The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: Peter V	4/3/2008 2:30:38 PM
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S&P LOWERS RECOMMENDATION ON SHARES OF CAPITAL ONE FINANCIAL TO SELL FROM HOLD so naturally COF is about to go from red to green, it has been climbing since the opening. Even bad recommendations are good news. Yeesh. They said SELL, dammit!!!!! Am I taking crazy pills? S&P Marketscope - Related Quotes Symbol Last Chg COF Trade 53.00 -0.18 Real time quote. SNPMarketScopeResearchNotes2008-04-03 11:24:48.000COF CAPITAL ONE FINANCIALS. Plesser S&P LOWERS RECOMMENDATION ON SHARES OF CAPITAL ONE FINANCIAL TO SELL FROM HOLD Our downgrade is based largely on our concerns that higher unemployment will result in COF's need to increase its credit loss provisions. Notably, today's weekly U.S. job claims totaled 407,000, above expectations. We believe that unemployment and credit card delinquencies are highly correlated. We are lowering our '08 EPS estimate by $0.07 to $5.85, and trimming our target price by $1 to $47, 8.0X that estimate, below historical average. With COF's stock is up roughly 30% from its low earlier this year and given our ongoing credit concerns, the shares should be sold.

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