Sign in Subscribe
All

I’m going to finally cover a little bit of…

Cody Willard

Cody Willard

— 1 min read

The stock markets are down and down big this morning.  And although we got an immediate 100 point bounce off the opening lows, the markets have now tested and broken below those opening lows.  That said, the markets are now back to where they were during Friday’s lows.

I already did some purchases near those lows Friday and I’m not making any moves yet this morning.

One other quick note — LPS itself is down another 9% this morning, crashing to yet new all-time lows.  Here’s a downgrade note from the analyst at Macquarie this morning:

Downgrading LPS to Underperform from Neutral. In conjunction with S&P’s downgrade of the US credit rating and CoreLogic’s (CLGX US, US$9.92, Neutral, TP: US$12.00) weak Q2 results + 2011 outlook, we are downgrading our rating on LPS to Underperform from Neutral as we believe the mortgage originations market could become even more challenging than previously thought.

Cody back here.  I’m going to finally cover a little bit of my LPS short common.  I’m holding my LPS puts steady still with their outsized gains.

Read more