This stock is on the move and you guessed it,.... it isn't up. For Shits and Giggles let's play guess the bottom in the stock. I know this crap will be wallowing away for months and a bottom maybe months away as many new surprises will be coming out any day for CFC and the whole subprime mess... but just for the fun of it....I will guess $8 and change. No support anywhere to be found. I think we take out the 52 week low within the next few weeks. As soon as the next subprime surprise hits the news. You never really know where a stock ends up. I think this co will avoid BK but I think the stock will take out $10. Maybe it will maybe it won't. $8 and change is my guess.
If you are looking for a way to short it without worrying about the buy-in risk. It does trade at OneChicago as an SSF.
Cramer: Countrywide Still Looks Like a Buy http://www.thestreet.com/markets/activetraderupdate/10337257.html
That's hilarious. What a bad call. You can't be any more wrong than that. ]Cramer: Countrywide Still Looks Like a Buy http://www.thestreet.com/markets/activetraderupdate/10337257.html [/B][/QUOTE]
""""""Countrywide said late last week that a downgrade in its credit rating to below investment grade would serious impair its ability to fund its operations. Countrywide's credit ratings stand just above the junk level.""""" CFC's business is not,,, well intact. The business has multiple problems both internally and externally from the overall stagnant mortgage market, calls for the ceo to resign, shareholder lawsuits, and on and on and on etc. They've got dozens of problems, the list is endless......AND.....The stock has been falling like a rock and is dead money for months to come as far as any sustainable upside advance.