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Cesarnc's market talk, gossips, rumours & fun

  • #2,101
  • Jan 8, 2008 11:53am Jan 8, 2008 11:53am
Quoting cesarnc
I think the bulls survived to trade another day in Wall Street.
Maybe not. Ain't over till its over and the bell rings
  • #2,102
  • Edited 11:59am Jan 8, 2008 11:55am | Edited 11:59am
Countrywide Stock Tumbles On Document Fabrication Report, Bankruptcy Rumors - Update [CFC]

1/8/2008 2:52:38 PM Shares of Countrywide Financial Corp. (CFC) plunged over 17% on Tuesday, chiefly on a report that the company fabricated bankruptcy documents. An article appeared in the New York Times said the mortgage lender "recreated" letters claiming that a borrower owed the company $4,700, though the borrower was under bankruptcy protection. The stock also suffered as rumors spread that the company was planning to file for bankruptcy, in addition to comments by a Lehman Brothers analyst that the company is unlikely to return to its previous profitability levels.

According to the newspaper report, the borrower had completed the procedures to exit bankruptcy under the court's plan, and was also discharged from bankruptcy with the consideration that her payments have been made current. However, the customer began to get notices from the Calabasas, California-based company, saying it was going to foreclose on the house, as she was late on payments.

Countrywide, the nation's largest mortgage lender, is being criticized for its business practices. With the housing market slump and mounting defaults, the company reported a third quarter loss of $1.2 billion in 2007, its first loss in 25 years. The company also earmarked $934 million during the period to cover defaults among loans, compared to $38 million in the third quarter of 2006. The results were also hurt by increased credit costs related to continued deterioration in the housing market and charges resulting from the company's cost cutting efforts.

In order to tide over the crisis, Countrywide has taken the sub-prime lending operations off its focus, and is now emphasizing on originating loans that conform to the guidelines of government-sponsored Fannie Mae (FNM) and Freddie Mac (FRE).

While announcing the third quarter results, the company said it expects a profitable fourth quarter. However, Lehman Brothers analyst Bruce Harting has reduced his fourth-quarter earnings estimate for the company to $0.20 per share from $0.36 per share. For the fourth quarter, on average, 13 analysts polled by First Call/Thomson Financial expect earnings of $0.13 per share.

Meanwhile, Countrywide has denied that it was planning to file for bankruptcy protection.

Stock Movement

CFC is currently trading at $6.29, down $1.35 or 17.67% from the previous close, on 41.51 million shares. As the stock continued its downslide, the trading was temporarily halted on the New York Stock Exchange. For the past year, the stock trended between $7.51 and $45.26. The stock has lost 84% over the past year.

So what did Country Wide expect when they fabricated documents? How many more are out there? They tried dancing with the devil and got burned.
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  • #2,103
  • Jan 8, 2008 11:56am Jan 8, 2008 11:56am
Quoting SunTrader
Maybe not. Ain't over till its over and the bell rings
Yep Dow - 67
Patience + Humility + Study = Success
  • #2,104
  • Jan 8, 2008 11:56am Jan 8, 2008 11:56am
This is Dow Jones 5min, this week...

Strategy or not I'm really thinking about skipping the rest of this week, you know? UK Rate included to add to the BS...

Quoting SunTrader
Maybe not. Ain't over till its over and the bell rings
Yup, I jumped the gun
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  • #2,105
  • Jan 8, 2008 12:07pm Jan 8, 2008 12:07pm
Quoting Ash
You have to love it. I've just started research into it. There is a whole world out there for the taking if someone were to take the time to learn the ropes.

There are literally thousands of investment vehicles and ways to trade them. But forex is the most exciting.

here is my favorite vehicle
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Just Trade It
  • #2,106
  • Jan 8, 2008 12:18pm Jan 8, 2008 12:18pm
Quoting Big Wave Rider
There are literally thousands of investment vehicles and ways to trade them. But forex is the most exciting.

here is my favorite vehicle
I hear ya!
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  • #2,107
  • Jan 8, 2008 12:20pm Jan 8, 2008 12:20pm
Quoting Ash
Countrywide Stock Tumbles On Document Fabrication Report, Bankruptcy Rumors - Update [CFC]


So what did Country Wide expect when they fabricated documents? How many more are out there? They tried dancing with the devil and got burned.
This is what set the markets on fire today. Dow already pierced the 12.7K milestone. To find a bull in The Street now you'll need more than a red cape.

