cwd Posted July 24, 2007 Report Share Posted July 24, 2007 Cutting capacity and people in a homebuilding material company, and problems in the mortgage arena are escalating. Notice the continual estimate reductions at CFC. What are the chances they are still overestimating? No sign of a bottom from any of this.Excerpts: USG Corporation Reports Second Quarter 2007 Last update: 7/24/2007 8:31:00 AM CHICAGO, July 24, 2007 /PRNewswire-FirstCall via COMTEX/ -- USG Corporation (USG), a leading building products company, today reported second quarter 2007 net sales of $1.4 billion and net earnings of $56 million. Diluted earnings per share for the second quarter of 2007 were $0.56 based on 99.3 million average diluted shares outstanding. For the same period a year ago, the corporation recorded net sales of $1.6 billion and net earnings of $176 million, or $3.03 per diluted share based on 58.0 million average diluted shares outstanding. "The housing recession is entering the second year of what is likely to be a multiyear downturn," continued Foote. "We took further action during the quarter to adapt our operations to market conditions by eliminating approximately 500 salaried positions. Combined with reductions in hourly jobs, we have eliminated more than 1,100 positions in the last 12 months. The corporation has removed about 2.5 billion square feet of wallboard capacity from operation in the last year and will shut down an additional 350 million square feet of wallboard capacity at Detroit, Michigan, late in the third quarter. Countrywide 2Q Net Down 33%; Cuts '07 Outlook Again Last update: 7/24/2007 9:23:04 AM NEW YORK (Dow Jones)--In another sign of spreading credit problems, Countrywide Financial Corp. (CFC) said Tuesday losses on certain loans to more creditworthy borrowers contributed to a 33% drop in second-quarter net income. The largest U.S. home lender again slashed its 2007 earnings outlook on expectations of "increasingly challenging" housing and mortgage markets. The Calabasas, Calif., lender earned $485.1 million, or 81 cents a share, in the quarter, down from $722.2 million, or $1.15 a share, a year earlier. Revenue fell to $2.55 billion from $3 billion a year earlier. On average, anal cysts polled by Thomson Financial expected earnings of 95 cents a share on revenue of $2.86 billion. "During the quarter, softening home prices continued to affect many areas of the country and delinquencies and defaults continued to rise across all mortgage product categories as a result," said Chairman and Chief Executive Angelo Mozilo. Countrywide set aside $293 million for loan losses in the quarter, more than triple the level a year earlier, primarily blaming a loan-loss provision of $181 million on prime home-equity loans. It cut its 2007 earnings forecast to a range of $2.70 to $3.30 a share, compared with the $3.50 to $4.30 range it projected in April. Earlier this year, Countrywide estimated it would earn $3.80 to $4.80 a share in 2007. 593161[/snapback] It sure was fortunate for the Tan Man, that he has been diversifing his holdings. INSIDER & RULE 144 TRANSACTIONS REPORTED - LAST TWO YEARS Date Insider Shares Transaction Value* 23-Jul-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.94 per share. $695,800 23-Jul-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $34.22 per share. $2,395,400 20-Jul-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.94 per share. $695,800 20-Jul-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $34.12 per share. $2,388,400 19-Jul-07 SAMBOL DAVID Officer 4,250 Option Exercise at $13.24 per share. $56,270 19-Jul-07 SAMBOL DAVID Officer 4,250 Automatic Sale at $35.26 per share. $149,855 18-Jul-07 MOZILO ANGELO R Officer 46,000 Option Exercise at $10.89 per