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New Century Basing After Summer Losses.(B)(NASDAQ STOCKS IN THE NEWS)
Byline: Jonah Keri
New Century Financial broke out in early April, two weeks after the market launched its new bull run. The stock hit a high of 34.07 on June 6 and has since formed a base lasting nearly four months. New Century is trading above its 50-day moving average, 16% off its high.
The provider of subprime mortgage loans has aggressively pursued homeowners who can't qualify for conventional loans. The firm more than tripled its loan production from 2000 to 2002, from $4.2 billion to $14.2 billion.
Interest rates have ticked up over the last few months. New Century's sales growth has ...
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