Another article on Seeking Alpha by perma-short Aurelius released before the market opened this morning.
http://seekingalpha.com/article/4002704-bofi-will-fdic-stop-…
The good news (for longs) is that as Saul surmised earlier, these articles seem to have less and less effect on the stock price of BOFI. The stock opened this morning with only a brief drop down under $21.50 (a drop of about 6%), but is already back up over Friday’s close of $22.89 and appears to still be climbing.
There was a time when articles like this being released would have dropped the stock well over 10% but we seem to be past that for now as people recognize that there really isn’t much of substance to the article.
The articles main point seems to be that their 10-K filing should not have been considered an “all clear signal” (what caused a good rise in the stock price at the end of last week), but instead, a warning or more potential troubles to come because of some disclosure language in the filing that they say changed this year.
Mike
Still long BOFI