IndyMac stock wiped out

Well, at last check it was trading at 43 cents a share, though "trading" is probably pushing things. As Tom Petruno notes over at Money & Co., IndyMac shares have been suspended from trading on the NY Stock Exchange floor since June 26, when the stock fell below $1. It's now relegated to the NYSE’s electronic ARCA market. An issue can be delisted if the average trading price falls below $1 over a 30-day period (it was low as 34 cents this morning). Meanwhile, analyst Paul Miller has lowered his price target from $1 to zero. "We do not believe that there is any value left for common shareholders," he told clients. A year ago, the stock price was $31 a share. I talked about the IndyMac situation during this morning's edition of "Airtalk" with Larry Mantle. It’s not yet posted, but here's the KPCC link.