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Option Update: Countrywide Financial volatility flat into downgrades

Posted May 5th 2008 9:25AM by Paul Foster
Filed under: Analyst upgrades and downgrades, Bank of America (BAC), Countrywide Financial (CFC), Options

Countrywide Financial (NYSE: (CFC) is recently trading at $5.42 in pre-open trading, below its close of $5.98.

Bank of America (NYSE: BAC) announced on Jan. 11, 2008 it will pay CFC shareholders 0.1822 per share of BAC for each share they own.

S&P lowered CFC debt to junk on May 2. Friedman Billings Ramsey says: "downgrading to Underperform and lowering price target to $2 (from $7). Given continued deterioration in CFC's loan book."

CFC overall option implied volatility of 74 is near its 15-week average of 77 according to Track Data, suggesting non-directional risk.

Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Tags: bac, cfc, option implied volatility, OptionImpliedVolatility

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