Zacks Raps Block Again as 'Bear of the Day'

For at least the third time this year, H&R Block, the Kansas City, Mo.-based parent of Option One Mortgage, has been labeled the "Bear of the Day" by Zacks Equity Research, Chicago.The Nov. 10 designation followed similar actions on May 15 and June 13. In addition, a Zacks analyst blog entry on Sept. 7 said the firm maintained its bearish outlook on Block. In its latest statement, Zacks said first-quarter earnings were adversely affected by "the deteriorating mortgage business, while competition remains intense in the tax business. The fact that the company may divest itself of its Option One Mortgage unit and focus its efforts on its core businesses is likely a long-term positive ...."