2024-03-10 18:00:00 ET
Summary
- New York Community Bancorp has dropped almost 50% since our last update.
- The bank disclosed a large goodwill write down, which was literal and metaphorical as investors lost faith in the company.
- Earnings for 2024 are expected to be poor, with potential losses and higher interest costs.
- We examine the setup and tell you our favorite way to play it today.
There are sometimes no prizes for heroics. Sometimes a stock is sold for a good reason and as much as price anchoring makes us think it is "cheaper" than the day before, one must always look at the facts first. Looking at what was an avalanche of bad news from New York Community Bancorp, Inc. ( NYCB ), we decided that discretion was the better part of valor, and we were not buying the 37% one-day drop. ...
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For further details see:
Fair Value Post Dilution For New York Community Bancorp