Shares of First Plus Financial Corp. tumbled Wednesday after the company announced in its annual report that it may eliminate gain-on- sale accounting.

The leading high-loan-to-value lender lost 18% of its value, tumbling $7.875, to $35.375 at Wednesday's close. If the company were to make the change, earnings would be cut in half, explained one analyst. Analysts' consensus on 1997 earnings was $4.98 a share.

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