Countrywide Gains Again

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Despite pessimistic news, the stock of Countrywide Financial Corp. continued to advance for a second straight day.


Wachovia Capital Markets LLC analyst Jim Shanahan said Friday that he expects the Calabasas-based lender will report a loss in the third quarter due to “disruptions” in the home loans market.


Shanahan estimated that the third-quarter loss will be about 53 cents per share, cutting his initial estimate of an 82 cents-per-share profit. Countrywide is set to report earnings in late October or early November.


This comes a day after Countrywide said it had arranged $12 billion in financing through new and existing credit lines, sending shares up 14 percent Thursday the biggest jump in the lender’s stock in more than seven years.


Shares in Countrywide were up 7.2 percent, or $1.34, in early trading Friday on the New York Stock Exchange.

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