A 1 time charge against earnings is nothing for me or you to get worked up about.
what matters is the future performance of the company which is perfectly healthy.
nyb is forecasting $1.60-$1.70 in 2005 eps. they base that on a 10yr yield of 6.75%. anything below 6.75% on the 10yr will lead to blow out #'s. all this in addition to earning $1.00 per share in cash dividends.
you should be happy and buy even more, you will be glad you did when it hits $45 within the next 1.5 years and the rumors kick in about a buyout. the only difference will be the buyout will be for $55-$60. citi probably will make a move before that but you never know?
It's got a loooooooooong way to go to get back to where they were earlier this year. As I said before NYB's earnings will recover a lot sooner than the damage done to this management team's reputation. They were once the darlings of the "street" as far as thrifts go. No longer!!! This stock needs to appreciate 70% from current levels to reach it level earlier this year. But hey, I know the hedges NYB put on will soon pay off right Bing?????