Bye Bye Dow Jones
  • #2,108
  • Jan 8, 2008 12:22pm Jan 8, 2008 12:22pm
Quoting Big Wave Rider
There are literally thousands of investment vehicles and ways to trade them. But forex is the most exciting.

here is my favorite vehicle
first glance, I was looking for Darth Vader in the picture
  • #2,109
  • Jan 8, 2008 12:24pm Jan 8, 2008 12:24pm
Quoting cesarnc
This is what set the markets on fire today. Dow already pierced the 12.7K milestone. To find a bull in The Street now you'll need more than a red cape.

Bye Bye Dow Jones
The bulls are being slaughtered. Anyone care for some steaks?


Bye Bye Dow Jone
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  • #2,110
  • Jan 8, 2008 12:36pm Jan 8, 2008 12:36pm
Quoting bohogirl
Dear Lord!
(no pun intended )

So now I find out that God created Forex?
I need to find that pro-trader dude who told me that 'please God, make xyz currency go up/down' trading method doesn't work! I think he owes me some money
Stay warm over there. I heard on the news 8 people froze to death in their cars in Iran.

Al Gore must not be giving off any more hot air.
  • #2,111
  • Jan 8, 2008 12:51pm Jan 8, 2008 12:51pm
Quoting Ash
The bulls are being slaughtered. Anyone care for some steaks?


Bye Bye Dow Jone
S&P lost the 1,400

CFC
Countrywide Financial... -25.5%

KG
King Pharmaceuticals Inc... +16.4%


  • #2,112
  • Jan 8, 2008 12:58pm Jan 8, 2008 12:58pm
Quoting cesarnc
S&P lost the 1,400
Life is good.

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  • #2,113
  • Jan 8, 2008 1:02pm Jan 8, 2008 1:02pm
Quoting Ash

So what did Country Wide expect when they fabricated documents? How many more are out there? They tried dancing with the devil and got burned.
The more they stir, the more it stinks...

The Countrywide Financial fabricated documents related to the bankruptcy case of a Pennsylvania homeowner, court records show, raising new questions about the business practices of the giant mortgage lender at the center of the subprime mess.

The documents — three letters from Countrywide addressed to the homeowner — claimed that the borrower owed the company $4,700 because of discrepancies in escrow deductions. Countrywide’s local counsel described the letters to the court as “recreated,” raising concern from the federal bankruptcy judge overseeing the case, Thomas P. Agresti.


“These letters are a smoking gun that something is not right in Denmark,” Judge Agresti said in a Dec. 20 hearing in Pittsburgh.


The emergence of the fabricated documents comes as Countrywide confronts a rising tide of complaints from borrowers who claim that the company pushed them into risky loans. The matter in Pittsburgh is one of 300 bankruptcy cases in which Countrywide’s practices have come under scrutiny in western Pennsylvania.

That's why I prefer shaken, not stirred LOLLLL
  • #2,114
  • Jan 8, 2008 1:03pm Jan 8, 2008 1:03pm
Not just King Pharm. The drug index $DRG.X up 2.04%

Flight to safety and probably expect a lot of pain killers will be prescribed in the coming months...years maybe.

  • #2,115
  • Jan 8, 2008 1:10pm Jan 8, 2008 1:10pm
Quoting cesarnc
The more they stir, the more it stinks...

The Countrywide Financial fabricated documents related to the bankruptcy case of a Pennsylvania homeowner, court records show, raising new questions about the business practices of the giant mortgage lender at the center of the subprime mess.

The documents — three letters from Countrywide addressed to the homeowner — claimed that the borrower owed the company $4,700 because of discrepancies in escrow deductions. Countrywide’s local counsel described the letters to the court as “recreated,” raising concern from the federal bankruptcy judge overseeing the case, Thomas P. Agresti.


