Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Markets & Finance

Robertson Stephens Cuts Providian to Long Term Attractive

Roberston Stephens cut its investment rating on credit card company Providian (PVN) to long term attractive from buy, citing a combination of rising delinquencies, net chargeoffs and appreciated valuation. The stock was down 2-7/8, at 51-3/4.

Analyst Jordan Hymowitz says the Fed's rate cut is not a direct benefit to Providian in that most of its cards are tied to the prime rate and re-price downward immediately. He said the benefit of rate cuts is indirect as potentially reduced chargeoffs could mean lesser debt burden on the borrower.

Hymowitz said Providian is well-reserved for losses, but stock appreciation potential will be capped as long as credit quality deteriorates. He noted the company has indicated chargeoffs will be above 8% in the fourth quarter.

blog comments powered by Disqus