I like days like today when it’s real simple: (Microsoft = Good + Countrywide = Good) = (Market = Good) (The Wall Street Journal’s market column is titled “Countrywide, Microsoft Fuel Rally” (subscription required)). It speaks to the desire for simplicity and understanding. And it really is that simple today.
Countrywide (CFC), the other other story stock of the day in addition to Microsoft which I already wrote about, is on an absolute tear today. The stock is up 30% on huge volume (CFC 2 Day Chart). That’s a big move.
Where Microsoft is the most actively traded stock on the Nasdaq, with more than a quarter billion shares trading hands, Countrywide is the most active issue on the NYSE, with more than 100 million shares trading hands.
Countrywide has traded more than 100 million shares in a day only three other times: August 15, 16 and 23, 2007.
August 23 was the day after Countrywide annonced Bank of America’s $2 billion investment in it after the close the previous day (Press Release). And August 15 and 16 need no explanation.