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.
(6 votes)
on Thu, 10/22/2009 - 12:39
#107002
If a stock pump occurs on CNBC and they have no viewers, does it make a sound?
on Thu, 10/22/2009 - 12:49
#107012
+1
Unfortunately, you don't have to see shit to smell shit.
on Thu, 10/22/2009 - 13:48
#107115
The nose knows!
on Thu, 10/22/2009 - 16:10
#107336
CNBC pumps up and inflates everything, just ask Michelle Caruso Cabrera. I have the proof:
http://img246.imageshack.us/img246/3238/michellecarusocabrera.jpg
on Thu, 10/22/2009 - 12:50
#107019
depends on how much noise c-c's tits make when bouncing around
on Thu, 10/22/2009 - 12:57
#107032
Ah yes, the sweet sound of saline sloshing.
on Thu, 10/22/2009 - 13:47
#107056
The posters on here pay close attention to the taking heads, especially if their pimping
on the "soft core" channel, only to dump to the retail bag holders a few hours later....
On a side note how did Ms Burnett end up on the 40 under 40 list.....?
on Thu, 10/22/2009 - 14:34
#107195
<<<On a side note how did Ms Burnett end up on the 40 under 40 list.....?>>>
Cost of doing business.
on Thu, 10/22/2009 - 14:48
#107213
Somebody must be looking to find the Map to Erin Burnett's Snatc.(oops edit)Heart..
http://dealbreaker.com/2008/01/map-to-erin-burnetts-heart-the.php#comments
:)
on Thu, 10/22/2009 - 12:50
#107017
Listen to any quarterly analysts call covered by Bove and you can hear him spoon feeding the soft balls to management so they can reach for the bleachers. He should have his license to practice financial journalism revoked. He's nothing more than an Illuminated Propoganda Factory. Nancy Bush is the only analyst whose ramble is not wholly bought-and-paid for by the financial oligarchy. The same way the Fed has purchased the Financial & Economics Professors. Just look at the rings on their fingers and you'll get a glimpse into the war machine. That war my friend is the war against you.
on Thu, 10/22/2009 - 13:18
#107061
Nice.
on Thu, 10/22/2009 - 12:50
#107018
I've got an idea. How about we give Dick an hour long program on CNBC? We could put a red rubber ball on his nose and call it "The Crazy Dick Show". We could give him airhorns and whistles to blow when a stock rises and a trombone to play when it falls. And he could have CEO's of big corporations on the show and could ask them if we should buy stock in their companies.
on Thu, 10/22/2009 - 13:33
#107089
they already have that. its on at 6p every night
on Thu, 10/22/2009 - 13:46
#107112
Oh that's right!
Never mind.
on Thu, 10/22/2009 - 14:05
#107144
He had a show, but it got pulled a while back...I can't guess why.
GOTTA have that Dick!
http://www.adultswim.com/video/?episodeID=8a250aae21c494220121c730d969006b
on Thu, 10/22/2009 - 12:53
#107024
what a schtoop...
on Thu, 10/22/2009 - 12:56
#107027
I'm on the edge to see what happens at 3pm today.
More ramp despite g'd awful employment numbers or another liquidation?
The shit is literally oozing out of the economic news every day now.
on Thu, 10/22/2009 - 12:56
#107028
Poor Dick Bloviate,
He has been a running joke for years, a knave and fool in one neat ersatz santa/Orson Welles package. The veneer is thinning with each rinse cycle, as it is on the poor pumpage of CNBS. Bloomberg is looking no less foolish, no less knavish.
Prominence and pretense are one and the same in the business of retail shillery otherwise know as sell side analysis. I pity the man. I truly do.
on Thu, 10/22/2009 - 13:07
#107045
PIPE,
A thoughtfully handsome post..
on Thu, 10/22/2009 - 13:23
#107072
Quite.
(in my best Commander McBragg voice http://www.youtube.com/watch?v=GoBIavBFVbs )
on Thu, 10/22/2009 - 13:52
#107123
Oh yes,
I remember Commander McBragg, he used to visit in the bohemian section of London in a place called The Pillars of Hercules, a well known pub of failed poets and unsensitized drunks. As for myself, I moved on to become a CNBC analyst.
on Thu, 10/22/2009 - 13:00
#107034
Hey bloggers. I bet Dick Bove has way more money than most of you.
on Thu, 10/22/2009 - 13:12
#107055
He does have a 4000 sqft home in Tampa. It's only lost 70% of it's value.
