Stock futures had been on the plus side until the latest New Century (NEW) news hit. The fat lady is just about to sing. Lenders have halted New Century's financing. Bankruptcy appears likely.
Meantime, at Countrywide (CFC), subprime loan fundings fell by $200 mln in February $2.6 bln as it tighten lending standards. Countrywide's total loan fundings still managed to rise by 10%, year over year, in February.
Stock futures had been higher until the New Century news hit at just before 8 a.m. Upbeat news included a variety of Merger Monday strories:
Schering-Plow to Buy Akzo's Organon for $14.5 Bn
Swisscom to bid $4.9 bln for Italy's Fastweb
Smith & Nephew to Buy Plus Ortho for $669 Million ...
Dollar General to go private in $7.3 bln deal
10 yr treasury is up 6-ticks, yield at 4.568%.
Japanese yen futures up 48 points; Euro futures up 52 points.
A look at analyst recommendations a little later this morning. I have a meeting I have to dash off to.
3 comments:
LOL, how many 50% drops can NEW take before it fizzles into thin air? Not many...
CFC Foreclosures
Could be the next contender for the race to the bottom.
CTC next? Say it ain't so. Last week it held up pretty good into Friday. Could this be the week of the resumption of the downtrend?
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