Wells Fargo Sinks After UBS Initiates Cover At A Sell

Wells Fargo

shares are trading lower by $1.11 at $48.65 in Thursday's session. The catalyst for the decline is an initiation of coverage at UBS at a Sell rating, citing credit risks not calculated into its valuation. After a lower open, it managed a $0.06 pop to $49.08 before continuing its move lower. So far it has reached $48.52 and has not been able to distance itself from that level. That marks the lowest level for the issue since it bottomed on March 10 at $47.96.