CFC Anyone like this as a short?
9:20am 11/29/04 Morgan ups Countrywide rating, cuts Capital One
NEW YORK (CBS.MW) -- Morgan Stanley on Monday raised its rating on Countrywide Financial (CFC: news, chart, profile) to "overweight" from "equal weight" while citing the company's "home equity growth opportunity." The bank cut its rating on Capital One (COF: news, chart, profile) to "equal weight" from "over weight" on a threat from competition from home equity loans. Morgan Stanley also raised its 2005 earnings per share estimate to $1.33 from $1.29 for Providian Corp. (PVN: news, chart, profile). It cut its 2005 earnings per share outlooks for MGIC (MTG: news, chart, profile) to $5.30 from $5.33 and to $4.13 from $4.25 for PMI Group (PMI: news, chart, profile).
9:07am 11/09/04 Countrywide Oct. loan fundings fall 6% from Sept.
NEW YORK (CBS.MW) -- Countrywide Financial (CFC: news, chart, profile) said October loan fundings fell 6 percent from September to $29 billion for the month. Loan fundings increased 1 percent over October 2003. The Calabasas, Calif. mortgage giant said monthly purchase volume fell 12 percent from September and rose 20 percent from theyear-ago period, reflecting a seasonal slow-down. Year-to-date purchase activity now stands at $145 billion, exceeding 2003's full year level of $130 billion. Countrywide fell 29 cents to $30.57.
8:08am 11/03/04 Countrywide Financial issues 2005 earnings forecast
NEW YORK (CBS.MW) -- Countrywide Financial (CFC: news, chart, profile) said it expects to earn $3.25-$4.25 per share in 2005, compared with a forecast of $3.83 per share in a survey of analysts by Thomson First Call. Shares of Countrywide Financial rose 47 cents to $32.49 on Tuesday.
4:05pm 10/20/04 Financial stocks end lower on probe, earnings issues
NEW YORK (CBS.MW) -- Financial stocks fell amid continued regulatory pressure and a pair of disappointing earnings reports Wednesday. The Amex Securities Broker/Dealer Index ($XBD: news, chart, profile) fell 0.2 percent and the Philadelphia Bank Index ($BKX: news, chart, profile) dropped 0.8 percent. JPMorgan Chase (JPM: news, chart, profile) dropped 2 percent on lower than expected earnings, that it blamed on bad bets on the bond market's direction. Countrywide Financial (CFC: news, chart, profile) fell 12 percent after it too reported weaker-than-expected profit. ING (ING: news, chart, profile) dropped 31.4 recent in New York trading after it received a subpoena from New York Attorney General Eliot Spitzer.
9:44am 10/20/04 Financial stocks weak on earnings, regulatory probes
NEW YORK (CBS.MW) -- Financial stocks fell amid continued regulatory pressure and earnings reports. The Amex Securities Broker/Dealer Index ($XBD: news, chart, profile) fell 0.7 percent and the Philadelphia Bank Index ($BKX: news, chart, profile) dropped 0.9 percent. JPMorgan Chase (JPM: news, chart, profile) dropped 4 percent on lower earnings. Countrywide Financial (CFC: news, chart, profile) gave up 9 percent after it reported weaker-than-expected profit. ING (ING: news, chart, profile) dropped 3 percent after it received a subpoena from New York Attorney General Eliot Spitzer.
8:16am 10/20/04 Countrywide Q3 net income falls 47 percent
NEW YORK (CBS.MW) -- Countrywide Financial (CFC: news, chart, profile) reported third-quarter net income of $582 million, down 47 percent from the year-ago figure of $1.1 billion, amid lower refinance volume and higher interest rates. The Calabasas, Calif. lender reported third-quarter earnings per share of 94 cents, down from $1.93. The company was expected to earn $1.01 per share, according to a survey of analysts by Thomson First Call. Pre-tax earnings in the mortgage banking segment were $633 million, which compares to $1.5 billion. "During the quarter, the Fed raised interest rates by 50 basis points, yet the 10-year U.S. Treasury yield decreased by 48 basis points," said CEO Angelo R. Mozilo. Shares fell $1.25 to $37.50 on Tuesday.
