They're touting it to either dump or because they're total fools...I bet on both. I exited my position for now but will re-enter sometime in the future. There is a true scandal looming but I think they'll take it much higher before it breaks. June options will be more likely of a buy for me something when this stock is nearer to $40...these pig analysts will pump this up to make their money.
it may have gone from shortable ( NYSE ) to not shortable ( OTCBB ) making it a super short squeeze candidate ( huge shorts from NYSE and MM's on the otcbb ) ..but i may be wrong if you look closely at level 2 u will see prints going off at above inside market offer...people are in a hurry to snap it up... sorry wrong thread
went short at 36 but covered quickly at 35.84. If the market turns south its headed for 34 however its showing alot of strength along with LEND.
I put a stop above the high of the day so far. If it goes past that, I have to eat my losses and go drop tears into a beer. I'm hoping this little spike was just the last leg of attempting to close the gap, and am hoping other players are intent on maintaining a short to take this guy to $30 or lower. I just think it's completely abnormal how, in the middle of a subprime melton, someone gives an upgrade to CFC and actually gets people to believe him. That is borderline insanity. In fact, that CEO said they would become more competitive because their competition was no longer in the market. More competitive for what!? If stricter lending standards went into action, they're chasing a smaller market. Without loose lending standards, they can't snap up more mortage-buyers than non-subprime institutions. That was the entire subprime gamble. They bet they could expand market share and not eat as many losses. Finally, CFC carries bogus notes on its books. Whenever someone is threatening a possible foreclosure and offers a low end short sale, CFC sends them a promissary note asking them to repay the difference in California. They do this because they can't obtain defficiency judgements in wonky markets like CA. The problem is that dead beats still can't pay back those promissary notes, while CFC has them listed on the books as being able to pay. There's no way their practices in subprime are sustainable. That CEO is a dirt bag.
Have you never heard of Henry Blodgett? Mary Meeker? Know what business analysts are in. It is not the "we're here to make fatrat money" business. Analysts defend the firm's positions. But, as Lynch said in what, 1983 at the height of his power, "nobody can hold a stock up for long. I could hold one up for a day or two, that's it." A little bounce like this, and the media holds a victory parade. Mission Accomplished
True all lenders are jumping over 5% today on LEND news. I guess thats it, all the bad news is out and done with. I dont think so. LEND will be back down once again.