This morning Washington Mutual (NYSE:WM) announced earnings outlook revision and acceleration of efficiency (aka cost-cutting) initiatives. The stock is changing hands 7.30% lower than yesterday's close at around $40.65 as of now.
This has made WM an attractive candidate for my value-oriented portfolio. Even with the lowered EPS estimate of $4.15-$4.25, the company is still trading at lower than 10x EPS with 3.70% dividend yield plus $20+ book value.
I'll study the analyst responses to today's event and follow up with an analysis. I might enter into a WM position soon, although I wish I can wait till January to purchase WM using my new retirement account contributions.