share. $500,940 18-Jul-07 MOZILO ANGELO R Officer 46,000 Automatic Sale at $34.32 per share. $1,578,720 16-Jul-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.94 per share. $695,800 16-Jul-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $35.83 per share. $2,508,100 13-Jul-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.94 per share. $695,800 13-Jul-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $36.64 per share. $2,564,800 13-Jul-07 SAMBOL DAVID Officer 4,250 Option Exercise at $13.24 per share. $56,270 13-Jul-07 SAMBOL DAVID Officer 4,250 Automatic Sale at $36.50 per share. $155,125 12-Jul-07 MOZILO ANGELO R Officer 46,000 Option Exercise at $10.89 per share. $500,940 12-Jul-07 MOZILO ANGELO R Officer 46,000 Automatic Sale at $36.45 per share. $1,676,700 11-Jul-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.94 per share. $695,800 11-Jul-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $35.68 per share. $2,497,600 3-Jul-07 SAMBOL DAVID Officer 4,250 Option Exercise at $13.24 per share. $56,270 3-Jul-07 SAMBOL DAVID Officer 4,250 Automatic Sale at $37.02 per share. $157,335 27-Jun-07 SAMBOL DAVID Officer 4,250 Option Exercise at $13.24 per share. $56,270 27-Jun-07 SAMBOL DAVID Officer 4,250 Automatic Sale at $35.96 per share. $152,830 21-Jun-07 GARCIA CARLOS MANUEL Officer 2,500 Automatic Sale at $37.50 per share. $93,750 19-Jun-07 MOZILO ANGELO R Officer 46,000 Option Exercise at $10.89 per share. $500,940 19-Jun-07 MOZILO ANGELO R Officer 46,000 Automatic Sale at $38.90 per share. $1,789,400 19-Jun-07 SAMBOL DAVID Officer 6,375 Option Exercise at $13.24 per share. $84,405 19-Jun-07 SAMBOL DAVID Officer 6,375 Automatic Sale at $38.45 per share. $245,118 18-Jun-07 MOZILO ANGELO R Officer 46,000 Option Exercise at $10.89 per share. $500,940 18-Jun-07 MOZILO ANGELO R Officer 46,000 Automatic Sale at $38.48 per share. $1,770,079 15-Jun-07 MOZILO ANGELO R Officer 46,000 Option Exercise at $10.89 per share. $500,940 15-Jun-07 MOZILO ANGELO R Officer 46,000 Automatic Sale at $37.99 per share. $1,747,540 15-Jun-07 DOUGHERTY MICHAEL E Director 11,395 Option Exercise at $12.15 - $13.29 per share. $145,0002 15-Jun-07 DOUGHERTY MICHAEL E Director 11,395 Automatic Sale at $38.15 per share. $434,719 14-Jun-07 SAMBOL DAVID Officer 6,375 Option Exercise at $13.24 per share. $84,405 14-Jun-07 SAMBOL DAVID Officer 6,375 Automatic Sale at $37.79 per share. $240,911 14-Jun-07 MOZILO ANGELO R Officer 46,000 Option Exercise at $10.89 per share. $500,940 14-Jun-07 MOZILO ANGELO R Officer 46,000 Automatic Sale at $37.83 per share. $1,740,180 13-Jun-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.94 per share. $695,800 13-Jun-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $37.81 per share. $2,646,700 12-Jun-07 GARCIA CARLOS MANUEL Officer 2,500 Automatic Sale at $37.71 per share. $94,275 11-Jun-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.94 per share. $695,800 11-Jun-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $37.67 per share. $2,636,900 8-Jun-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.94 per share. $695,800 8-Jun-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $37.95 per share. $2,656,500 7-Jun-07 GARCIA CARLOS MANUEL Officer 2,500 Automatic Sale at $38.25 per share. $95,625 6-Jun-07 MOZILO ANGELO R Officer 46,000 Option Exercise at $10.89 per share. $500,940 6-Jun-07 MOZILO ANGELO R Officer 46,000 Automatic Sale at $39.06 per share. $1,796,760 6-Jun-07 SAMBOL DAVID Officer 6,375 Option Exercise at $13.24 per share. $84,405 6-Jun-07 SAMBOL DAVID Officer 6,375 Automatic Sale at $38.99 per share. $248,561 4-Jun-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.60 - $9.94 per share. $684,0002 4-Jun-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $39.15 