Wells Fargo Not Participating In Rally
Wells Fargo & Co (NYSE: WFC) shares are trading lower by $0.70 at $48.00 in Tuesday's session. It's the only one of the top 10 components of the S&P 500 index that is not firmly in the green. It's trading lower for the fifth day in a row, falling from $50.67 to its current level over this time period.
After a lower open, it couldn't retake Monday's close ($48.70), only reaching $48.65 before continuing lower. So far, it has reached $47.84 and is struggling to remain in the $48 handle.
The current low coincides with its March 10 low of $47.96.
Warren Buffett raised its stake in Wells Fargo to 10 percent. According to regulatory filings, Buffett's investment arm Berkshire Hathaway owns 506.3 million shares of Wells Fargo.
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