The market ignored Merrill’s "sell" call on Countrywide (CFC) today. Merrill had rated the mortgage company as a "buy" since 2005. The stock was off only 1.4% at 11.15 AM New York time.
The change in rating came far too late to help investors who have watched the stock move from $42 to just over $24 so far this year.
A call to late appears to be worse than no call at all.
Douglas A. McIntyre can be reached at email@example.com.