Countrywide (CFC) Shares Whipsawed On Bankruptcy Rumors and Co Denial
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Shares of Countrywide (NYSE: CFC) have been extremely volatile today, trading as high as $7.82 and as low as $5.76. The stock is currently at $6.31 (-17.4%).
After trading flat for the first hour and a half of trading, the stock sunk in late morning as rumors were swirling the mortgage company could be seeking bankruptcy protection.
Shortly after 1PM ET, Countrywide's stock was halted for trading and issued a statement denying the speculation. The company said, "There is no substance to the rumor that Countrywide is planning to file for bankruptcy, and we are not aware of any basis for the rumor that any of the major rating agencies are contemplating negative action."
After trading flat for the first hour and a half of trading, the stock sunk in late morning as rumors were swirling the mortgage company could be seeking bankruptcy protection.
Shortly after 1PM ET, Countrywide's stock was halted for trading and issued a statement denying the speculation. The company said, "There is no substance to the rumor that Countrywide is planning to file for bankruptcy, and we are not aware of any basis for the rumor that any of the major rating agencies are contemplating negative action."
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