8:08am 10/12/04 Countrywide Financial Q3 loan funding fell 27%
NEW YORK (CBS.MW) -- Countrywide Financial Corp. (CFC: news, chart, profile) said third-quarter loan funding volume fell 27 percent from year-earlier levels to $92 billion due to lower refinancing activity. Loan fundings for September fell 6 percent to $31 billion. Meanwhile, average daily application activity rose 13 percent to $21 billion in September and securities trading activity grew 20 percent to $287 billion. Shares of the provider of mortgage banking and other financial services closed Monday up 9 cents at $38.39.
8:16am 09/10/04 Countrywide Aug. loan fundings inch up from July level
NEW YORK (CBS.MW) -- Countrywide Financial Corp (CFC: news, chart, profile) said Friday its loan fundings in August rose 5 percent from July to $31 billion, but fell 24 percent from a year ago as fewer homeowners refinanced their mortgages. Year-to-date funding volume now totals $237 billion, the company said. Monthly purchase activity rose to $18 billion, the company said, a 1 percent rise from July and a 42 percent rise from August 2003. "Demand for adjustable-rate, home equity and subprime loans remained robust," Countrywide said.
8:38am 08/10/04 Countrywide June loan fundings slide
NEW YORK (CBS.MW) -- Mortgage lender Countrywide Financial (CFC: news, chart, profile) said Tuesday its loan funding in June fell 43 percent from year ago levels, to $30 billion from $51.8 billion. The company said the year ago level was its highest ever. The June funding were a 7 percent drop from May levels. Year-to-date funding volume reached $206 billion, the company said. The company added that demand for adjustable-rate, home equity and subprime loans remained strong. Countrywide shares fell 6 cents on Monday, and closed at $66.80.
8:16am 07/22/04 Countrywide Financial Q2 net rises By Luisa Beltran
NEW YORK (CBS.MW) -- Countrywide Financial Corp. (CFC: news, chart, profile) reported second quarter net income of $700 million, or $2.24 a share compared to $383 million, or $1.37 a share for the same time period in 2003. Analysts polled by Thomson Financial had expected $2.33 a share. The bank also adjusted its 2004 guidance to $7.50 to $8.50 a share, excluding the effect of a pending stock split.
8:22am 06/29/04 Countrywide Financial says it's prepared for rate hikes
NEW YORK (CBS.MW) -- Countrywide Financial (CFC: news, chart, profile) said it has continued to gain market share in the mortgage industry, even as the volume of mortgages has recently started to decline, and that it expects interest rates to "ultimately return to a normal level." CEO Angelo Mozilo said the company is "well-prepared" and that the potential impact of higher rates is already included in the company's outlook. The Calabasas, Calif., financial services firm reported its origination volume reached $67 billion in the first two months of the company's second quarter, compared to the $44 billion volume in the first two months of the first quarter. Shares of Countrywide Financial closed Monday up 41 cents at $71.50.
8:29am 06/25/04 Countrywide Financial announces 2-for-1 stock split
NEW YORK (CBS.MW) -- Countrywide Financial (CFC: news, chart, profile) board announced a 2-for-1 stock split to be paid on Aug. 30 to stockholders of record as of Aug. 25. Shares of Countrywide Credit closed Thursday up 4 cents at $71.39.
1:58pm 06/08/04 Countrywide on track to meet Q2 forecasts: A.G. Edwards
NEW YORK (CBS.MW) - Analyst Matthew Park at A.G. Edwards said that while loan originations at Countrywide Financial (CFC: news, chart, profile) fell in May, the home mortgage services company's operating data was "strong," and the company appeared to be on track to met second-quarter expectations. Meanwhile, the stock fell $1.11, or 1.6 percent, to $66.34, after the company said average daily loan applications fell 39 percent and lone fundings fell 20 percent from year-earlier levels due to the higher interest rate environment. Park reiterated his "buy" rating on Countrywide and 12-month price target of $76.
8:13am 06/08/04 Countrywide ave. daily loans fell 39% in May
NEW YORK (CBS.MW) - Countrywide Financial (CFC: news, chart, profile) said average daily loan applications for May fell 39 percent from year-earlier levels to $2 billion due primarily to the higher interest rate environment. The number of applications declined 5 percent. Loan fundings for the month fell 20 percent to $32 billion, while purchase activity rose 43 percent to $15 billion. The mortgage banker's servicing portfolio surpassed the $700 billion mark in May, and has increased by $600 million a day on average. The stock closed Monday up $3.85 at $67.45, and reached a 52-week high of $67.99 in intraday trading. |
