Filed under: Newsletters, Washington Mutual (WM), Stocks to Buy, Best Stocks for 2008

For 25 years, Steven Halpern, editor of TheStockAdvisors.com, has surveyed the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is one of 100+ ideas in the Best Stocks for 2008 report.

“My favorite speculative idea for 2008 is Washington Mutual (NYSE: WM),” says Gordon Pape, editor of Internet Wealth Builder.

“Washington Mutual has been absolutely clobbered by the subprime meltdown. For investors who believe in buying when there is blood in the streets, this looks like a great, if aggressive, opportunity.

“This Seattle-based savings and loan has been in business for more than a century. It has a market cap of $16.7 billion and is a member of the S&P 500. It has cash reserves of $18 billion ($20.89 per share), so it appears to be in good financial shape.

“Despite this, WM’s stock price has tumbled 60% over the past 12 months, with most of the decline taking place since the first of October. At current levels, the stock is trading below its most recently stated book value, so the company could be a takeover target.

Continue reading Best Stocks for 2008: Risk and opportunity at Washington Mutual (WM)

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This entry was posted on Monday, December 24th, 2007 at 7:34 pm and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.