Mr Cooper Group Inc fka COOP

[moores2009]

a bit ot, (might get deleted),

cnb another bank having trouble down 57% today

Colonial BancGroup shares tumble on 3Q loss
Thursday October 23, 3:25 pm ET
Colonial BancGroup shares fall by nearly half as several analysts cut estimates after 3Q loss


NEW YORK (AP) -- Colonial BancGroup shares lost half their value Thursday, after the regional bank reported a worse-than-expected loss, leading several analysts to adjust their full-year estimates.
Shares dropped $3.66, or 51.5 percent, to $3.45 in afternoon trading. Shares have traded between $3.05 and $19.64 in the past 12 months.

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Late Wednesday, the Montgomery, Ala.-based bank said it swung to a loss in the third quarter as it wrote off millions in residential construction and mortgage loans, most tied to hard-hit markets in Florida.

JPMorgan Securities analyst Steven Alexopoulos subsequently downgraded the shares to "Neutral" from "Overweight," and reduced his 2008 estimate to an operating loss of 34 cents per share from a profit of 11 cents per share.

Analysts polled by Thomson Reuters, on average, currently anticipate full-year earnings of 6 cents per share.

Alexopoulos said he foresees operating losses at the bank for the next several quarters due to increased provisioning.

Morgan Keegan & Co. analyst Robert Patten estimated a total provisioning expense of $375 million over the next five quarters. He reduced his full-year estimate to a loss of 43 cents per share from a profit of 6 cents per share.

"The next few quarters should remain challenging for Colonial, saddled with rising credit losses, a shrinking balance sheet, pressured net interest margin, and increased overhead costs due to resources dedicated to credit mitigation efforts," Patten wrote in a note to investors. "With provisioning expenses to remain elevated through year-end of 2009, Colonial may have limited resources to offset higher-than-anticipated credit losses, leading to further erosion in the tangible book value."

Stifel, Nicolaus & Co. analyst David Bishop also cut his full-year estimate to a loss of 43 cents from a profit of 4 cents per share. He maintained a "Hold" rating on the stock.