New York Mortgage tumbles; Credit Suisse cuts estimates

• Cutting his 2016-2016 EPS estimates to $0.50, $0.65, and $0.75, respectively, from $0.70, $0.85, and $0.90, respectively, analyst Doug Harter notes continued low visibility into earnings given that estimates rely on realized and unrealized gains.
• Q2's EPS of $0.10 was $0.07 below the Street, but $0.09 lower than Harter's estimate. Excluding realized and unrealized gains of $0.07, EPS of $0.03 missed his estimate by $0.04.
• He reiterates an Underperform rating with $5.50 price target.
• Douglas Harter ranks #2,030 out of #4,071 analysts on TipRanks.
• NYMT -8.2% to $5.95.
• Previously: "New trading paradigm" hampers New York Mortgage results (Aug. 2)