Financial Services Industry
Industry: Email Alert RSS FeedE-LOAN confident about SURVIVAL
US Banker, March, 2001 by Paul Muolo
E-Loan Inc., an online-only mortgage and auto lender, went public in June 1999. Its stock hit an all time high of $72 a share that summer but over the past 52 weeks its high has been just $18 and its low just 37 cents. (No, the stock didn't split.) Lately, it has been trading at just under $3 a share, and "short sellers," speculators who bet that a company's share price will go down, have been targeting the Dublin, CA-based lender. The only other online-only lender, Mortgage.com of Florida, went bust in late 2000. By last summer the word on Wall Street was that Mortgage.com was "Mortgage.gone."
In other words, E-Loan has a tough road to hoe.Analyst Mike McMahon of Sandler O'Neill & Partners first predicted in October 1999 that E-Loan would never earn a nickel. McMahon, so...
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