IndyMac earnings: Cuts loss by 64% and looks to stay independent

Posted May 12th 2008 4:32PM by Sheldon Liber
Filed under: Major Movement, Earnings Reports, Management, IndyMac Bancorp (IMB)

IndyMac Bank Today IndyMac Bancorp, Inc. (NYSE: IMB) reported that its quarterly loss was cut by 64% leaving investors with a small glimmer of hope... although the company has done a small about face. Previously IndyMac had suggested it might be possible to get back to profitability by the fourth quarter. They now are reporting that they probably will not report a positive quarter in 2008.

It was only ten days ago that CEO says IndyMac has 'turned a corner' but the story continues to evolve. The stock closed down today at $3.06, losing 37 cents or almost 11% of it's value.

Disclosure: I own shares of IMB.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money.

Tags: IMB, IMB earnings, ImbEarnings, indymac bancorp, IndymacBancorp