"Accounting errors" force restatement of last 3 quarters -- stock's down 15% AH.
Marketwatch
For those of you who have shrugging off the bad news in the subprime lending sector, this is your official wake up call. You may not have cared when OwnIt folded, or MLN went BK, or NFI hit the skids -- but you are gonna care about NEW, because it's Big #3 on the subprime heavy hitters roster, right behind WFC and HSBC. If this puppy goes tango ultimate, there will be serious repercussions in the CDS/MBS markets and a possible trigger for a macroeconomic credit contraction.
As forecast right here barely 24 hours ago
Started by
jawndissedi
, Feb 07 2007 07:40 PM
6 replies to this topic
#1
jawndissedi
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Posted 07 February 2007 - 07:40 PM
Da nile is more than a river in Egypt.
#2
pdx5
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I want return OF my money more than return ON my money
Posted 07 February 2007 - 07:45 PM
Please keep us posted of all the gory details as they unfold.
Thanks I A.
"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule
#3
crestdorf
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Posted 07 February 2007 - 07:55 PM
"Accounting errors" force restatement of last 3 quarters -- stock's down 15% AH.
Marketwatch
For those of you who have shrugging off the bad news in the subprime lending sector, this is your official wake up call. You may not have cared when OwnIt folded, or MLN went BK, or NFI hit the skids -- but you are gonna care about NEW, because it's Big #3 on the subprime heavy hitters roster, right behind WFC and HSBC. If this puppy goes tango ultimate, there will be serious repercussions in the CDS/MBS markets and a possible trigger for a macroeconomic credit contraction.
#4
CLK
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Posted 07 February 2007 - 08:14 PM
I tried shorting CFC the other day it was posted, barely got out
with a profit.
#5
IndexTrader
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Posted 07 February 2007 - 09:37 PM
I tried shorting CFC the other day it was posted, barely got out
with a profit.
New all time highs on this one. Evidently the market doesn't think this one is in the tank.IT
#6
jawndissedi
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Posted 07 February 2007 - 09:52 PM
It's a heavily manipulated stock. Frankly, they all are -- Team Wall Street has too big a stake in this sector for it to be otherwise. I have no idea how to day trade these stocks, and I don't try. My positions in individual issues are all small. Over the IT, however, I expect them to sell off viciously and put the derivatives markets into turmoil. Then we'll see the impact on the indexes -- especially RUT and MID, both of which are laden with companies that are only marginally creditworthy.I tried shorting CFC the other day it was posted, barely got out
with a profit.
Da nile is more than a river in Egypt.
#7
crestdorf
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Posted 08 February 2007 - 09:39 AM
Great Great call here. Thanks. OCN another sub prime lender in the Florida area should continue its decline."Accounting errors" force restatement of last 3 quarters -- stock's down 15% AH.
Marketwatch
For those of you who have shrugging off the bad news in the subprime lending sector, this is your official wake up call. You may not have cared when OwnIt folded, or MLN went BK, or NFI hit the skids -- but you are gonna care about NEW, because it's Big #3 on the subprime heavy hitters roster, right behind WFC and HSBC. If this puppy goes tango ultimate, there will be serious repercussions in the CDS/MBS markets and a possible trigger for a macroeconomic credit contraction.
