Wells Fargo (WFC) reported net income rose 3% to a record $3.34 billion in the third quarter, thanks to its merger with Wachovia, the bank said. Also, improving credit conditions managed to offset a 7% fall in revenue.
In the third quarter, Wells Fargo posted earnings of 60 cents per share, up from 56 cents for the same period last year. Analysts had expected earnings of 55 cents a share. "Record earnings in the third quarter reflect the success of the Wachovia merger and the benefits of Wells Fargo's steady commitment to our core business of helping customers succeed financially," said Chairman and CEO John Stumpf.
"Credit losses continued to trend down, with net charge-offs declining 9% linked quarter, and down $1.3 billion, or 24%, from the peak in fourth-quarter 2009," said Chief Financial Officer Howard Atkins. Provisions for credit losses dropped 44% from $6.11 billion last year to $3.45 billion.
The Big Question: Foreclosures
However, Well Fargo revenue declined 7% to $20.9 billion, compared to $22.5 billion in third-quarter 2009. That drop was due to smaller net debt and equity security gains, PCI (purchased credit impaired) loan resolution income and the impact from the overdraft regulation changes. Some businesses, though, generated double-digit annualized revenue growth, including asset management, mortgage banking, brokerage, commercial banking, commercial mortgage servicing, commercial real estate and debit card.
Still, if Bank of America's (BAC) earnings yesterday are any indication, what investors would really like to understand is how Wells Fargo is faring in regard to foreclosure and mortgage issues.
Stocks closed mixed Friday as Google's (GOOG) strong quarterly earnings lifted technology stocks but mounting concern over the foreclosure crisis and a revenue miss from General Electric (GE) weighed on financials and the broader market.
In addition to third-quarter earnings reports, the markets had to digest the latest inflation data, September retail sales and Federal Reserve Chairman Ben Bernanke's speech making the case for more stimulus to keep the tepid economic recovery on track.
The blue-chip Dow Jones Industrial Average ($INDU) lost 32 points, or 0.3%, to close at 11,062. GE led the blue-chip decliners after missing the Street's revenue estimate, while Dow components JPMorgan (JPM) and Bank of America (BAC) were part of a wider sell-off in financial stocks.
eric seiger
Windows Phone Locks-in MicroSD Cards
ghacks Technology News � Home � Forum � T-Shirts � Windows � Linux � Software � Internet Explorer � Firefox � Email � Archives � Contact � Advertise � RSS. Author: Mike Halsey; Saturday November 13, 2010 ...
Ted Koppel | Koppel Fox <b>News</b> MSNBC | Koppel Washington Post | Mediaite
200000 people may have gone to listen to Jon Stewart decry the domination of partisan and extreme opinions in our news media and political discourse but, at the end of the day (and, as he tried his best to explain last night with Rachel ...
Atlanta Hawks: Off Day <b>News</b> and Notes - Peachtree Hoops
News and Notes from following the Atlanta Hawks games against the Bucks and the Jazz.
eric seiger
Wells Fargo (WFC) reported net income rose 3% to a record $3.34 billion in the third quarter, thanks to its merger with Wachovia, the bank said. Also, improving credit conditions managed to offset a 7% fall in revenue.
In the third quarter, Wells Fargo posted earnings of 60 cents per share, up from 56 cents for the same period last year. Analysts had expected earnings of 55 cents a share. "Record earnings in the third quarter reflect the success of the Wachovia merger and the benefits of Wells Fargo's steady commitment to our core business of helping customers succeed financially," said Chairman and CEO John Stumpf.
"Credit losses continued to trend down, with net charge-offs declining 9% linked quarter, and down $1.3 billion, or 24%, from the peak in fourth-quarter 2009," said Chief Financial Officer Howard Atkins. Provisions for credit losses dropped 44% from $6.11 billion last year to $3.45 billion.
