Might not file BK today, but this is how it always starts. There's a reason stocks like this get rumors like this. In time they prove correct, and the charts agree, even if not today.
Maaaan... If this thing does go to the crapper imagine how many folks would lose their jobs. Trickle down affect onwards.
POS will find a new trading range for awhile before the final axe IMHO. Lit's of people have January puts that expire in about a week. No chance in hell it will be below $5 by expiration. I wouldn't mind a $5-$6.50 range... You got earnings coming up too with these jokers. I remember everyone calling for BK right before then and the POS shoots from $12- $18. I imagine there will be a nice bounce up in the near future or a gap up before the final nail in the coffin.
They stated that they would be profitable in the 4th qtr 2007 and they would be profitable going forward through 2008. Do any of you believe that guidance? Consider the state of housing...it hasn't exactly snapped back since they last announced earnings. not many mortgages being written are there?.
Well not a good idea for this company to go to bye bye. Yet it would be nice for it to hover around between $1.50 to $3.00 for a long while when and if does goes to "restructuring."
1. CFC used BAC to access fed funds window? Huh? There's so much shit in that statement I can't even see clear to correct it. 2. BAC was not allowed to hedge. They're hurt.
This market needs to drop 10-20% in a month to get rid of all the sellers, then you need some major takeovers in the financials and most likey a few chapter 11s to keep this market out of the guessing game, thats why this is happening, also if the federal reserve comes in and starts to take rates down quicker and faster many will think this economy is alot worse and most likey continue to sell equities off.
12/14/2007 10:41 AM Buy To Open CFC MB 60 $1.50 $9,124.99 Think it bottomed here. Have a week and a half to unload this. Might hedge long.
The situation is really very bad. I think that there are too much bad news incorporated into this stock. But there are also some controversial news e.g. "Countrywide denies bankruptcy rumors" http://stockshoot.com/content/view/1635/ Can you imagine here to "buy on rumors and sell on news..."