More of the same. My obsession with this joke of a stock continues. Normally i would cover on this sort of news. But im actually thinking of selling some more. Ill await the price action for this week. Anyway here is the story. CALABASAS - Two of Countrywide Financial Corp.'s largest shareholders have cut their stakes in the struggling mortgage lender that has slashed jobs and borrowed billions of dollars to stay in business, according to regulatory filings Monday. Investment firm AllianceBernstein LP had been the largest stakeholder in Countrywide. On July 31, it reported owning 63.8 million shares, or 10.7 percent of Countrywide's outstanding stock. It cut that stake to 23.8 million shares, or 4.1 percent of the outstanding stock, this month, according to a filing with the Securities and Exchange Commission. AllianceBernstein is a majority-owned subsidiary of French financial services company AXA Financial Inc., which filed the SEC report. In a separate SEC filing, San Francisco-based investment bank Barclays Global Investors NA said it had reduced its stake in Countrywide to 24.04 million shares, or 4.1 percent of outstanding stock. The bank previously owned 48.6 million shares, or 8.4 percent of the outstanding stock, as of June 30. Also Monday, Legg Mason Capital Management Inc. reported in an SEC filing that it boosted its stake in Countrywide to 53.4 million shares, or 9.2 percent of outstanding -------------------------------------------------------------------------------- Advertisement -------------------------------------------------------------------------------- stock. Legg Mason previously owned 50.3 million shares, or 8.7 percent of outstanding stock, as of June 30. LMM LLC, an affiliated company, raised its stake in Countrywide to 4.5 million shares, or 0.79 percent of outstanding shares, according to the filing. Countrywide shares have plunged from a 52-week high of $45.26 in January to a low of $15 in mid-August. Shares fell $1, or 5.49 percent, to $17.21 on Monday. Countrywide has been struggling as the housing slump led to a sharp rise in mortgage defaults and foreclosures, particularly among borrowers with subprime loans. The mortgage fallout has left many lenders strapped for money to fund new loans. In recent weeks, Countrywide borrowed $11.5 billion and sold a $2 billion stake to Bank of America so it could keep operating its retail banking and mortgage-lending businesses. The company said last week it would cut as many as 12,000 jobs. Previously announced cuts involved 1,400 jobs. http://www.dailynews.com/ci_6856795?source=most_emailed
They did? Golly And just where are those shares? Did they go to share heaven? No? Gotta be somewhere. Where? Who? Why? The "when" is a little harder to gauge. One trick ponies often have an obsession.
Nope, haven't done anything in about 6 weeks. But 30 million shares crossing the tape each day. Doesn't include stealth exchanges between member firms. Whole float has turned once in the last month. New hands. Sellers accepting both lower prices and willing to incur a taxable event for relief. Buyers, fresh risk and an expectation of higher prices. Bargain hunters? To some degree, but its the ax that is capable of moving paper. Wholesale to retail.
I'm not trying to compel you to do anything. It does not impact the outcome. Nor did I initiate the thread. This is sport. Maybe a little food for thought. Maybe some psychology lessons. Particularly toward cogitive dissonance. And the scarey demonstration of the power of the media toward both impressionability and aiding in inventory postures. In other words ............fun. Like an interactive video game. Longhorns, is probably well versed in video games. Probably stands in line at 5 AM for the latest X box. I prefer the furry kind.
Smart money has been dumping shares for awhile. Mozillo the Ceo has been un loading his stock for quite some time. CFC is dead money long.
effy, did you not go long with the expectation of selling at a higher price? did you go long for a tax offset? now the price is heading for the cellar. there is a tornado in the works. this is classic denial. get out now. preserve your capital. believe me, I have been in a similar boat and felt much better -- and learned a lot -- after liquidating a losing position before it is too late. yes, i did by enron for about $0.50 a share and lost money on it even at that low price. there are going to be congressional hearings about predatory lendings. CFC is headed for the business school casebook.