The Big Question: Foreclosures
However, Well Fargo revenue declined 7% to $20.9 billion, compared to $22.5 billion in third-quarter 2009. That drop was due to smaller net debt and equity security gains, PCI (purchased credit impaired) loan resolution income and the impact from the overdraft regulation changes. Some businesses, though, generated double-digit annualized revenue growth, including asset management, mortgage banking, brokerage, commercial banking, commercial mortgage servicing, commercial real estate and debit card.
Still, if Bank of America's (BAC) earnings yesterday are any indication, what investors would really like to understand is how Wells Fargo is faring in regard to foreclosure and mortgage issues.
Stocks closed mixed Friday as Google's (GOOG) strong quarterly earnings lifted technology stocks but mounting concern over the foreclosure crisis and a revenue miss from General Electric (GE) weighed on financials and the broader market.
In addition to third-quarter earnings reports, the markets had to digest the latest inflation data, September retail sales and Federal Reserve Chairman Ben Bernanke's speech making the case for more stimulus to keep the tepid economic recovery on track.
The blue-chip Dow Jones Industrial Average ($INDU) lost 32 points, or 0.3%, to close at 11,062. GE led the blue-chip decliners after missing the Street's revenue estimate, while Dow components JPMorgan (JPM) and Bank of America (BAC) were part of a wider sell-off in financial stocks.
eric seiger
Windows Phone Locks-in MicroSD Cards
ghacks Technology News � Home � Forum � T-Shirts � Windows � Linux � Software � Internet Explorer � Firefox � Email � Archives � Contact � Advertise � RSS. Author: Mike Halsey; Saturday November 13, 2010 ...
Ted Koppel | Koppel Fox <b>News</b> MSNBC | Koppel Washington Post | Mediaite
200000 people may have gone to listen to Jon Stewart decry the domination of partisan and extreme opinions in our news media and political discourse but, at the end of the day (and, as he tried his best to explain last night with Rachel ...
Atlanta Hawks: Off Day <b>News</b> and Notes - Peachtree Hoops
News and Notes from following the Atlanta Hawks games against the Bucks and the Jazz.
eric seiger
eric seiger
eric seiger
Windows Phone Locks-in MicroSD Cards
ghacks Technology News � Home � Forum � T-Shirts � Windows � Linux � Software � Internet Explorer � Firefox � Email � Archives � Contact � Advertise � RSS. Author: Mike Halsey; Saturday November 13, 2010 ...
Ted Koppel | Koppel Fox <b>News</b> MSNBC | Koppel Washington Post | Mediaite
200000 people may have gone to listen to Jon Stewart decry the domination of partisan and extreme opinions in our news media and political discourse but, at the end of the day (and, as he tried his best to explain last night with Rachel ...
Atlanta Hawks: Off Day <b>News</b> and Notes - Peachtree Hoops
News and Notes from following the Atlanta Hawks games against the Bucks and the Jazz.
eric seiger
Wells Fargo (WFC) reported net income rose 3% to a record $3.34 billion in the third quarter, thanks to its merger with Wachovia, the bank said. Also, improving credit conditions managed to offset a 7% fall in revenue.
In the third quarter, Wells Fargo posted earnings of 60 cents per share, up from 56 cents for the same period last year. Analysts had expected earnings of 55 cents a share. "Record earnings in the third quarter reflect the success of the Wachovia merger and the benefits of Wells Fargo's steady commitment to our core business of helping customers succeed financially," said Chairman and CEO John Stumpf.
"Credit losses continued to trend down, with net charge-offs declining 9% linked quarter, and down $1.3 billion, or 24%, from the peak in fourth-quarter 2009," said Chief Financial Officer Howard Atkins. Provisions for credit losses dropped 44% from $6.11 billion last year to $3.45 billion.
The Big Question: Foreclosures
However, Well Fargo revenue declined 7% to $20.9 billion, compared to $22.5 billion in third-quarter 2009. That drop was due to smaller net debt and equity security gains, PCI (purchased credit impaired) loan resolution income and the impact from the overdraft regulation changes. Some businesses, though, generated double-digit annualized revenue growth, including asset management, mortgage banking, brokerage, commercial banking, commercial mortgage servicing, commercial real estate and debit card.
