New Century Financial:
- the US’s second-largest subprime lender, operating in a market which is the throes of a severe credit crunch and the focus of fears that an overspill of its mounting problems could damp US growth.
- the subject, since earlier this month, of an investigation by the US attorney for the central district of southern California into trading in its securities and its accounting practices. It has also received information requests from the SEC and the New York Stock Exchange watchdog.
- and a company whose shares have plummeted from above $30 just last month, to a show stopping $3.21 on Friday.
So what is the top tip from the analysts at UBS on this pariah of the US stock market? SELL. 
(Or “Reduce 2″ in the bank’s language – before they (unbelievably) were “Neutral” on the stock).
Which, points out Slate.com’s Daniel Gross, they came out with Friday, after the stock’s 90 per cent free fall. “Liquidation analysis not compelling,” Friday’s UBS report announced, just sneaking in there before New Century on Monday said that its banks had either cut off credit or signalled their intention to do so. That prompted the shares to fall to $1.66 and the NYSE to suspend trading as the company teetered on the brink of bankruptcy.
Thanks for the tip, chaps. Keep them coming.