Penson Loses More Money in 2nd Q

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jeb9999

For the 2nd quarter Penson PNSN reported an operating loss and a large asset writedown.

"a loss from operations of $3.5 million net of tax, equal to ($0.12) per share."

"In addition, the Company recorded a non-cash write down of $43.0 million, equal to $26.7 million or ($0.94) per share net of tax, against $96.6 million of nonaccrual receivables."
 
After the bad earnings news Penson stock takes a 22% hit and Moody's downgrades Penson debt to B2 from B1.

A clearing firm with a market cap of $58 million and client assests over $9 billion doesn't sound quite right.
 
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