per share. $2,740,500 1-Jun-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.60 per share. $672,000 1-Jun-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $39.01 per share. $2,730,700 31-May-07 SIERACKI ERIC P Officer 16,708 Option Exercise at $6.77 per share. $113,113 31-May-07 SIERACKI ERIC P Officer 2,902 Disposition (Non Open Market) at $38.94 per share. $113,003 31-May-07 MOZILO ANGELO R Officer 46,000 Option Exercise at $10.89 per share. $500,940 31-May-07 MOZILO ANGELO R Officer 46,000 Automatic Sale at $39.80 per share. $1,830,799 30-May-07 CISNEROS HENRY G Director 5,075 Sale at $39.50 per share. $200,462 29-May-07 GARCIA CARLOS MANUEL Officer 2,500 Automatic Sale at $39.44 per share. $98,600 24-May-07 GARCIA CARLOS MANUEL Officer 12,500 Automatic Sale at $40.35 per share. $504,375 21-May-07 MOZILO ANGELO R Officer 46,000 Option Exercise at $10.89 per share. $500,940 21-May-07 MOZILO ANGELO R Officer 46,000 Automatic Sale at $40.64 per share. $1,869,440 18-May-07 GARCIA CARLOS MANUEL Officer 12,500 Automatic Sale at $41.18 per share. $514,750 18-May-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.60 per share. $672,000 18-May-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $41.14 per share. $2,879,800 16-May-07 MOZILO ANGELO R Officer 46,000 Option Exercise at $10.89 per share. $500,940 16-May-07 MOZILO ANGELO R Officer 46,000 Automatic Sale at $40.25 per share. $1,851,500 15-May-07 DOUGHERTY MICHAEL E Director 22,790 Option Exercise at $12.15 per share. $276,898 15-May-07 DOUGHERTY MICHAEL E Director 22,790 Automatic Sale at $39.87 per share. $908,637 14-May-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.60 per share. $672,000 14-May-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $40.26 per share. $2,818,200 10-May-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.60 per share. $672,000 10-May-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $40.68 per share. $2,847,600 8-May-07 KRIPALANI RANJIT M Officer 14,002 Option Exercise at $14.69 per share. $205,689 8-May-07 KRIPALANI RANJIT M Officer 14,002 Sale at $40.75 - $40.8 per share. $571,0002 8-May-07 DOUGHERTY MICHAEL E Director 11,396 Option Exercise at $12.15 per share. $138,461 8-May-07 DOUGHERTY MICHAEL E Director 11,396 Automatic Sale at $42 per share. $478,632 8-May-07 GISSINGER ANDREW III Officer 4,042 Sale at $40.74 - $41.71 per share. $167,0002 8-May-07 GARCIA CARLOS MANUEL Officer 12,500 Automatic Sale at $40.06 per share. $500,750 8-May-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.60 per share. $672,000 8-May-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $38.78 per share. $2,714,600 8-May-07 SAMUELS SANDOR E Officer 24,936 Option Exercise at $11.68 per share. $291,252 8-May-07 SAMUELS SANDOR E Officer 24,936 Automatic Sale at $40 per share. $997,440 7-May-07 MOZILO ANGELO R Officer 46,000 Option Exercise at $10.89 per share. $500,940 7-May-07 MOZILO ANGELO R Officer 46,000 Automatic Sale at $38.48 per share. $1,770,079 4-May-07 MOZILO ANGELO R Officer 46,000 Option Exercise at $10.89 per share. $500,940 4-May-07 MOZILO ANGELO R Officer 46,000 Automatic Sale at $38.03 per share. $1,749,380 3-May-07 GARCIA CARLOS MANUEL Officer 2,500 Automatic Sale at $37.85 per share. $94,625 2-May-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.60 per share. $672,000 2-May-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $37.54 per share. $2,627,800 2-May-07 GATES MARSHALL M Officer 6,805 Option Exercise at $14.69 per share. $99,965 30-Apr-07 MOZILO ANGELO R Officer 46,000 Option Exercise at $10.89 per share. $500,940 30-Apr-07 MOZILO ANGELO R Officer 46,000 Automatic Sale at $38.45 per share. $1,768,700 27-Apr-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.60 per share. $672,000 