Wright Express Co. (NYSE: WXS), Thomas & Betts Co. (NYSE: TNB), CTC Media (NASDAQ: CTCM), Dassault Systemes S.A. (NASDAQ: DASTY), Radian Group (NYSE: RDN) and Rentrak (NASDAQ: RENT) ratings and price targets.
Wright Express Co. (WXS) had its “neutral” rating reiterated by Goldman Sachs (NYSE:GS) .
Thomas & Betts Co. (TNB) was downgraded by Macquarie from a “neutral” rating to an “underperform” rating.
CTC Media (CTCM) was downgraded by Goldman Sachs from a “buy” rating to a “neutral” rating.
Dassault Systemes S.A. (DASTY) was downgraded by Deutsche Bank (NYSE:DB) from a “hold” rating to a “sell” rating.
Radian Group (RDN) was upgraded by Zacks Investment Research from a “neutral” rating to an “outperform” rating.
Rentrak (RENT) was upgraded by Zacks Investment Research from an “underperform” rating to a “neutral” rating.
Showing posts with label Radian Group. Show all posts
Showing posts with label Radian Group. Show all posts
Thursday, January 12, 2012
Tuesday, August 23, 2011
MGIC (MTG) (RDN) (BAC) (GS) (MPC) (HFC) (CVI) (WNR) Plunge
MGIC Investment Corp. (MTG), Radian Group Inc. (RDN), Bank of America Corp. (BAC), Goldman Sachs (GS), Marathon Petroleum Corp. (MPC), HollyFrontier Corp. (HFC), CVR Energy Inc. (CVI) and Western Refining Inc. (WNR) all plunge in Monday's trading.
Bank of America Corp. (BAC) was the worst performer Monday in the Dow Jones Industrial Average, falling 7.9 percent to $6.42. Goldman Sachs Group Inc. (GS) plummeted 4.7 percent to $106.51. That the lowest the financial institution has traded since March 2009.
MGIC Investment Corp. (MTG), the largest mortgage insurer in the United States, fell 11 percent to $1.70. The second largest mortgage insurer, Radian Group Inc. (RDN), was down 8.9 percent to $2.06.
Marathon Petroleum Corp. (MPC) was the second worst performer in the Standard & Poor’s 500 Index, dropping 6.9 percent to $32.57. HollyFrontier Corp. (HFC) declined 5.8 percent to $62.91. CVR Energy Inc. (CVI) fell 5.8 percent to $23.04. Western Refining Inc. (WNR) slashed 4.1 percent to $14.84.
Bank of America Corp. (BAC) was the worst performer Monday in the Dow Jones Industrial Average, falling 7.9 percent to $6.42. Goldman Sachs Group Inc. (GS) plummeted 4.7 percent to $106.51. That the lowest the financial institution has traded since March 2009.
MGIC Investment Corp. (MTG), the largest mortgage insurer in the United States, fell 11 percent to $1.70. The second largest mortgage insurer, Radian Group Inc. (RDN), was down 8.9 percent to $2.06.
Marathon Petroleum Corp. (MPC) was the second worst performer in the Standard & Poor’s 500 Index, dropping 6.9 percent to $32.57. HollyFrontier Corp. (HFC) declined 5.8 percent to $62.91. CVR Energy Inc. (CVI) fell 5.8 percent to $23.04. Western Refining Inc. (WNR) slashed 4.1 percent to $14.84.
Friday, April 15, 2011
Assured Guaranty (AGO), MBIA (MBI) Jump on BofA (BAC) Settlement
Shares of bond insurers Assured Guaranty (NYSE:AGO) and MBIA (NYSE:MBI) were soaring on news Bank of America (NYSE:BAC) settled with Assured for $1.1 billion in regard to demands from the company Bank of America buy back faulty mortgages.
Other bond and mortgage insurers like MBIA, PMI Group Inc. (NYSE:PMI), Radian Group Inc. (NYSE:RDN) and MGIC Investment Corp. (NYSE:MTG) were all trading up on the news.
Expectations are these companies and others will probably be successful as well in their pursuit to recover costs from lenders as well.
MBIA (whose shares were also soaring) Chief Financial Officer Chuck Chaplin said in a statement the Assured Guaranty settlement “is yet another affirmation of the validity of both our claims and expected recoveries related to improperly originated mortgage loans in insured securitizations.”
MGIC was trading at $8.78, up $0.26, or 3.11 percent, as of 1:44 PM EDT. Radian Group was at $6.31, rising $0.09, 1.45 percent. PMI Group was at $2.24, jumping $0.06, or 2.75 percent. MBIA was trading at $10.73, gaining $1.80, or 20.16 percent. Assured Guaranty was at $17.72, soaring $3.55, or 25.05 percent.
