MGIC (MTG) Shares Rally as Bass Discusses New 4.9% Stake in Co.
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Shares of MGIC Investment (NYSE: MTG) seem to have broken through resistance over the last hour of trading as word of a new 4.9 percent stake by Hayman Capital's Kyle Bass is now getting some attention on the Street. Although the new stake was disclosed late Friday, a WSJ article highlighting the purchase is likely helping the stock this afternoon.
MGIC shares are now up nearly 15 percent to around $2.93.
Bass said the purchase is based on an assumption most of the losses in the housing market have now been priced in. "You can see that the pig has moved through the python in terms of US housing losses."
MGIC shares are now up nearly 15 percent to around $2.93.
Bass said the purchase is based on an assumption most of the losses in the housing market have now been priced in. "You can see that the pig has moved through the python in terms of US housing losses."
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