Radian (RDN) Continues To Rocket Higher

Radian (NYSE: RDN) is up more than 50% after reporting better than expected earnings this morning. Radian reported a profit of $2.82 per share for Q2, versus the analyst consensus of a $1.58 loss.

Radian said earnings were driven primarily by loss management efforts that positively impacted provision for mortgage insurance losses.

Investors are buying PMI today and other mortgage insurers as today's results mark its return to profitability. Also, mortgage insurers are likely catching a bid as the White House continues to focus on keeping homeowners in their homes versus going into foreclosure.

Along with Radian moving up today, other mortgage insurers are moving up in like kind as well. PMI Group (NYSE: PMI) is trading up 20%, Triad Guaranty (Nasdaq: TGIC) is up 28% and Ambac Financial (NYSE: ABK) is up 25%.

You May Also Be Interested In

• Citi sees a favorable risk-reward in these Asian stocks
• This biotech stock is a new Top Pick at Guggenheim
• Jackson Financial Inc. (JXN) Mentioned as Short at Bear Cave