Other bond and mortgage insurers like MBIA, PMI Group Inc. (NYSE:PMI), Radian Group Inc. (NYSE:RDN) and MGIC Investment Corp. (NYSE:MTG) were all trading up on the news.
Expectations are these companies and others will probably be successful as well in their pursuit to recover costs from lenders as well.
MBIA (whose shares were also soaring) Chief Financial Officer Chuck Chaplin said in a statement the Assured Guaranty settlement “is yet another affirmation of the validity of both our claims and expected recoveries related to improperly originated mortgage loans in insured securitizations.”
MGIC was trading at $8.78, up $0.26, or 3.11 percent, as of 1:44 PM EDT. Radian Group was at $6.31, rising $0.09, 1.45 percent. PMI Group was at $2.24, jumping $0.06, or 2.75 percent. MBIA was trading at $10.73, gaining $1.80, or 20.16 percent. Assured Guaranty was at $17.72, soaring $3.55, or 25.05 percent.
Thursday, March 3, 2011
Radian (RDN), PMI (PMI), MGIC Investment (MTG) Jump on QRM Deal
Shares of Radian Group, Inc. (NYSE:RDN), PMI Group, Inc. (NYSE:PMI) and MGIC Investment Corp. (NYSE:MTG) all finished higher Wednesday on news they had reached a deal with banking regulators on a definition of what a "qualified residential mortgage," or QRM, is.
Now a QRM will be defined as a loan which includes a 20 percent down payment on a loan considered less risky.
The significance of the agreement, which will still have to be agreed to by SEC, Federal Reserve, and FHFA, along with the FDIC and Office of the Comptroller, which have already approved of the deal, will be that those adhering to the new rules would be exempt from the Dodd-Frank rules, which require a bank to keep a minimum of 5 percent of a loan's risk on the balance sheet before packaging and selling the rest off.
This will result in a battle because of the historical importance of low-down payment mortgages in the banking industry.
Radian closed Wednesday at $7.03, gaining $0.33, or 4.93 percent. PMI closed at $2.95, up $0.08, or 2.79 percent. MGIC closed at $8.30, increasing $0.14, or 1.72 percent.
Now a QRM will be defined as a loan which includes a 20 percent down payment on a loan considered less risky.
The significance of the agreement, which will still have to be agreed to by SEC, Federal Reserve, and FHFA, along with the FDIC and Office of the Comptroller, which have already approved of the deal, will be that those adhering to the new rules would be exempt from the Dodd-Frank rules, which require a bank to keep a minimum of 5 percent of a loan's risk on the balance sheet before packaging and selling the rest off.
This will result in a battle because of the historical importance of low-down payment mortgages in the banking industry.
Radian closed Wednesday at $7.03, gaining $0.33, or 4.93 percent. PMI closed at $2.95, up $0.08, or 2.79 percent. MGIC closed at $8.30, increasing $0.14, or 1.72 percent.
Thursday, February 3, 2011
Radian (NYSE:RDN) Stuns Market with Huge Loss
The quarterly loss of Radian (NYSE:RDN) of $8.55 a share shocked the market today, as shares in the company dropped on the news.
Losses were almost eight times what analysts were looking for, suggesting a huge disconnect.
Radian lost $1.1 billion during the quarter, while analysts had been expecting losses of $155.9 million, or $1.18 a share.
Even though the core business of Radian improved, derivatives hammered the company results, as well as other non-core financial instruments.
CEO S.A. Ibrahim commented on the performance, saying, "It is important to note that the establishment of a valuation allowance in the quarter does not have any impact on statutory capital, risk-to-capital ratio, liquidity or business operations, and it does not reflect a change in our view of Radian's long-term financial outlook. We are confident that our capital, financial flexibility and solid customer base position Radian for future success."
Spin as he tries, by any measure the quarter was a disaster for the company and its shareholders.
Radian was trading at $7.07, down $0.28, or 3.74 percent, as of 2:06 PM EST. Shares had been down over 10 percent earlier in the trading day, and it's surprising they've been as resilient as they have been when taking into consideration the numbers.
Losses were almost eight times what analysts were looking for, suggesting a huge disconnect.
Radian lost $1.1 billion during the quarter, while analysts had been expecting losses of $155.9 million, or $1.18 a share.
Even though the core business of Radian improved, derivatives hammered the company results, as well as other non-core financial instruments.
