Advanta Dennis & Gisela Alter 'Advanta
Stupido Lowlife Scumbag' Good Lord has answered our prayers! Advanta stock is on life support!

Advanta shares dive after weak report, downgrade

By: The Associated Press | 20 Jan | 03:36 PM ET

CHARLOTTE, N.C. - Advanta Corp. Shares fell more than 40 percent to a new low Tuesday afternoon after the credit card issuer reported credit deteriorated in December, and an analyst downgraded the company, saying it is "unlikely to survive."
Advanta stock shed 76 cents, or 39 percent, to $1.19 in afternoon trading. The stock hit a new year low of $1.04 earlier in the session. It has traded in a 52-week range of $1.58 to $10.63.
The Spring House, Pa.-based company said Tuesday total delinquencies jumped from 7.96 percent to 9.43 percent for December, while net losses rose to 12.91 percent.
Stifel Nicolaus & Co. Analyst Chris Brendler downgraded Advanta to "Sell" from "Buy" on the news. He also lowered his 2008 earnings estimate to a loss of 34 cents per share, from a previous forecast for a loss of 22 cents per share.
On average, analysts polled by Thomson Reuters expect a loss of 11 cents per share.
"Early amortization appears unavoidable without a significant improvement in credit quality and that appears highly unlikely in this macro environment, " Brendler wrote in a client note. "With over $4 billion in outstanding bongs, even Advanta's substantial cash hoard will likely prove insufficient and we believe the company will be forced into bankruptcy if the trust does indeed amortize early.
"Since we now believe Advanta will no longer be able to survive, we are forced to cut the stock to 'Sell, '" the analyst wrote.

Http://www.cnbc.com/id/28756434/for/cnbc/

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Company: Advanta Dennis & Gisela Alter 'Advanta
Country: USA
Address: 7111 SHEAFF LN

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