27-Apr-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $38.35 per share. $2,684,500 26-Apr-07 DOUGHERTY MICHAEL E Director 22,790 Option Exercise at $12.15 per share. $276,898 26-Apr-07 DOUGHERTY MICHAEL E Director 22,790 Automatic Sale at $39 per share. $888,810 26-Apr-07 GARCIA CARLOS MANUEL Officer 2,500 Automatic Sale at $37.50 per share. $93,750 23-Apr-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.60 per share. $672,000 23-Apr-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $37.33 per share. $2,613,100 20-Apr-07 MOZILO ANGELO R Officer 46,000 Option Exercise at $10.89 per share. $500,940 20-Apr-07 MOZILO ANGELO R Officer 46,000 Automatic Sale at $37.84 per share. $1,740,640 18-Apr-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.60 per share. $672,000 18-Apr-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $37.25 per share. $2,607,500 17-Apr-07 DOUGHERTY MICHAEL E Director 11,395 Option Exercise at $10.25 - $12.15 per share. $128,0002 17-Apr-07 DOUGHERTY MICHAEL E Director 11,395 Automatic Sale at $36.50 per share. $415,917 16-Apr-07 MOZILO ANGELO R Officer 46,000 Option Exercise at $10.89 per share. $500,940 16-Apr-07 MOZILO ANGELO R Officer 46,000 Automatic Sale at $34.93 per share. $1,606,780 13-Apr-07 MOZILO ANGELO R Officer 46,000 Option Exercise at $9.60 - $10.89 per share. $471,0002 13-Apr-07 MOZILO ANGELO R Officer 46,000 Automatic Sale at $33.60 per share. $1,545,600 11-Apr-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.60 per share. $672,000 11-Apr-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $33.46 per share. $2,342,200 4-Apr-07 MOZILO ANGELO R Officer 70,000 Option Exercise at $9.60 per share. $672,000 4-Apr-07 MOZILO ANGELO R Officer 70,000 Automatic Sale at $33.33 per share. $2,333,100 Link to comment Share on other sites More sharing options...
dogsie Posted July 24, 2007 Report Share Posted July 24, 2007 If the Trin go to the moon then Bottom fishing might be a good idea 593163[/snapback] So far a very modest .95 Link to comment Share on other sites More sharing options...
I_Am_Madness Posted July 24, 2007 Report Share Posted July 24, 2007 GS broke and closed below the 200 dma for the first time in 2 years. Link to comment Share on other sites More sharing options...
cwd Posted July 24, 2007 Report Share Posted July 24, 2007 I'm watching the dollar closely:http://quotes.ino.com/chart/?s=NYBOT_DX&v=s This is looking bad... 593164[/snapback] Latest quote. big move TX U07 80030 80090 79870 79920 -300 Link to comment Share on other sites More sharing options...
FeedFool Posted July 24, 2007 Report Share Posted July 24, 2007 If the Trin go to the moon then Bottom fishing might be a good idea 593163[/snapback] So far a very modest .95 593166[/snapback] Chart is based on moving average so it may take time to go to the moon Link to comment Share on other sites More sharing options...
Jetlag Posted July 24, 2007 Report Share Posted July 24, 2007 I'm watching the dollar closely:http://quotes.ino.com/chart/?s=NYBOT_DX&v=s This is looking bad... 593164[/snapback] Latest quote. big move TX U07 80030 80090 79870 79920 -300 593168[/snapback] The FRN farce is still holding on versus gold Link to comment Share on other sites More sharing options...
LeeWhee Posted July 24, 2007 Report Share Posted July 24, 2007 Say goodbye to our old friend SPX 1532, shanker-style. If/when the more important Nard 2632ish gives way, time for bully to close up shop for a while. Crooks still have downside 30+ pts to play with on the Saq. Link to comment Share on other sites More sharing options...
Bungster Posted July 24, 2007 Report Share Posted July 24, 2007 This look like a short term? correction commencing....... Link to comment Share on other sites More sharing options...
