Wells Fargo May Be Set To GallopGary Weiss
Wells Fargo (WFC) is fast becoming the McDonald's of Western banking--its stagecoach symbol as ubiquitous as the golden arches. On Apr. 1, Wells Fargo bolstered its retail-banking clout by acquiring First Interstate Bancorp. The move was supposed to lower costs to the tune of $800 million a year. But when? The Street has been impatient, and the stock has been lackluster in recent months (chart). Still, a few value-hunting money managers are quietly snapping up Wells shares, taking the view that the Street's attitude is short-sighted.
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