Dave Gore's Trades That Make Sense Message Board

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Strategies & Market Trends : Dave Gore's Trades That Make Sense

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To: Dave Gore who wrote (10849)	8/7/2002 3:41:01 PM
From: Bruce A. Brotnov	Read Replies (2) of 16631

Now we know why JP Morgan cut their forecast by one whole nickel for ACF. They are concerned about the long term effect of delinquency rates (same line used to drop it from 60 to 14 a year or two ago, but they still met their numbers. "Continued pressure on used-car values also drove the stock down. Used-vehicle values declined 1.4% sequentially to 110.4 in July from 112 in June, according to Manheim Auctions, which tracks auto auction resale prices. This decline in value widened year-over-year to 3% in July, suggesting the company's credit problems may not improve any time soon. Based on those concerns, J.P. Morgan lowered its rating on AmeriCredit to " market underperformer" from "market performer," according to a research report released Wednesday. J.P. Morgan also cut its fiscal 2003 earnings outlook to between $4.40 and $4.60 a share. Previously, the firm expected AmeriCredit to earn $4.45 to $4.65 a share in fiscal 2003." That figures to be a 1.1% drop in revenues, so the stock should drop 1% right? LOL Now let's require JP Morgan to declare if they have short positions in ACF! That will cut out this nonsense. Bruce

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