Still, if Bank of America's (BAC) earnings yesterday are any indication, what investors would really like to understand is how Wells Fargo is faring in regard to foreclosure and mortgage issues.
Stocks closed mixed Friday as Google's (GOOG) strong quarterly earnings lifted technology stocks but mounting concern over the foreclosure crisis and a revenue miss from General Electric (GE) weighed on financials and the broader market.
In addition to third-quarter earnings reports, the markets had to digest the latest inflation data, September retail sales and Federal Reserve Chairman Ben Bernanke's speech making the case for more stimulus to keep the tepid economic recovery on track.
The blue-chip Dow Jones Industrial Average ($INDU) lost 32 points, or 0.3%, to close at 11,062. GE led the blue-chip decliners after missing the Street's revenue estimate, while Dow components JPMorgan (JPM) and Bank of America (BAC) were part of a wider sell-off in financial stocks.
eric seiger
eric seiger
Windows Phone Locks-in MicroSD Cards
ghacks Technology News � Home � Forum � T-Shirts � Windows � Linux � Software � Internet Explorer � Firefox � Email � Archives � Contact � Advertise � RSS. Author: Mike Halsey; Saturday November 13, 2010 ...
Ted Koppel | Koppel Fox <b>News</b> MSNBC | Koppel Washington Post | Mediaite
200000 people may have gone to listen to Jon Stewart decry the domination of partisan and extreme opinions in our news media and political discourse but, at the end of the day (and, as he tried his best to explain last night with Rachel ...
Atlanta Hawks: Off Day <b>News</b> and Notes - Peachtree Hoops
News and Notes from following the Atlanta Hawks games against the Bucks and the Jazz.
eric seiger
eric seiger
Windows Phone Locks-in MicroSD Cards
ghacks Technology News � Home � Forum � T-Shirts � Windows � Linux � Software � Internet Explorer � Firefox � Email � Archives � Contact � Advertise � RSS. Author: Mike Halsey; Saturday November 13, 2010 ...
Ted Koppel | Koppel Fox <b>News</b> MSNBC | Koppel Washington Post | Mediaite
200000 people may have gone to listen to Jon Stewart decry the domination of partisan and extreme opinions in our news media and political discourse but, at the end of the day (and, as he tried his best to explain last night with Rachel ...
Atlanta Hawks: Off Day <b>News</b> and Notes - Peachtree Hoops
News and Notes from following the Atlanta Hawks games against the Bucks and the Jazz.
eric seiger
Windows Phone Locks-in MicroSD Cards
ghacks Technology News � Home � Forum � T-Shirts � Windows � Linux � Software � Internet Explorer � Firefox � Email � Archives � Contact � Advertise � RSS. Author: Mike Halsey; Saturday November 13, 2010 ...
Ted Koppel | Koppel Fox <b>News</b> MSNBC | Koppel Washington Post | Mediaite
200000 people may have gone to listen to Jon Stewart decry the domination of partisan and extreme opinions in our news media and political discourse but, at the end of the day (and, as he tried his best to explain last night with Rachel ...
Atlanta Hawks: Off Day <b>News</b> and Notes - Peachtree Hoops
News and Notes from following the Atlanta Hawks games against the Bucks and the Jazz.
eric seiger
Windows Phone Locks-in MicroSD Cards
ghacks Technology News � Home � Forum � T-Shirts � Windows � Linux � Software � Internet Explorer � Firefox � Email � Archives � Contact � Advertise � RSS. Author: Mike Halsey; Saturday November 13, 2010 ...
Ted Koppel | Koppel Fox <b>News</b> MSNBC | Koppel Washington Post | Mediaite
200000 people may have gone to listen to Jon Stewart decry the domination of partisan and extreme opinions in our news media and political discourse but, at the end of the day (and, as he tried his best to explain last night with Rachel ...
