Dick Bove's Instamath Gets Him In Trouble, Will No Longer Grace TVs With "Instant Analysis" Presence
As Zero Hedge pointed out first, yesterday Dick Bove performed what should be a FINRA or SEC punishable act, by first pumping the stock of Wells Fargo live on pumpathon central CNBC, and subsequently downgrading it, causing a major market selloff. Today, Bove tries to backtrack and explains the foolishness of his actions, while telling all those stupid enough to follow his recommendations that he will no longer be providing "immediate earnings commentary" (whatever the hell that is) on air. If his "less than immediate commentary," such as his Buy call on Lehman weeks before the bank filed for bankruptcy, is any indication, perhaps Mr. Bove should consider dropping the "commentary" business period.
Prominent banking analyst Dick Bove, who caused a stir Wednesday
with seemingly contradictory remarks on Wells Fargo, has decided he’ll
no longer provide immediate earnings commentary on air.
“I’m not going to do it anymore. I’m going to have to see the
numbers before I go on air,” Bove told Dow Jones Newswires Thursday.
“It creates an untenable situation.”
Excuse us... "going to see the numbers before I go on air????" This presumed expert goes on air without having a clue what the hell he is talking about in the first place? And viewer-starved networks such as CNBC actually have him? The situation would be hilarious if it wasn't so tragic.
“Once I went through the numbers, it was evident to me that this company’s earning power was lower,” Bove said Thursday.
Late Wednesday, he had said that what CNBC wants “is a quick reaction to a number, that’s what they want,” contending there wasn’t a conflict between the statements.
CNBC declined to comment Thursday on Bove.
Why, thank you for explaining your reasoning, Dick. And all those who bought WFC per your CNBC-sponsored appearance, only to see massive losses thanks to your subsequent downgrade, are surely also also very grateful. Yet, in the off chance they are not, we provide a link to the FINRA investor complaint center. It does sadden us that you will no longer provide self-professed clueless banter with the CNBC anchors. After all, you (and they) do that so well, day after day.