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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Perspective who wrote (138534)8/1/2008 9:07:39 PM
From: DebtBombRead Replies (3) of 306849
 
Wachovia Rallies on Speculation Goldman Sachs May Make Bid

By Jeff Kearns

Aug. 1 (Bloomberg) -- Wachovia Corp. jumped to a seven-week high on renewed speculation that Goldman Sachs Group Inc. may bid for the fourth-largest U.S. bank.

``There have been takeover rumors,'' said Fred Froewiss, vice president of institutional sales at RF Lafferty & Co. in New York. ``Its always a possibility but I don't give it a high likelihood.''

Wachovia climbed 9.9 percent to $18.98 in 4:15 p.m. New York Stock Exchange composite trading. The stock has dropped 50 percent this year, paring a 2008 loss of as much as 79 percent last month. Goldman, the largest and most profitable U.S. securities firm, slipped 1.1 percent to $182.

``The speculation is Goldman is buying Wachovia,'' said Michael Nasto, the senior trader at U.S. Global Investors Inc., which manages $6 billion in San Antonio. ``That's why the stock is ripping.''

Wachovia spokeswoman Christy Phillips Brown and Goldman spokesman Michael DuVally declined to comment.

Oppenheimer & Co. analyst Meredith Whitney said in a July 30 note that Goldman is ``highly unlikely'' to acquire a retail banking operation.

Whitney's note came just days after Merrill Lynch & Co. analyst Guy Moszkowski told investors they shouldn't ``rule out'' a bank acquisition by Goldman.
bloomberg.com
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