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MrArbitrage closed his short position. I still think it will get worse for them in the next year but will probably rally in the shorter term. They have a "major announcement" coming out this afternoon. I wonder what that will be. I don't want to be short today.

Longer term, I suspect that they will suffer credit downgrades which will increase their cost of borrowing and eat further into profits. That will hurt their profits in addition to the increased rebates and 0 percent financing.

Watch the debt and bad loans.
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