ITIC reported earnings for the 2nd quarter of $1.68 and for the first six months of $2.79.
How would I describe the stock market's reaction? The word muted, comes to mind. No trades today. Not one single person was so excited by the earnings report that they were motivated to buy a single share. Amazing!
Miserable cable, internet, telecom and biotech companies that have never reported a profitable year in their existences trade millions of shares a day and ITIC can't even generate a single trade the day after its stunning report.
Does this portend armageddon for the housing related companies? I haven't a clue, but those morons back on Wall Street do not really care about real businesses or the long term.
I believe you are correct about bargain stocks. Their very unpopularity is what makes them bargains.
Secondly, it looks like the housing sector disintegration is picking up speed. Yesterday FMT reported sharply lower earnings and the stock made a new low. Today CFC got hit. The homebuilders have been hit very hard and, I think, justifiably. What interests me, is that it is now spreading into the lenders. It has been my contention for a long time that that is where the trouble is. These were the guys who provided 100% financing to almost any warm body with a job to buy a house at any price, that was appraised at what ever amount the lender would lend.
I will be interested to see how bad it gets. At this point I think the new trend is probably irreversible.