American Home (AHM) Downgraded
On March 18th I recommended purchasing shares in American Home Mortgage (AHM). The trade was an overreaction to the subprime mess caused by New Century (NEWC), Novastar (NFI), and Accredited Home Lenders (LEND). On Wednesday the 21st I suggested taking profits in case AHM did have some bad news coming. Today American Home Mortgage (AHM) received two downgrades, cut their full year profit outlook, and subsequently cut their dividend. The trade was over when the quick 7% was made in March. Longer term AHM could recover from today's losses. I still see better investment opportunities than AHM.
Note: I have no position in AHM, LEND, NFI, or NEWC
Note: I have no position in AHM, LEND, NFI, or NEWC
posted by Big Ben at Monday, April 09, 2007
4 Comments:
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