I often note that CNBC will ignore big moves by smaller stocks like Syntax-Brillan in favor of reporting an 0.2% move by Apple. But, I'm baffled as to how they can ignore one of the most important stocks in the group that is in the CENTER of the news ?? Not listed in their "S&P Leaders" and not listed when they go to the board that lists the up and down of the 10 stocks they report on (Google, Apple, etc.). Is it an agenda or just cluelessness ?? UPDATE: Or is it just that it would ruin all their "Sub-Prime Worries" features already filmed...
ahh hmb lend...negative news sells more or in their case gets the ratings to go higher.. 15:10 LEND Accredited Home Lenders: Color on stock action (6.52 +2.55) -Update- This morning, LEND rallied ~20% during pre-mkt trade on a number of factors (short-covering, an absence of terrible news the night before by a subprime lender, a WSJ article saying GS may be looking for acquisitions in the group, and some positive broker comments about the subprime group). LEND had largely flat-lined for the day, but in the past half hour has surged 1.5 points on massive volume (currently up 63% for the session), and has just rallied above gap resistance at 6.41. The mid-day move was almost certainly spurred by another round of short-covering as the broad markets rallied; however, we've also heard in the past 10 min some chatter that a large broker (specifically GS or BSC, according to the rumor) could make a bid for LEND's portfolio. We would tend to doubt that a deal is happening today, but just want to pass the rumor along as something that is likely giving one more reason for shorts to cover.
remember when NEW had a small pop and everyone thought things were better than it dropped another 50%, why do I have a feeling the same could happen to LEND as well.
Wait for Bear Stearns or UBS to upgrade it, as they did with NEW. That may be the signal to get ready to short it again.
It's interesting that - What's on CNBC affects the market (if they say "breaking news that X corp is buying Y corp" then you can see the stock of Y corp going up 10-20% within seconds of the CNBC statement) But What really affects the market is rarely on CNBC...
CNBC finally mentioned it - with the LEND screen right behind the journalist - after 24 hours had passed...