On to the next project
on Thu, 10/22/2009 - 13:15
#107059
Of course it's in Florida, "The Protect Your Homestead From The Feds State"
on Thu, 10/22/2009 - 13:41
#107101
Bove could be bought and sold many times over by many on this board...especially if he went all in on his Lehman call. Ha
He makes Cramer look judicious.
on Thu, 10/22/2009 - 14:10
#107154
Shit, you're right...money = smart. Its a good thing we can measure an individual's worth to society by how much money they have. I like you. Lets be friends.
on Thu, 10/22/2009 - 14:12
#107155
First, you sound like you are 12? Does Dick have kids?
Second, if he's dumping what he's busy pumping only to dump on it a few short hours later then he probably has made a pretty good living -- however, since that would be illegal not sure why you are cheerleading for him. The facts speak for themselves, the guy is an idiot who regularly speaks before he thinks or does any sort of analysis...perhaps that's why he's had about 5 different employers in a year.
on Thu, 10/22/2009 - 14:14
#107158
Yes, dumbass, because we actually have ethics. The SOB just admitted that he didn't do any work,but pumped the stock. Maybe you no conscience, but I do.
on Thu, 10/22/2009 - 14:38
#107203
Hey Dick Bove. Is theft admirable?
on Thu, 10/22/2009 - 15:53
#107311
Does that prove he is smart ----or a thief?
on Thu, 10/22/2009 - 15:57
#107320
And Al Capone probably had more money than Dick Bove, in 1930's dollars.
Your point was... what?
on Thu, 10/22/2009 - 13:00
#107036
That includes you too Tyler.
on Thu, 10/22/2009 - 16:06
#107331
Tyler Durden makes soap. Durden is a rich man among rich men. And he is clean.
Also he is insane. Brilliant... but insane.
There is real value in genuiine insanity. Because only the insane noticed the box, and got out.
cougar
on Thu, 10/22/2009 - 13:01
#107038
Dick do us all a favor and quit your job as an analyst and start a financial blog. Now that would at least provide a chuckle or two.
on Thu, 10/22/2009 - 13:02
#107039
CNBC should refuse to comment on all things financial.
on Thu, 10/22/2009 - 13:09
#107049
Yes, I agree, that would be a little reaching on their part.
on Thu, 10/22/2009 - 13:19
#107064
Aw, perfect. They should just have the girls do Victoria's Secret Modeling. Other than MCC though. Noooot that pretty.
on Thu, 10/22/2009 - 13:42
#107104
Naked news?
on Thu, 10/22/2009 - 14:44
#107212
Car wash establishments & CNBC. Good metrics.
on Thu, 10/22/2009 - 13:12
#107053
"And all those who bought WFC per your CNBC-sponsored appearance"... are morons. Are there that many morons out there?
on Thu, 10/22/2009 - 13:13
#107057
talked numbers in the morning
http://www.cnbc.com/id/15840232?video=1302711911&play=1
Bove on Wells Fargo, Morgan Stanley Earnings
Airtime:
document.write(cnbc_video_toDateString(1256126700000));
Wed. Oct. 21 2009 | 8:05 AM ET
=============================================
http://www.cnbc.com/id/15840232?video=1303114885&play=1
Airtime:
document.write(cnbc_video_toDateString(1256155500000));
Wed. Oct. 21 2009 | 4:05 PM ET
Bob Pisani reports on the trading day from the NYSE
on Thu, 10/22/2009 - 13:27
#107080
Actually Dick "Blove" (as in "Bloviate") performs a useful service.
He and Jim Cramer (another CNBC idiot) are both amusing and useful indicators of what to do if you run out of investment or trading ideas.
Listen to what they propose - and then, if your trading model agrees, do the opposite.
FWIW, I cleaned up on WFC the other day - but backtesting my models , I could have really have made out like a bandit had I been more consistently contrary to these two.
But, WFC made up for what was shaping up to be a very ordinary week in Swordfish central.
Keep Blove and Cramer on the air - besides, Cramer's gal is pretty nice eye candy.
KptLt. Laughing Swordfish
9er Unterseeboote Flotille
on Thu, 10/22/2009 - 13:32
#107086
Smack Mr. Bovee with the ugly stick. Oh wait,.....someone already did.
