nly's earnings releases are almost 'purposely' hard to understand and interpret. and now that they've been forced to buy crexus etc. it's hard to know what their business model is going to be going forward. i say 'stay away' ... agnc's earnings release will be a model of clarity by contrast; whether agnc's results will be stellar i can't say, but at least we'll know what happened and - following tomorrow's cc - we'll have some decent idea as to what mgmt sees going forward. that said - i think an offering remains a risk if the stock price approaches bv and perhaps even if it does not; the quest for mgmt fees have a way a clouding good judgment. there is perhaps a better chance for an offering over at mtge as that stock already trades above book ... is that why mtge sold off a bit today?
Stockmeister, I was starting to get nuetral / bullish on them.
But after the earnings and reading their con call, I'm back to being bearish.
Their CPR is wrecking them.
And not positioning their portfolio a while back to be defensive against the QE's is killing them.