One analyst reaction to earnings. Worry, worry a lot!
It seem that it is just beginning of the big trouble for credit card industry. It's about time for those crooks who are charging 18% for your money to start suffering. Let them taste their own loan sharking medicine. We will likely to see prolonged contraction from love affair with credit cards now. Spend now and pay later? It's more like spend now and default later. Anyone long this stock or other credit card stocks must be brain dead.
I used to own 300 shares of this stock which I acquired last year. Now I own zero share.
I was lucky to lose "only" about $1000 on my 300 shares. It is because in the short term, this stock always bounces back strong. It gave me opportunities to sell some shares every time it bounced back. So, it isn't a bad thing if this stock bounces back, at least in short term.