Axos Financial (AX) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #1 (Strong Buy).
Axos Financial, Inc. (NYSE:AX) shares are trading lower after Short seller Hindenburg Research issued a short report on the stock. Hindenburg alleged that a former Axos credit review officer detailed the practice of loan “evergreening,” or providing loans to non-performing or doubtful borrowers to avoid recognizing problems, per litigation records. Similar schemes, also known as “extend and pretend,” were described by former employees during our investigation. “A former regional leader told us A
(Bloomberg) -- Axos Financial Inc., which has lent to properties including former President Donald Trump’s flagship New York tower, plunged after Hindenburg Research said it was short the stock because of the bank’s exposure to problematic commercial real estate loans.Most Read from BloombergModi Vows to Retain Power Even as Party Loses India MajorityShort Sellers in Danger of Extinction After Crushing Stock GainsBonds Climb as Data Put November Fed Cut in Play: Markets WrapMnuchin Chases Wall S