CEO S.A. Ibrahim commented on the performance, saying, "It is important to note that the establishment of a valuation allowance in the quarter does not have any impact on statutory capital, risk-to-capital ratio, liquidity or business operations, and it does not reflect a change in our view of Radian's long-term financial outlook. We are confident that our capital, financial flexibility and solid customer base position Radian for future success."
Spin as he tries, by any measure the quarter was a disaster for the company and its shareholders.
Radian was trading at $7.07, down $0.28, or 3.74 percent, as of 2:06 PM EST. Shares had been down over 10 percent earlier in the trading day, and it's surprising they've been as resilient as they have been when taking into consideration the numbers.
Thursday, January 13, 2011
MGIC Investment (NYSE:MTG), The PMI Group (NYSE:PMI), Radian Group (NYSE:RDN), Wells Fargo (NYSE:WFC) Affected Most by New QRM Definition
The new definition of a qualified residential mortgage (QRM) will have the greatest impact on MGIC Investment (NYSE:MTG), The PMI Group (NYSE:PMI), Radian Group (NYSE:RDN) or Wells Fargo (NYSE:WFC), depending on if it's a broad or narrow definition, according to FBR Capital.
FBR noted, "The Dodd-Frank Wall Street Reform Act requires securitizers to retain an economic interest in the credit risk of any asset they securitize. While the act establishes a 5% risk retention requirement, it also gives the regulators considerable flexibility implementing these rules, including the ability to exempt certain loans. The area of greatest flexibility is in the securitization of residential mortgages, where regulators are instructed to come up with a definition of a “qualified residential mortgage” (QRM) and exempt the loans from any risk retention. For a residential mortgage to qualify as a QRM, it must have features that lower the risk of default; however, with the final definition left to the regulators, there is considerable debate on how QRM will be defined. Ultimately, we believe QRM will be broadly defined and serve as a net positive for the mortgage insurance industry; however, the rulemaking process could produce some significant headline risk for the industry (should regulators propose a narrow definition). Beyond mortgage insurance, we believe these rules will help determine which mortgages are originated in the United States and how all assets are securitized.
FBR added this points: 1) Expect draft rules soon; 2) Qualified residential mortgage is key definition; 3) Broad versus narrow; 4) Impact to the MI industry; and 5) Who this impacts. A broad definition of QRM would most benefit MGIC Investment Corporation (MTG)(Outperform), The PMI Group (PMI)(Market Perform), then Radian Group (RDN)(Market Perform). A narrow definition would have the most positive impact on large mortgage originators, with Wells Fargo & Company (WFC)(Market Perform) leading the pack.
MGIC Investment was trading at $11.42, up $0.12, or 1.06 percent, as of 12:48 PM EST. PMI Group was trading at $3.90, up $0.05, or 1.30 percent. Radian Group was at $9.38, down $0.02, or 0.16 percent. Wells Fargo was trading at $31.98, down $0.03, or 0.09 percent.
FBR noted, "The Dodd-Frank Wall Street Reform Act requires securitizers to retain an economic interest in the credit risk of any asset they securitize. While the act establishes a 5% risk retention requirement, it also gives the regulators considerable flexibility implementing these rules, including the ability to exempt certain loans. The area of greatest flexibility is in the securitization of residential mortgages, where regulators are instructed to come up with a definition of a “qualified residential mortgage” (QRM) and exempt the loans from any risk retention. For a residential mortgage to qualify as a QRM, it must have features that lower the risk of default; however, with the final definition left to the regulators, there is considerable debate on how QRM will be defined. Ultimately, we believe QRM will be broadly defined and serve as a net positive for the mortgage insurance industry; however, the rulemaking process could produce some significant headline risk for the industry (should regulators propose a narrow definition). Beyond mortgage insurance, we believe these rules will help determine which mortgages are originated in the United States and how all assets are securitized.
FBR added this points: 1) Expect draft rules soon; 2) Qualified residential mortgage is key definition; 3) Broad versus narrow; 4) Impact to the MI industry; and 5) Who this impacts. A broad definition of QRM would most benefit MGIC Investment Corporation (MTG)(Outperform), The PMI Group (PMI)(Market Perform), then Radian Group (RDN)(Market Perform). A narrow definition would have the most positive impact on large mortgage originators, with Wells Fargo & Company (WFC)(Market Perform) leading the pack.
MGIC Investment was trading at $11.42, up $0.12, or 1.06 percent, as of 12:48 PM EST. PMI Group was trading at $3.90, up $0.05, or 1.30 percent. Radian Group was at $9.38, down $0.02, or 0.16 percent. Wells Fargo was trading at $31.98, down $0.03, or 0.09 percent.
Subscribe to:
Posts (Atom)