Looking at a today’s stock value chart for Countrywide Financial Corp reminds me of the big smiley face posted on much of the Mortgage Industry as news of the industry leader’s demise is not nearly as bad as forecast. CFC opened at 16.10, and then fell into the mid 14’s in anticipation of third quarter earnings losses report for the third quarter.
Countrywide lost 1.2 Billion, bad, but not as bad as many expected. More so, The company predict fourth quarter profits, and based a combined three quarter profit/loss of $ 281 million, it’s entirely possible that 2007 may turn out to be no worse than a wash.
Investor’s seem to agree that today’s news could have been much worse. As of this writing CFC is now selling above $17, more than 30% better than yesterday’s close.
Mortgage Industry Professionals. Like what you see?
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how can a company lose soo much money…and at the same time their stock goes up. i hope they do a ‘formal’ inquiry on Mozilo….and put him in jail if he’s found guilty.
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