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This news item deserves its own thread:
http://online.wsj.com/article/SB1193...oo_hs&ru=yahoo
Countrywide reports 1.2B loss, says it will be profitable.
My comments:
1. Short covering
2. Is there someone out there that actually believes these clowns? Maybe the same type of people that took on neg-am option arm loans at the top in 2005, but those people don't have money any more.
3. Put/short opportunity right here. You listening c1ue? (although I will also say it may get another pop when Helicopter Ben decides to attempt to bail out his wall st. buddies again.)
http://online.wsj.com/article/SB1193...oo_hs&ru=yahoo
Countrywide reports 1.2B loss, says it will be profitable.
At the same time, the largest U.S. home-mortgage lender by market share expects to return to profitability as soon as this quarter, despite the persistent weakness in the U.S. housing market. David Sambol, Countrywide's president and chief operating officer, said the company views the third-quarter loss of $1.2 billion -- or $2.85 a share -- as "an earnings trough," adding that it anticipates being profitable in the fourth quarter and next year.
Shares of Countrywide surged $4.10, or 31%, to $17.17 in late afternoon trading.
Shares of Countrywide surged $4.10, or 31%, to $17.17 in late afternoon trading.
1. Short covering
2. Is there someone out there that actually believes these clowns? Maybe the same type of people that took on neg-am option arm loans at the top in 2005, but those people don't have money any more.
3. Put/short opportunity right here. You listening c1ue? (although I will also say it may get another pop when Helicopter Ben decides to attempt to bail out his wall st. buddies again.)
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