Capital One Financial (COF) reported a 10.87% default charge off rate for March. This is a 68 basis point increase from February and a 46 basis point increase from the 10.41% rate in January 2010.
Their at least 30 days delinquent rate was 5.3% for March down from the 5.51% rate in February.
Capital One's charge off rate for their international operations was 9.4% which reflects a 133 basis point increase from February and a 37 basis point increase over January. The delinquency rate from international operations was 6.39% for March down from 6.68% in February and 6.66% in January.
Capital One Financial closed at $46.06 4/14/10. As of this close, COF is up $7.72 (20%) year to date. On March 5, 2010, Goldman Sachs downgraded COF to a neutral from a buy. On March 4th, COF closed at $36.84.
Welcome to the new era of quant fund robot equity trading as a Goldman Sachs downgrade now equates to a 25% positive move in the stock.
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