Zacks.com, Chicago, has issued a "#5 (Strong Sell)" ranking on the stock of Merrill Lynch & Co. and Bear, Stearns & Co., placing them on Zacks' list of Stocks to Sell Now. The company noted that Merrill Lynch "has been one of the poster children for the subprime lending debacle" and that it reported "another disastrous quarter" on Jan. 17, disclosing an additional $11.5 billion writedown to the company's subprime portfolio. Regarding Bear Stearns, Zacks said it has also been hit hard by weakness in the credit and subprime markets. "In 2007, the company's stock price topped off at over $170 per share, but then proceeded to plummet in the ensuing months, shedding more than 50% of its value, and at one point dropping below $70." Bear recently reported "a fairly brutal fourth quarter" and fiscal year, Zacks said. Stocks with a #5 (Strong Sell) rank should be sold or avoided in the next one to three months, according to Zacks. The company can be found online at http://www.zacks.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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