Countrywide Financial (CFC) Shrugs Off Merrill "Sell"

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The market ignored Merrill’s "sell" call on Countrywide (CFC) today. Merrill had rated the mortgage company as a "buy" since 2005. The stock was off only 1.4% at 11.15 AM New York time.

The change in rating came far too late to help investors who have watched the stock move from $42 to just over $24 so far this year.

A call to late appears to be worse than no call at all.

Douglas A. McIntyre can be reached at douglasamcintyre@247wallst.com.