Wells Fargo & Co.’s stock dropped 0.8% in afternoon trade Wednesday, toward a 2 1/2-month closing low, after The Wall Street Journal reported that Federal prosecutors were investigating the bank over its sales tactics. On Friday, the bank was fined $185 million by federal and local authorities for illegal practices that included opening accounts without customers’ knowledge. The stock has now lost $4.21, or 8.3%, since it closed at a three-month high on Aug. 31. Warren Buffett’s Berkshire Hathaway Inc. , which is Wells Fargo’s largest shareholder with 479.7 million shares, or 9.5% of the shares outstanding, as of June 30, could be losing about $2.02 billion on his investment month to date. Wells Fargo’s stock has now lost 14% year to date, while the SPDR Financial Select Sector ETF has slipped 0.2% and the S&P 500 has gained 3.9%.
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