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Subprime Retailer Conn’s Shares Crash 33% After Warning On Customer Credit Deterioration

Summary:
Its shares plunged 33% on Tuesday after it reported earnings, on issues that included credit deterioration among its subprime customers. Suddenly rising 60-plus-day delinquencies and first-payment defaults, where not even the first payment is made, caused the company to become “prudent” and “tighten credit,” which caused same-store sales to drop 8.5%. And shares plunged (stock data via YCharts): https://wolfstreet.com/2019/12/11/chilling-thing-conns-said-about-the-sudden-deterioration-in-new-subprime-accounts/

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Its shares plunged 33% on Tuesday after it reported earnings, on issues that included credit deterioration among its subprime customers. Suddenly rising 60-plus-day delinquencies and first-payment defaults, where not even the first payment is made, caused the company to become “prudent” and “tighten credit,” which caused same-store sales to drop 8.5%. And shares plunged (stock data via YCharts):

https://wolfstreet.com/2019/12/11/chilling-thing-conns-said-about-the-sudden-deterioration-in-new-subprime-accounts/

David Stockman
David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.

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