Re the closing price, 1.5mm shares went by right before close, with high being $24.50
While I agree with your elitist thoughts inlet boater, remember that banking among these guys is a blood sport. The morale boost and local market (read NC)win from buying WB would be the highlight of these guys' careers......don't underestimate that, even if your portfolio analysis is correct.
Got the wheels turning, didn't it? That's enough buzz to pay their whole marketing budget where I come from for several years.
Think about it--"We were strong enough--in the most challenging banking environment in over twenty years--to buy the fourth biggest bank in America."
Remember Hugh McCall(sp)'s buys in Texas? Stuff of legends, and made his career. Don't believe for a second that Allison wouldn't love to do the same thing!!!
WB is beat down because of their Golden West mess.... BBT wants nothing to do with that... perhaps we could cherry pick some WB parts... although that would make me sad, as I own a ton of WB as well..
Who cares if it closed at $23.40 or $24.50? It was still a wonderful day and a lot better than the teens.
We might see a bump tomorrow if earnings come in around 70 cents a share. We might make it to 26 or 27 tomorrow, which is much better than earlier in the week.
I wish I had had money left to buy at $18+, but I was getting overextended.
And I think buying Wachovia would be a huge, huge mistake.
I believe there's to much overlap and WB's books are to much of a mess. STI makes a lot more sense, as BB&T needs a much stronger Florida prescence and is lower in value than BB&T, while WB is 50% higher, even at these depressed prices. My 2 cents. I think BB&T potentially goes up another 10% tomorrow.