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Non-Tech : Wescorp and WFSI
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To: Mark Oliver who wrote (8)2/25/1998 6:48:00 PM
From: Keith J   of 56
 
These two stocks used to trade a lot more in tandem. However, WES has greatly expanded the mortgage business, so it is now less dependent on WFSI. I can remember looking at quarterly reports where WFSI income represented about 90% of WES earnings.

The short position is strictly a WFSI phenonemon (Feb. data will be out Thursday, which I'll post when I see it). WES short interest is less than 50,000 shares. It is sort of amazing that there are so many shares short WFSI, and so few short WES, unless someone has a large hedge position (i.e., long WES and short WFSI). Both are pretty thinly traded.

Hey, what do you expect the company to do when customers are late paying their bills. Just sit on their hands and hope that someday they'll pay. You can see the delinquincy profile in the quarterly reports. Sure, the trends aren't great, but they're not horrible either. And WFSI does have off-balance sheet reserves to help deal with write-offs.

KJ
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