“These letters are a smoking gun that something is not right in Denmark,” Judge Agresti said in a Dec. 20 hearing in Pittsburgh.


The emergence of the fabricated documents comes as Countrywide confronts a rising tide of complaints from borrowers who claim that the company pushed them into risky loans. The matter in Pittsburgh is one of 300 bankruptcy cases in which Countrywide’s practices have come under scrutiny in western Pennsylvania.

That's why I prefer shaken, not stirred LOLLLL
Country Wide will go Bankrupt and no plunge team will be able to help them.

This is bad for the industry as a whole. Every Tom, Dick & Harry will come under scrutiny. I smell class action lawsuits. This is just the beginning, more to come. Stay tuned to this thread.
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  • #2,116
  • Jan 8, 2008 1:11pm Jan 8, 2008 1:11pm
Quoting SunTrader
Not just King Pharm. The drug index $DRG.X up 2.04%

Flight to safety and probably expect a lot of pain killers will be prescribed in the coming months...years maybe.


Don't forget about the Anti-Depressants.
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  • #2,117
  • Jan 8, 2008 1:20pm Jan 8, 2008 1:20pm
Hey, have I ever told you guys how much I love stupid people?
Especially if they work for my bank, lock me out of my online banking, put a security restriction on my account, then transfer me 9 times, make me explain what happened over and over and over and over again AND give all my info again with each transfer (I swear, if I had a parrot, it would by now know my full name, account number, mailing address, mother's maiden name, last 4 of the soc and my birthdate, plus whom I've made the last payment to and for how much!) with the 9th transfer not picking up and disconnecting me so that I have to call again, when it takes about 45 minutes to get through?
And I love them even more when I have to tell them what the problem is and then have to wait for them to say 'oooohhhhh I seeeeeee'... and transfer me again!

Oh, but my favorite part is when the guy says 'let me give you our toll-free number' and I say 'I'm calling from the Emirates, I can't call 800 or 866 number', and he says 'oh, then let me give you our international toll-free number... 1-800...', 'no, you don't understand, I can't call 800 numbers from here' 'but it's free' 'ummmm...'

Yeah, it's been fun... but it helped me kill over 2 hours, and now I can go to sleep so that I can wake up for another day of doing nothing at work!

Happy pips to everyone!
Cable is my sugardaddy
  • #2,118
  • Jan 8, 2008 1:23pm Jan 8, 2008 1:23pm
They don't take sand dollars there?

Oh bad joke, you are probably not in the mood after what you have been going through, huh?
  • #2,119
  • Jan 8, 2008 1:24pm Jan 8, 2008 1:24pm
Quoting bohogirl
Hey, have I ever told you guys how much I love stupid people?
Especially if they work for my bank, lock me out of my online banking, put a security restriction on my account, then transfer me 9 times, make me explain what happened over and over and over and over again AND give all my info again with each transfer (I swear, if I had a parrot, it would by now know my full name, account number, mailing address, mother's maiden name, last 4 of the soc and my birthdate, plus whom I've made the last payment to and for how much!) with the 9th transfer not picking up and disconnecting me so that I have to call again, when it takes about 45 minutes to get through?
And I love them even more when I have to tell them what the problem is and then have to wait for them to say 'oooohhhhh I seeeeeee'... and transfer me again!

Oh, but my favorite part is when the guy says 'let me give you our toll-free number' and I say 'I'm calling from the Emirates, I can't call 800 or 866 number', and he says 'oh, then let me give you our international toll-free number... 1-800...', 'no, you don't understand, I can't call 800 numbers from here' 'but it's free' 'ummmm...'

Yeah, it's been fun... but it helped me kill over 2 hours, and now I can go to sleep so that I can wake up for another day of doing nothing at work!

Happy pips to everyone!
Let me guess, is your Bank "Citibank"?
Humble Lifetime Member
  • #2,120
  • Jan 8, 2008 1:28pm Jan 8, 2008 1:28pm
Quoting bohogirl
Hey, have I ever told you guys how much I love stupid people?
Especially if they work for my bank, lock me out of my online banking, put a security restriction on my account
You should feel happy you have a number to dial to. Those enrolled in Countrywide will have 911 left like tomorrow.
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