Countrywide posts loss but sees future profits
Countrywide Financial Corp. lost $1.2 billion in the third quarter, but its shares soared Friday after the nation’s largest mortgage lender said it expects to be profitable this quarter and next year.
But the Calabasas, Calif.-based company said it will be profitable in the fourth quarter and in 2008, as it restructures its business to take advantage of the current market.
Countrywide’s loss amounted to $2.85 per share for the July-September period in contrast to a profit of $647.6 million, or $1.03 per share, a year ago.
Analysts polled by Thomson Financial, on average, forecast a loss of $1.28 per share for the quarter.
Countrywide shares rose $4.23, or 32.36 percent, Friday to close at $17.30 on the New York Stock Exchange.
Mines underreported emissions, groups say
Environmentalists are accusing two Northern Nevada gold mines of underreporting mercury emissions to the U.S. Environmental Protection Agency.
Nevada-based Great Basin Mine Watch, the Idaho Conservation League and Earthworks threatened legal action against the Florida Canyon Mining Co.’s operation near Imlay and the Kennecott Mining Co.’s Denton-Rawhide Mine near Fallon.
Contrary to recent data reported to the Nevada Department of Environmental Protection, the mines reported little or no mercury emissions over the last eight years to the federal EPA, Great Basin Mine Watch staff scientist John Hadder said.
Treasury prices mixed after uneven trading
Long-term Treasury prices closed mixed on Friday after an uneven session largely spent reacting to the stock market.
Long-term Treasury prices reversed course several times Friday. The benchmark 10-year Treasury note fell 0.13 points to 102.84 with a yield of 4.39 percent, up from 4.38 percent at Thursday’s close. Prices and yields move in opposite directions.
The 30-year long bond dropped 0.19 points to 105 with a 4.69 percent yield, little changed from Thursday’s close.