BXS - BancorpSouth, Inc (NYSE Stock)

[BadThad]

Huge drop of 20% this morning on Q4. Looks like a great bounce play.

BancorpSouth, Inc. - Google Finance

Current stock price: $19

BancorpSouth Inc. (BXS) said it won't be able to file its 2009 report with the Securities and Exchange Commission on time, saying it will likely need to cut the fourth-quarter profit figure reported last month.

Shares dropped 17% premarket to $18.25 on the news. The stock was up about 20% the past year through Thursday, underperforming the broader market.

The parent company of BancorpSouth Bank seeks more time to examine some asset-quality indicators. Last month, the bank-holding company said earnings were $19.4 million, or 23 cents a share, compared with $16.8 million, or 20 cents a share. That included a near-doubling of its credit loss provision to $34.7 million.

But BancorpSouth, working with its independent accounting firm, said it needed time beyond Monday's filing deadline to assess the impact of asset-quality indicators, including allowance for credit losses, on fourth-quarter results.

"We are taking all actions necessary to release our final audited 2009 financial results as soon as possible," Chairman and Chief Executive Aubrey Patterson said. "Regardless of the outcome of the current review, we are confidently looking forward to continued strong performance as a company."

[CactusPowered]

thanks for noticing this! I've purchased shares at $19.46. Hoping for a big bounce!

[BadThad]

No problem....be sure to take profit right away! These don't ususally bounce much more than $1 or so off the bottom.

Good Luck!

[greencat]

BXS broke big out of a channel pattern. They way I play these that have made a big move is to put it on a watch list, wait for the pullback and try some at support. If it holds and moves up I then buy more. If it makes a higher high then I am in business and usually do very well.

My goal is not to see how low I can get in but to simply make money at whatever PPS i get in at.

BXS Chart