Providian sells 1.3M accounts Providian has just completed the sale of some of its more risky credit card accounts to Cardworks, Inc., and CompuCredit Corporation. The total number of accounts involved is 1.3 million. http://bigcharts.marketwatch.com/in...42205&source=htx\http2_mw&source=htx\http2_mw Second quarter earning will be reported at the end of the day. Stock chart http://bigcharts.marketwatch.com/intchart/frames/frames.asp?symb=pvn&time=8&freq=1 Anyone want to make any bets that within 12 months Providian will file chapter 11 BK?
thsi was ordered by the government. told Providian they were holding too many high risk accounts. Samething is happening to Cross Countrybanc
PVN down 16.3% on the day to close at $3.39. Anyone want to bet that they will not file a BK 11 within 12 months?
My condolences George. You must be a bad person because you pay your bills on time and don't have to pay late penalties. I don't mean to be the bearer of bad tidings but: "Credit card issuers lead NYSE losers (MXT, COF, PVN, KRB, AXP, ONE) By Tomi Kilgore Credit card issuers Metris (MXT) and Capital One Financial (MXT) are maintaining the top-two spots on the NYSE list of percentage loss leaders. Metris (MXT) is down $2.32, or 38 percent, to $3.75 after reporting an unexpected loss for the second quarter, and Capital One is slumping $17.30, or 34 percent, to $33.30 after saying it expected to enter into a memorandum of understanding (MOU) with bank regulators with respect to capital, allowance for loan losses and other regulatory requirements. Among others in the credit card business, Providian Financial (PVN) is shedding 14 percent to $3.48 and MBNA (KRB) is losing 6.4 percent. Also with significant credit card operations, American Express (AXP) is down 3 cents at $33.85 and Bank One (ONE) is up 14 cents at $37.55." http://cbs.marketwatch.com/news/new...iteid=mktw&dateid=37454.5031712963-800282748& Day Chart: http://quote.bloomberg.com/gcenter/...ote3=&EXCH=US&T=markets_gcenter99.ht&x=42&y=7
