Making a quick buck on Countrywide

If only you had bought shares of the Calabasas-based mortgage company early Friday morning. The stock opened at $40.29 and then the FT comes out with this unattributed report that Countrywide was in discussions with Bank of America about some sort of relationship, maybe even a merger. Within a few hours, shares were trading at $45.26 - and a couple of analysts were saying that such a combination was plausible (it's pretty easy to get at least some analyst to say whatever you want them to say). Then along comes Bank of America CEO Kenneth Lewis downplaying any such deal at a financial conference this morning - and Countrywide stock falls to $41.39. Let's see, a $5 a share profit times 1,000 shares and suddenly we've got a few days in Paris. And who said bidness wasn't fun? (By the way, Countrywide is back up to $43.15.)


3:26 PM Wednesday, January 31 2007 • Link
Email or share:
© 2003-2008   •  About LA Observed  •  Contact the editor
LA Biz Observed
9:21 AM Sat | The new owner is Minneapolis-based US Bancorp, which suddenly becomes a much bigger player in California and Arizona.
4:49 PM Fri | Forget plastics, the real action these days is arranging going-out-of-business sales.
Native Intelligence
TJ Sullivan | Without referencing its recent layoff, the Ventura County Star's editor says the suburban LA paper is now "more streamlined and, in many ways, much more efficient."
Deanne Stillman | We stripped the Indians of their ponies, and now we're doing it to ourselves.
TJ Sullivan | When the sun looks like that, there's a big fire somewhere regardless of whether we see or smell smoke.
Bill Boyarsky
Lee Abrams, Tribune Company's chief innovation officer, doesn’t seem too impressed with the Los Angeles Times. That’s the feeling I got when he appeared at the Los Angeles Press Club.
Jenny Burman
Seven or fifteen minutes from now I can definitively say I didn't hear the sound of sirens.
Here in Malibu
Making our bed, lying in it.
Sponsors
Jewish Journal logo
California Wellness Foundation
Playa Vista ad
Premium Blogads

 
Books, Blogs & Events