Ageka Posted July 24, 2007 Report Share Posted July 24, 2007 While you guys are remembering 1997, I'm remembering 1967 and 77. I was really surprised that no one recognized those Dow charts of 1972-74 over the weekend. Those patterns are indelibly etched in my brain for all time. Funny thing is that during my first 15 years of involvement with the market it swung both up and down, and the majority of stocks either did poorly, or went nowhere. It's probably why it's so difficult for me to get unqualifiedly and enthusiastically bullish. My upbringing says that it can't last. 593144[/snapback] In those days the only charts over here were Hoppenstedt charts by country or general at about 35$ for one booklet per month And I had a tape recorder I put a clock on so that at midnight I could get the closing of the US market from the American Forces broadcast out of Germany Then by hand I would continue the charts for about three months and buy a new set Link to comment Share on other sites More sharing options...
Bungster Posted July 24, 2007 Report Share Posted July 24, 2007 This also is saying correction.... Link to comment Share on other sites More sharing options...
Benny Hoo Hoo Posted July 24, 2007 Report Share Posted July 24, 2007 Deflation and major correction around the corner? Pump and Dump It all seems too obvious. Link to comment Share on other sites More sharing options...
LeeWhee Posted July 24, 2007 Report Share Posted July 24, 2007 Stick-save in progress at BKX 109, the March07 low. Will it hold? Probably not. But potential scwang-support not much lower at 106 (Jul06 gap), 104 (Jun06 low) and 100-101ish (2006 low). Link to comment Share on other sites More sharing options...
Jimi Posted July 24, 2007 Report Share Posted July 24, 2007 While you guys are remembering 1997, I'm remembering 1967 and 77. I was really surprised that no one recognized those Dow charts of 1972-74 over the weekend. Those patterns are indelibly etched in my brain for all time. Funny thing is that during my first 15 years of involvement with the market it swung both up and down, and the majority of stocks either did poorly, or went nowhere. It's probably why it's so difficult for me to get unqualifiedly and enthusiastically bullish. My upbringing says that it can't last. 593144[/snapback] Those were the days when Inflation meant something 593147[/snapback] Umm... where as, it's different this time.... Link to comment Share on other sites More sharing options...
Speakeasy Posted July 24, 2007 Report Share Posted July 24, 2007 I'm watching the dollar closely:http://quotes.ino.com/chart/?s=NYBOT_DX&v=s This is looking bad... 593164[/snapback] Latest quote. big move TX U07 80030 80090 79870 79920 -300 593168[/snapback] The FRN farce is still holding on versus gold 593170[/snapback] YeahBut, bucky is wearing 80, which was yesterday's seat cushion, as a hat. Link to comment Share on other sites More sharing options...
DrStool Posted July 24, 2007 Report Share Posted July 24, 2007 While you guys are remembering 1997, I'm remembering 1967 and 77. I was really surprised that no one recognized those Dow charts of 1972-74 over the weekend. Those patterns are indelibly etched in my brain for all time. Funny thing is that during my first 15 years of involvement with the market it swung both up and down, and the majority of stocks either did poorly, or went nowhere. It's probably why it's so difficult for me to get unqualifiedly and enthusiastically bullish. My upbringing says that it can't last. 593144[/snapback] In those days the only charts over here were Hoppenstedt charts by country or general at about 35$ for one booklet per month And I had a tape recorder I put a clock on so that at midnight I could get the closing of the US market from the American Forces broadcast out of Germany Then by hand I would continue the charts for about three months and buy a new set 593173[/snapback] How well I remember. Here, we had Trendline, Mansfield, and Chartcraft (point and figure.) I kept my own charts on paper as well. In 1982, started charting with Metastock on an Apple IIe. Also that year I had a programmer at the brokerage firm I was with write a MACD charting program on the office mainframe that we could use on our terminals. We were state of the art at that time. We were preaching all about positive and negative divergences to a handful of institutional clients. Those were the days. Link to comment Share on other sites More sharing options...
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