Lending Tree (TREE) has Dutch Elm Disease
One of the most mysterious 5-baggers of the year with C upgrading it to strong-ripoff and a price target of 13 (you've got to be kidding me you really tried to pay in monopoly) dollars.
This company is the disaster out of the big split-up a little while back. It owns the lendingtree site and um, I think it's realestate.com or something stupid like that. With mortgage applications down 75% since winter, the one-time profit they "earned" will be a strictly one-time event. Real estate is deader than a pet rock with interest rates topping 6% and this company has too much debt and will balow through the little cash it has in no time. Even if their forward earnings projections could be trusted (and they are beyond doubtful), the Forward P/E is still a jaw-dropping 40. TREE, which closed at $9.71 today, was a $1.50 stock earlier this year and it will soon be again. Citigroup should be ashamed of itself for leading sheep to the forest to get slaughtered.