Wells Fargo (WFC) Rallying Today

Wells Fargo (NYSE: WFC) has been beat up this week, but investors are cheering the news of Wells Fargo cutting its dividend. By wells Fargo, lowering the dividend to 5 cents, it will allow it to preserve more capital and put it in a better situation in this current environment.

Wells Fargo reported very strong results in the first two months of of '09, originating over $59 billion in mortgages.

Remember Warren Buffett is a big investor in Wells Fargo and Buffett's track record says WFC will once again rise from the ashes.

Wells Fargo is currently up 11% to $9.02

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