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Strategies & Market Trends : Resource America (REXI)
REXI 9.7800.0%Sep 9 5:00 PM EST
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To: Andy Yamaguchi who wrote ()9/6/1998 7:29:00 PM
From: PaperProphet  Read Replies (1) of 220
 
From what I can tell, the stock dropped Friday due to another report issued by Off Wall Street. Apparently they restated what they said the first time and said that the stock only made $0.08 in cash earnings instead of $1.37. They also called on Resource America to hire a major accounting firm.
I looked at the annual report a while ago, and it is reviewed by independent CPA's. Off Wall Street seems to be using its newly acquired recognition in this area to try to place an extra burden on the company. There's a reason only larger corporations hire the major accounting firms and its probably because only large corporations can afford them. It might be alright if Resource America does hire one - if its only one time thing and not too expensive. It would lay to rest the questions some people have on the firm's accounting. I think, though, that it would also would make them look like they do anything based on the whims of any newsletter. If Off Wall Street is so sure that the accounting is fraudulent, Off Wall Street could offer to pay for it. If they did that, Resource America would definitely be in the wrong if they didn't accept and Off Wall Street would benefit if the accounting was found fraudulent.
I would say that Fridays's two point drop based on Off Wall Streets comments shows that investors are still jittery and unsure of the value of the stock. Based on that I'm guessing that the stock will jump up a bit on Tuesday after investors have had time to look at the reports, etc....
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