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IDS World Markets Tues 24th July 07


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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. :lol:

angelo.gif

 

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

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While you guys are remembering 1997, I'm remembering 1967 and 77.  :lol:

 

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. :lol:

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 :angry:

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 :rolleyes:

 

Then by hand I would continue the charts for about three months and buy a new set :)

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While you guys are remembering 1997, I'm remembering 1967 and 77.  :lol:

 

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. :lol:

593144[/snapback]

 

 

Those were the days when Inflation meant something

 

big.chart?symb=indu&compidx=aaaaa%3A0&ma=6&maval=12&uf=0&lf=1024&lf2=32&lf3=4&type=128&size=2&state=8&sid=1643&style=330&freq=2&startdate=1%2F4%2F70&enddate=7%2F24%2F1979&comp=NO%5FSYMBOL%5FCHOSEN&nosettings=1&rand=1034&mocktick=1

593147[/snapback]

 

Umm... where as, it's different this time....

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I'm watching the dollar closely:

http://quotes.ino.com/chart/?s=NYBOT_DX&v=s

 

This is looking bad...

593164[/snapback]

 

Latest quote. :huh: big move :o

 

TX U07 80030 80090 79870 79920 -300

593168[/snapback]

 

The FRN farce is still holding on versus gold

 

gold.gif

593170[/snapback]

post-2253-1185289240_thumb.jpg

 

YeahBut, bucky is wearing 80, which was yesterday's seat cushion, as a hat.

 

intraday.gif?s=NYBOT_DX.U07&t=l&w=15&a=4&v=w

 

pizza-300.jpg

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While you guys are remembering 1997, I'm remembering 1967 and 77.  :lol:

 

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. :lol:

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 :angry:

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 :rolleyes:

 

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. :lol: :lol: :lol:

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