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Technology Stocks : Zitel-ZITL What's Happening -- Ignore unavailable to you. Want to Upgrade?

To: Deep Digm who wrote (13910)	1/29/1998 12:59:00 PM
From: Gary S.	Read Replies (3) \| Respond to of 18263

Hi Deep following news supports your $80 million estimate for Wells Fargo deal. with 15 million per quarter...it may very well go over $80 million if continue for 6-7 quarters. Wells Fargo <WFC.N> shrs slip as estimates are cut LOS ANGELES, Jan 27 (Reuters) - Wells Fargo and Co's shares fell for the second straight day as analysts revised 1998 earnings forecast downward for the San Francisco-based banking giant. "The stock's been going down steadily as analysts revise their estimates," said Brown Brothers Harriman analyst Ray Soifer, noting the stock has fallen roughly 10 percent since January 20 when Wells reported fourth quarter net income of $3.40 a share, which fell just shy of Wall Street estimates. Wells Fargo shares fell 2-1/4 to 292-3/4, after falling over 4 on Monday. Bankers Trust analyst Joe Morford said he cut his 1998 estimate from $17 a share to $15.85 in the last week. "Core operating expense levels were higher than expected in the fourth quarter and management indicated they will remain at higher levels through 1998, hence earnings estimates have come down for the company," Morford said. Soifer said Wells' original expense target for the fourth quarter was $880 million, but came in at $963 million, of which $940 million represented the running rate of expenses likely to prevail in 1998. Wells also indicated there will be additional year 2000 compliance costs of about $15 million per quarter. Wells Fargo was not available for comment.