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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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
5h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
10h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago