On Thursday just after close the Govt. announced that GNW will not (qualify) for TARP $s. After hours GNW fell as low as $2.06 and ended up trading between $2.30 to $2.38 and closed after hours @ $2.30. I bought GNW back @ $2.30 with the thought that this was done on purpose because:
1. They dont need the TARP $. Financially they are sound according to their balance sheet.
2. With the TARP their are to many strings attached when you jump into bed with our wonderful Govt. bureacracy, no matter how much it will shore up your balance sheet.
3. Many companies that received TARP want to give it back because of (Big Brother) and the fact that OBAMA is not welcome as a majority owner in their business.
4. The press is making it look like they didnt qualify because their application couldnt be extended because the S and L they were buying fell thru. This was just a way out without getting by the FED because they did not need TARP $s. their
5. Schwab moved GNW up to an A Rating(Strongly Outperform) today from Outperform last week.
6. Charts- There has been strong Accumulation since March 23rd.
Earnings are set for April 23rd and I suspect a big gain to the upside and positive guidance. Anyway I am all in!