CFC earnings

[scriabinop23]

Quote from detective:

Only on Wall Street can an $8 billion company lose $1.2 billion and go up 30% on the news!

OTOH, the stock went from 24 (the day BAC announced its stake) to 12 in anticipation of this 1.2 billion dollar loss.

So wall street was expecting worse. (of a prognosis for future stabilization)

Not as if the stock stayed at 24, and then caught everyone by surprise when they finally posted a loss.

 

[detective]

This is a company that has the real possibility of going BK and it is valued at $10bil! Wow, what a deal.

 

[interdigital]

So you guys see this going under 10, or even zero, in the long run?

 

[pumpanddumper]

Quote from interdigital:

So you guys see this going under 10, or even zero, in the long run?

Yes. I think there is some juice to the upside left. You have to remember everyone and their mother has been short this for some time.

Media will pump this, Mozilo may come on tv saying everything is just peachy in mortgage land, old shorts will give in and cover. Plus you got FED cutting next week so people will bet upside on financials. You know the same people who thought it was easy street after the last cut and Bank of America bailout.This was the tan man's last stand and last trick.

I say let it take a breather. Maybe $18-$20 before the next shoe drops. I'd like to see lawsuits, charges as the next reason for it to drop.

 

[interdigital]

So is this Mozilo guy giving a positive outlook because he doesn't realize how bad the credit/housing situation is? Or could he end up going to jail?

 

[pumpanddumper]

Quote from interdigital:

So is this Mozilo guy giving a positive outlook because he doesn't realize how bad the credit/housing situation is? Or could he end up going to jail?

He was giving a positive outlook at $38 and in the Spring.

The sunshine man will be leaving the industry. Once he's cashed out his retirement and options, he should resign ASAP. He's past his prime no pun intended and needs to hang up the cleats.