This Just In: Wells Fargo Secondary Announced

Reuters just reported:
1869 RAS 08:12 WELLS FARGO & CO ISSUE TO RAISE $7.5 BLN- SOURCE =A3
1868 RAS 08:10 WELLS FARGO & CO TO SELL 341 MLN SHARES- SOURCE =A2
1867 RAS 08:10 WELLS FARGO & CO WFC PRICES STOCK ISSUE AT $22 PER SHARE

Where did we hear that first? Oh, yeah…Doug Kass’s Gnome told him so yesterday:

From RealMoney Silver:
Will WFC Be the First to Raise Capital?
5/7/2009 10:16 AM EDT

My gnome seems to think so.

High above the Alps, my gnome is hearing that Wells Fargo (WFC) will be the first major bank to raise capital after the stress test results are announced today.

Position: Short WFC

Great Call, Doug.  Your Gnome deserves a pat on the back.

Full Disclosure: I currently manage accounts that are long WFC.  My commentary here is not an invitation to buy or sell any securiies, see my Terms & Conditions page for full disclaimer.