Consumer Portfolio Stock Drops
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IRVINE — Consumer Portfolio Services Inc. stock fell 11.5% Thursday, even though the company’s posted earnings that slightly exceeded fourth quarter earnings expectations.
Consumer Portfolio shares were down $1.25 to $10.63 on the Nasdaq market.
One analyst attributed the stock’s retreat to decisions by two investment houses--Piper Jaffray Inc. and Salomon Smith Barney--to retain neutral ratings on the company, which buys, sells and services loans for new and used cars.
The company posted fourth quarter earnings of 32 cents a share, up from 26 cents a share a year ago and a penny above analysts’ estimates.
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