Wachovia's Remnants Hard to Value

Wachovia (WB Quote) shares nearly doubled Tuesday as investors perhaps saw some value in the businesses left behind after Citigroup's (C Quote) acquisition of its banking operations.

Wachovia shares dropped 90% on Monday following news that the Federal Deposit Insurance Corp. brokered a hurried deal to sell the company's retail bank, corporate and investment bank and wealth management business to Citi for $2.16 billion. Wachovia will retain its Wachovia Securities, the nation's third-largest brokerage firm, and Evergreen Asset Management.

Analysts say Wachovia has so far offered little perspective on what would become of the rest of the company. ...