Clayton Holdings (CLAY): A New Low
Clayton Holdings (CLAY) provides outsourced services, mortgage-related analytics, and specialized consulting services for buyers and sellers of mortgage-related loans and securities, and other debt instruments. It sounds like a tough busines to be in now, and Clayton proved just how tough today.
After announcing poor earnings, the stock was downgraded by JPM Securities. Revenue at CLAY fell 47% to $31 million. The company had net income of $3.1 million in the third quarter last year. This year the frim swung to a loss of $2.8 million.
Owning the shares has been like watching a house burn to the ground. From a 52-week high of $24.30, the shares are down to $4.25 today.
Douglas A. McIntyre