He is nothing more than a tool. CNBS used him for exactly that.
on Thu, 10/22/2009 - 13:32
#107087
Hey, seriously, Bove did at least do the right thing by coming out and changing his call. I don't like the guy's analysis one bit, but you really shouldn't be knocking him down for doing the right thing and reversing his call. He should get clipped for the "instant" analysis, as for changing his call? I give respect.
on Thu, 10/22/2009 - 16:10
#107338
If his "right move" looked like pump-n-dump then it was not the right move.
This by definition.
To avoid that he should have kept his yap shut and calmly slipped off the stage. Over-correcting when you flub your lines is bad form.
on Thu, 10/22/2009 - 13:42
#107091
Well, we're practically back to where we were yesterday on the Dow with the dollar pinging around 75 again.
If a last-hour drop is completely erased by midday the next day, did it even happen?
Also, is it time to call yesterday's last-hour action a giant bear trap, since the market had seemed to hit a top with no intraday momentum to the upside along with a declining dollar? Perhaps PPT just needed some weak-handed shorts to pile onto that big dip.
on Thu, 10/22/2009 - 14:46
#107217
Trade generation.
on Thu, 10/22/2009 - 13:37
#107096
A well known guy is setting up a fund in Boston with 10million in capital. The banks are drooling over the biz, at 0.25 cents per share.
Levered 8 to 1 the guy promises 30million shares a day in trading.
That's 19million dollars a year in commish.
And people wonder why the markets can reverse in 2 minutes late in the day by 150bps, based on Dick Bovine's call on WFC???
This is not a market looking for an excuse to go down, or up. This is a market that has absolutely no clue, minute by minute. It's a bunch of guys in Shelby Cobras in a circle playing chicken, waiting to see who flinches which way on each data point, with each player thinking he has faster reflexes than the other guy.
on Thu, 10/22/2009 - 14:17
#107168
I think you meant .0025 cents per share.
If not, he must have a helluva strategy to over come those kinds of commissions.
on Thu, 10/22/2009 - 23:17
#107889
.25 cents per share is .0025 dollars per share.
Verizon math moment?
on Thu, 10/22/2009 - 13:51
#107122
Ok. So the guy has the balls to downgrade a piece of crap right after making initial comments that things looked ok? What's the problem here. Lehman was a crapshoot either way. I don't think you can judge merit on one call. Only through overall performance can we judge overall merit. In the meantime keep bringing the ideas and debate (Mr. Bove included).
on Thu, 10/22/2009 - 14:07
#107148
I met Bove many years ago. He was a nice guy but it was clear to me that he doesn't dig too deeply into the numbers. The higher the profile, often the shallower the work.
on Thu, 10/22/2009 - 14:25
#107180
I love CNBC pumps, quick 500-800.
on Thu, 10/22/2009 - 14:27
#107185
"And all those who bought WFC per your CNBC-sponsored appearance, only to see massive losses thanks to your subsequent downgrade"
WFC opened at $30.10 yesterday and just traded at $30.18. I agree that Bove is a Dick, but massive losses?
on Thu, 10/22/2009 - 14:41
#107206
Bove should certainly keep making his buy opinions known. Short sellers can get wealthy off him. What's wrong with that?
on Thu, 10/22/2009 - 14:58
#107242
ANYBODY who is dumb enough to listen to that narcissistic fool, Bove, deserves to lose their shirt. Simple. Like CNBC, he typifies what is so wrong with the the whole financial industry and the reporting of it.
on Thu, 10/22/2009 - 17:15
#107438
To be honest, I don't think Bove did anything intentionally malicious. He's seriously way too clueless (cf. BankAtlantic, Lehman, BofA, Citi) to be evil.
And besides, his calls don't affect the price of a stock for long: up one day and down immediately after, or vice versa. Outside of MS, WFC had the biggest major bank gains today, up to where it was when he made his call. The same thing happened back in August when he downgraded the sector.
But seriously, "those who bought [anything ever based on] CNBC" should be kept away from markets, stovetops, sockets and sharp objects.
on Thu, 10/22/2009 - 18:45
#107588
It's rare for the fundementals and techicals to align perfectly and allow one to draw such a conclusive opinion. But in "the dicks" case they do: Shite.
on Thu, 10/22/2009 - 20:36
#107721
<<the sound of lowing cattle>>
on Thu, 10/22/2009 - 21:01
#107755
thanks ZH for calling this guy out, can't stand to watch CNBC good someone does to watch dog them
on Thu, 10/22/2009 - 22:44
#107858
Dick Bove before he dicks you.
on Fri, 10/23/2009 - 04:48
#108017
It's a bit sad to tag people with a buy call on Lehman/Bear. Exceptional circumstances.
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