You people have really done it now. Yesterday Dick Bové went on CNBC right after Wells Fargo had announced earnings, at which time he described the bank as a "standout" and one that had its loan losses "under control." Boves followed this up by downgrading WFC from neutral to sell. No big D, she thought, but apparently some people begged to differ! DiBo was taken to task for the sharp sell off in Wells (and the market in gen) and now, because the relentless bitching just will not quit, she's decided she's going to pack up her act and leave. According the Rochdale analyst, we will no longer be treated to her analysis of a company she hasn't yet analyzed. Now, she's going to start doing her homework before appearing on television to make recommendations and what's more? She's no longer going to play the game where Michelle Caruso Cabrera names a company and she blurts out the first word the comes into her head.
Prominent banking analyst Dick Bove, who caused a stir Wednesday with seemingly contradictory remarks on Wells Fargo, has decided he'll no longer provide immediate earnings commentary on air.
"I'm not going to do it anymore. I'm going to have to see the numbers before I go on air," Bove told Dow Jones Newswires Thursday. "It creates an untenable situation."
Bove, a prolific analyst who is widely followed but doesn't usually generate such a big reaction with his research, said Thursday that it took him six hours to digest Wells Fargo's quarterly earnings after his CNBC appearance. He also acknowledged the risks of rapid-fire earnings comments on television.
"Once I went through the numbers, it was evident to me that this company's earning power was lower," Bove said Thursday.
Late Wednesday, he had said that what CNBC wants "is a quick reaction to a number, that's what they want," contending there wasn't a conflict between the statements.
CNBC declined to comment Thursday on Bove.