Countrywide Financial Corp (CFC) Stock Crashes on 2Q Earnings
Countrywide Financial Corp (NYSE:CFC - News), the largest U.S. mortgage lender, on Tuesday said quarterly profit slid 33 percent and slashed its full-year earnings outlook, hurt by rising defaults as the housing market slumps.
Shares of Countrywide fell as much as 8.7 percent to their lowest level since November 2005.
Second-quarter net income for the Calabasas, California-based company fell to $485.1 million, or 81 cents per share, from $722.2 million, or $1.15, a year earlier. Revenue fell 15 percent to $2.55 billion.
Analysts on average expected profit of 93 cents per share on revenue of $2.9 billion, according to Reuters Estimates. Countrywide's quarterly profit decline was its third straight.
Labels: CFC, Countrywide Financial Corp.
posted by Stock Administrator @ 2:33 PM
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