I have been scratching my head on this as well. Not seeing a run into earnings with lighter volume and there is a pretty high short interest. I feel Q2 will be strong. I did lessen exposure here. Wishing the best for all long.
If there is a blowout,,, there will be a run for sure. My bet is it will be next week.
Hope you are right. Just can't understand the downward price so close to what should be an excellent report. I ain't rich so I took some off the table
I have traded this company a few times this year. Conference call the other day was impressive. To me, it all but screamed that Q2 will be strong. The mortgage industry is volatile, but what IMH did with Cash Call was excellent... See you at $30 post earnings....
Well, I have thought about that, but remember while originations for the mortgage industry have slowed to a degree because of rising 30 year rates,,,Cash Call's numbers have been reflective of operating in 11 states and with the IMH licenses, they now have a build out to 40 states with limited added overhead. Plus both the wholesale and corr channels have moved into more purchase money oriented business. IMH is the best mortgage play out there.
Mortgage profit generally trails by 60 days since loans are first locked and then processed before the revenue is realized. My hope is the very low rates seen in February and early March with result in fundings and be recorded in the second quarter. That, plus the added revenue of Cash Call should fare for good second quarter numbers. Cash Call now has several more states to operate in.
We will see but shareholder meeting sounded good at least to me.
Me,, too. Waiting with baited breath til 4PM... I think this company is the best mortgage play out there and a good play overall given the sagging market currently. I am a 30 year mortgage veteran and IMH is well run. The purchase of CC was an excellent business move. Puts them in a different league. They survived the meltdown like no other.
Anyone see the weekly figures,,,???? Let's discuss those bad boys