Wednesday, October 21, 2009

Stock Market Update: Wednesday, October 21, 2009

At one point today U.S. Bank was well over $25 a share as a result of today's announcement of our great third quarter results - not to mention beating analysts expectations for the quarter! However, it settled down a bit in the final hours and we ended the day at $24.43. Still a dang good day for U.S. Bank, especially considering the Dow dropped back below 10,000 points.

If you want to see how folks have reacted to our earnings announcement, check out the links on the Yahoo Finance page for U.S. Bancorp. It has lots of links to what folks are saying about us today. In addition to great comments about beating analysts expectations for the quarter, there was this, in the lead paragraph from the Wall Street Journal story: "U.S. Bancorp views its rising revenue and profits in the third quarter as confirmation that, in banking, boring is better." Boring is better. Sheesh! I know what they mean but my feelings are still hurt.

One other big weird interesting thing in the market today. In addition to U.S. Bank, Morgan Stanley and Wells Fargo also announced really great quarterly results today. However, there is this big hotshot analyst named Richard Bove, who raised some concerns about Wells Fargo's non-performing loans, which have been increasing at a much faster pace than other peer banks. That drove their stock price down pretty steeply, as a result. Imagine how they must feel. Announcing GREAT financial results in the morning, only to have some dude throw cold water on the whole thing in the afternoon! (By the way, U.S. Bank looks dang good in comparison to our peers.)
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