Despite spectacular third-quarter earnings at California's Bay View Capital , its profit prospects are an enigma on Wall Street.

The $6 billion-asset San Mateo banking company reported last week that net income in the third quarter soared to $9 million, up 80% from the year earlier. Yet its stock price has plunged 38% since Aug. 1 -- bottoming out at $11.75 Tuesday. And analysts have reduced earnings estimates for next year by as much as 45 cents per share.

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