Capital One in serious trouble?

This came out this morning Oct 15, 2008. Sure doesn't sound good.

Capital One's bad debt rate rises in September

Wed Oct 15, 2008 7:40am EDT

NEW YORK, Oct 15 (Reuters) - Capital One Financial Corp (COF.N: Quote, Profile, Research, Stock Buzz), a credit card and banking company, said on Wednesday net charge off and delinquency rates increased in September, amid the credit crunch and a deterioration of the economy.

The McLean, Virginia-based company said its United States card business' net charge-off rate, a measure of bad loans, increased to 6.34 percent in September from 5.96 percent in August.

In addition, the company said the 30-day delinquency rate on U.S. cards rose to 4.2 percent in September from 4.07 percent in August.

In Capital One's international business, the net charge-off rate went up to 5.87 percent in September from 5.31 percent in August, and the 30-day delinquency rate rose to 5.24 percent from 5.15 percent.

Charge-offs and delinquency rates have been going up in 2008, especially in the United States, as the economy has eroded. Analysts expect the trend to continue until the second half of 2009.

Capital One once specialized in credit cards but has expanded into branch banking in recent years with the acquisition of Louisiana's Hibernia Corp and New York's North Fork Bancorp Inc.

Among its major card rivals are American Express Co (AXP.N: Quote, Profile, Research, Stock Buzz), Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz), Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) and JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz).

The company is expected to report its third-quarter results on Thursday.


http://www.reuters.com/article/marketsNews/idINN1541419820081015?rpc=44

 

Anyone know what time they report tomorrow?

 

briefing.com says they report after the close tomorrow

 

good thing Im not in charge.

I'd have the death penalty for that.

 

COF going below $30.

 

Have you seen any of his other posts? He is a qualified winner. He is a winner at life for sure.

 

Yep, stocky is one educated idiot. He learned all he knows from ET sponsor marketing.

 

We're in trouble not only because of lousy management but scum like you , deadbeats.

The banks made the mistake of lending to lowlife, just like you.

You know I'm right, just look in the mirror.

 

"Go on everyone, you deserve that new car, holiday of a lifetime, conservatory etc"

And here are some 'free' credit card cheques to help you because we really care about our 'valued customers'

These debt predator companies are only going to reap what they sew.

Both sides are to blame really, those that offered all the money and those that took it.

 

Thanks. Since they will be reporting after the close today, Thursday, should make for an interesting options expiration day Friday.