Macro Tsimmis

intelligently hedged investment

Wachovia Corporation (WB) update

Posted by intelledgement on Wed, 12 Dec 07

Things keep deteriorating for Wachovia Corporation (WB), the big league US bank we have sold short. Wachovia filed a Regulation FD Disclosure with the SEC today revealing that they now expect to file a loan loss provision in the current quarter of $1B, up from the $500-to-$600MM expected as recently as last month. The stock closed at $40.53, down 3% on heavy volume.

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