Zacks.com, the online unit of Zacks Investment Research Inc., Chicago, has placed New Century Financial Corp., Irvine, Calif., on its #5 Rank List -- Stocks to Sell Now.On Sept. 23, New Century cut its earnings guidance by approximately $1 per share, to $7.25-$7.75, citing downward pressures on margins and possible significant losses related to Hurricane Katrina. Zacks noted that nine of the 11 analysts that cover New Century have cut their forecasts, dropping the consensus estimate from $8.24 per share to $7.25 per share. Zacks also added that New Century has not yet quantified its Katrina exposure. In the Sept. 23 release, New Century said the revised estimate did not take into account such possible losses.
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