Atlanta Hawks: Off Day <b>News</b> and Notes - Peachtree Hoops
News and Notes from following the Atlanta Hawks games against the Bucks and the Jazz.
eric seiger eric seiger
eric seiger
eric seiger
eric seiger
Windows Phone Locks-in MicroSD Cards
ghacks Technology News � Home � Forum � T-Shirts � Windows � Linux � Software � Internet Explorer � Firefox � Email � Archives � Contact � Advertise � RSS. Author: Mike Halsey; Saturday November 13, 2010 ...
Ted Koppel | Koppel Fox <b>News</b> MSNBC | Koppel Washington Post | Mediaite
200000 people may have gone to listen to Jon Stewart decry the domination of partisan and extreme opinions in our news media and political discourse but, at the end of the day (and, as he tried his best to explain last night with Rachel ...
Atlanta Hawks: Off Day <b>News</b> and Notes - Peachtree Hoops
News and Notes from following the Atlanta Hawks games against the Bucks and the Jazz.
As an investment strategy, flipping properties can be tremendously lucrative - but like any investment, there is a certain amount of risk involved. It pays to educate yourself and learn some smart house flipping tips and familiarize yourself with the lay of the land and the nature of the market before you start foreclosure investing. If you are a skilled handyman, you may actually find the rehabbing houses in need of repair can be a very good way to make money in real estate, since damaged properties can be had at a large discount - and since the largest expense is labor, anything you can repair yourself represent "sweat equity" that can be turned into extra cash at the end of the day.
How To Flip a House 101
At its most basic, flipping houses is the concept of "buy low, sell high." In this case, you are looking for a property that can be had for a low price, the turn around and sell this to a second party for a substantial markup. The best of all house flipping tips is to find a "distressed property" with a "motivated seller" who will give you the home for a bargain price , then turn around and sell it for a tidy profit.
Once you have done it a few times and really know how to flip a house, you'll never have. to worry about finances again. It still requires some homework, however. Whether you're into rehabbing houses in need of repair or are flipping properties that have been foreclosed upon, your first stop should be at a local bank our mortgage company. These institutions generally maintain listings of "distressed" and foreclosed properties and are usually anxious to get rid of them.
More house flipping tips
If you see signs that say "For Sale By Owner," that's a good indication that you are looking at a motivated buyer. S/he may be facing foreclosure or divorce, or tax problems. In any event, chances are that you can negotiate an excellent price with such a buyer that will leave you with a sizable profit margin.
If you would know more about how to flip a house
and rehabbing houses, your best course of action is to get to know some local real estate agents - particularly those whose specialize in foreclosed properties. It's always a good idea to learn from the experts - and the greatest experts are those who have been there and done that.
eric seiger
Windows Phone Locks-in MicroSD Cards
ghacks Technology News � Home � Forum � T-Shirts � Windows � Linux � Software � Internet Explorer � Firefox � Email � Archives � Contact � Advertise � RSS. Author: Mike Halsey; Saturday November 13, 2010 ...
Ted Koppel | Koppel Fox <b>News</b> MSNBC | Koppel Washington Post | Mediaite
200000 people may have gone to listen to Jon Stewart decry the domination of partisan and extreme opinions in our news media and political discourse but, at the end of the day (and, as he tried his best to explain last night with Rachel ...
Atlanta Hawks: Off Day <b>News</b> and Notes - Peachtree Hoops
News and Notes from following the Atlanta Hawks games against the Bucks and the Jazz.
eric seiger
Windows Phone Locks-in MicroSD Cards
ghacks Technology News � Home � Forum � T-Shirts � Windows � Linux � Software � Internet Explorer � Firefox � Email � Archives � Contact � Advertise � RSS. Author: Mike Halsey; Saturday November 13, 2010 ...
Ted Koppel | Koppel Fox <b>News</b> MSNBC | Koppel Washington Post | Mediaite
200000 people may have gone to listen to Jon Stewart decry the domination of partisan and extreme opinions in our news media and political discourse but, at the end of the day (and, as he tried his best to explain last night with Rachel ...
Atlanta Hawks: Off Day <b>News</b> and Notes - Peachtree Hoops
News and Notes from following the Atlanta Hawks games against the Bucks and the Jazz.
eric seiger
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