Countrywide Posts Loss, Shares Advance on Forecast

Countrywide Financial Corp., the biggest U.S. mortgage lender, predicted a return to profit in the fourth quarter and 2008 after its first quarterly loss in 25 years. The shares jumped the most since May 2000.

The loss of $1.2 billion, or $2.12 a share, compared with profit of $647.6 million, or $1.03 a share, a year earlier, the Calabasas, California-based company said in a statement today. The per-share data excludes the effects of convertible preferred stock issued in the quarter. Loss estimates by analysts ranged as high as $3.47 a share by Morgan Stanley's Kenneth Posner.

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- Posted: 2007-10-26 10:55:48

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