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H&R Block (HRB Quote) said late Thursday that it will likely need to set aside $61.3 million, or 19 cents a share, to protect against loan liabilities related to rising mortgage delinquencies at its Option One Mortgage unit.
The nation's largest tax preparer also said it will need to boost its loan-liability cash reserves owing to recent increases in loan repurchases, "which have been noted industrywide."
The stock plunged on the news and was lately down $1.98, or 8.7%, to $20.81. Volume was much heavier than normal. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
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