Subprime City Confidential: Aug. 15, 2007
Countrywide (CFC), which has spared no effort to remind the Street that it has access to oodles of liquidity, can't seem to convince the doubters. The shares fell sharply in afternoon trading on Aug. 15, following wire-service reports of rumors that the company has been unable to borrow money in the commercial paper market. The speculation comes on the heels of a downgrade of the stock, to the rare sell call by a Merrill Lynch (MER) analyst. (Analysts usually stop covering a company when it starts going downhill, avoiding the need for a negative recommendation.)
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