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Non-Tech : UGLY (Ugly Duckling Corp) used cars
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To: Scott D. who wrote (20)2/20/1997 6:20:00 AM
From: wolfgangl   of 155
 
Hi Scott,

I found some cautious news concerning UGLY.

Wolfgang

Today portfolio managers are getting rid of these companies, finally realizing the deep structural problems that bad loans over the past
two years have caused. Much like savings and loans at the beginning of this decade, auto finance companies are viewed as shaky.
Other companies affected include: CONSUMER PORTFOLIO SERVICE (Nasdaq: CPSS), down $1/4 at $11 1/8; FIRST
MERCHANTS ACCEPTANCE (Nasdaq: FMAC) falling $1 to $13; OLYMPIC FINANCIAL (NYSE: OLM) ticking off a $1 5/8
loss to $10 1/8; AMERICREDIT CORP. (NYSE: ACF) slumping $1 1/8 to $16 5/8; and NAL FINANCIAL (Nasdaq: NALF)
sliding $3/4 to $5 3/4. Even the used-car chain UGLY DUCKLING CORP. (Nasdaq: UGLY) is down $1 1/4 to $18 3/4, primarily
because it receives most of its profits from making loans on the cars it sells. While there is certainly risk involved in this business, if
this is in fact structurally similar to the savings and loan crisis, there will also be opportunity for the careful investor who can select the
wheat that might be getting thrown out with the chaff. One thing is certain, though -- companies that have been crushed due to default
on loans are not very smart investments. Investors should avoid these names.
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