Tuesday, January 8, 2008

Trading on CFC halted?

Just read in forums at Calculated Risk that trading on Countrywide is halted. Bad, bad news. I'll update this if I find the news link. No luck yet...

Update: I still can find news on this. Still looking...

Update2: Yep, trading was halted, but resumed so that CFC could say that there is nothing to BK rumors.


Countrywide resume trade


NEW YORK (Reuters) - Countrywide Financial Corp shares recovered some of their earlier losses after the largest U.S. mortgage lender rejected market speculation on Tuesday that it was planning to seek bankruptcy protection.

In trading following the end of a trading halt, the shares were down $1.00, or 13.1 percent, at $6.64 on the New York Stock Exchange. They had earlier fallen to $5.76.

Problem is, this story is a few hours old. CFC is now down over 30% right before the end of trading. Ouch.

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