Ah, the perils having an automatically updated news feed and stock price graph on your company's home page:
That's New Century Financial Corporation, which prides itself on being "A New Shade of Blue Chip." The trouble is that they are one of the largest of what's known as sub-prime mortgage lenders and the downturn in the housing market has hit them hard. Very hard.
Might that new shade be... red?
I was tempted to buy some of their stock earlier today for some of the same reasons that I considered buying airline stocks not long after 9/11. But it looks like trading has been suspended.
We'll have to see if the company sticks around, I guess.
Posted by jzawodn at March 13, 2007 01:48 PM