stock moves up closer to the trend line at about $58 or so.