Poll start date: 8/21/2007
Poll duration: 1 month

CFC close on 8/21/2007: $21.79

I'm taking the contrarian position and saying $30 =)

CFC chart, updated daily:

FYI, short interest is up to 14.5% from 9% last month:

"The No. 1 U.S. mortgage lender saw the largest monthly increase in short interest on the New York Stock Exchange, measured by total number of shares held short. Short interest in the stock increased 62.6 percent from the previous month. About 14.5 percent of its shares outstanding are now being shorted. "
http://today.reuters.com/news/articleinv....

9:1 so far...come on, there's got to be another contrarian out there =)

What is the date of that short interest? Is it the one that comes out this week? Bloomberg still shows 9 - 10%.

If it is that high, I would suggest that there are brakes on the fall and that any bad news will lead to a 10% pop, just like used to happen for OSTK.

The 14.5% number was reported by the NYSE the other day. Shortsqueeze.com's Aug number is 15.90 %, I am assuming the Aug 21 value of 14.5% obtained from the NYSE (Reuters article above) is more recent and more representative.

Sounds good. Looks like a pop due to too many shorts.

11:2 so far, now that's a nice put to call ratio, lol.

How bout them apples.

Bank of America to invest $2 bln In Countrywide: WSJ

By Katherine Hunt
Last Update: 5:52 PM ET Aug 22, 2007

SAN FRANCISCO (MarketWatch) BAC is making a $2 billion equity investment in Countrywide Financial Corp. (CFC), the Wall Street Journal reported on its Web site late Wednesday, citing people familiar with the situation. BofA will buy $2 billion worth of the mortgage company's preferred stock yielding 7.25%, which can be converted into common stock at $18 per share, the Journal reported.

http://www.marketwatch.com/news/story/ba....

Did you read it or just post it OW?

Hehehehehehe.... anyone remember AHM and THEIR preferred?

Oh my.......

Yeah, it's dilutive. But I suspect the market will ignore that and see this move as "supportive" and "calming" and other such nonsense. CFC will go up in the short term...$30 here we come...

Its worse than dilutive.

Do you know what guys who buy the preferred do? They short an equal number of shares, but the convertable hasn't converted. What happens when $2b of short sales hit this stock - REALLY STICKY SHORTS who can't be squeezed?

This drives DOWN the stock and its zero-risk - they're delta neutral (which is what they want - no exposure on the stock) but get the coupon.

This is a classic arbitrage play and what's worse, issuing this is an admission that the $11b drawdown didn't work and they couldn't go to the discount window!

You got the afterhours amateurs on the stock now. See where it trades tomorrow. The pros come back in the morning and I bet they're not nearly so kind.

Disagreement is what makes a market. Wish you the best on your short Karl.

Weeeeeellllll...... where'd $26 go?

Who said anything about 26? Where'd 15 go? lol.

Give it an hour

LOL!

Hey, however this craziness plays out you have to admit it has been the best trading in years.

I shorted into that stupid pop last night and I suspect that by the end of the day the truth will be evident to all..... the longs will be looking for a building to jump off.

I suspect they'll keep bidding the POS up all day...

Yeah, like they have so far?

This is being shorted into with wild abandon. She's going down - hard.

It's not too late to change your vote =)

Uh, this ain't Chicago.

You can only vote once, and the stock will never see $30 again.

Ain't noway to see $30 bucks, hell TYC sat at $34 for a long time. I think CFC will sell their mortgage servicing and other realted departments. Then, they will stabilize at around $10 and rebuild. Seems like the most likely scenario. The extremes BK and rocket north, just don't make sense.

CFC deserves to die like the POS it is. But it won't.

I'll wager that CFC will be > $30 by September options expiration. By 3 days after the Fed meeting. Perceived fed easing and perceived inflation has squeezed shorts. Real inflation will annihilate them. This is a short term bet, not a long term healthy bullish move mind you...and yes we will be in a recession in 2008...

In case anyone has not seen this:
http://www.secform4.com/insider-trading/....

Isn't Mozilo a son of a bitch? Insiders have sold nearly $705 MILLION since 2005. Got to hand it to these ****ing crooks, working hard toward $1 Billion....

He said he has a minimum set that the auto sell will not execute below $28. I hope he never sells another share.