Jefferies Comments On CIM 4Q

Jefferies said today that it views Chimera Investment Corp's CIM 4Q10 earnings as modestly lackluster, “but there isn't anything in the results that alters our opinion of the stock.” “Core retained earnings of $0.14 were in-line with our estimate,” Jefferies writes. “The $0.03 miss to our total core income was due to weakness in non-retained interest income. Book value performance was once again essentially flat at $3.23 per share. “The fair market value of the company's re REMIC support bonds decreased approximately one half point to $43.88 during the fourth quarter. Total operating expenses of $14.4M were slightly better than our forecast of $14.7M.” Chimera Investment Corp closed Wednesday at $36.23.