Reinsurers Largely Positive on Equity Offerings, Data, Litigation (MBI) (RDN) (MTG)
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Mortgage and property insurers are having a field day once again...for the most part.
The fun really started late in February, when Radian Group (NYSE: RDN) announced plans for a common stock and convertible offering, which ended up being oversubscribed. Radian hit a new 52-week high of $10.95 yesterday on still-strong volume.
MBIA, Inc. (NYSE: MBI) joined in when it was announced that a plea to overturn the Company's 2009 restructuring was denied in New York. MBIA shares are up 42 percent since February 28th, hitting a new annual high of $13.70 in the process.
Today, you have MGIC popping to a new high after announcing a 135 million common stock and $350 million convertible notes offering. Shares were up as much as 16 percent on Wednesday's session to the new mark.
Economic data has also been rather favorable recently, with pending homes sales rising 4.5 percent in January (1.0 percent expected) and today's ADP jobs number of 190,000 additions coming in leagues above the 150,000 additions expected. Nonfarm payrolls will be out Friday, with the Street looking for additions of 165,000 positions.
While MGIC and MBIA are up again today, Radian is pulling back a little following a nine-session winning streak.
The fun really started late in February, when Radian Group (NYSE: RDN) announced plans for a common stock and convertible offering, which ended up being oversubscribed. Radian hit a new 52-week high of $10.95 yesterday on still-strong volume.
MBIA, Inc. (NYSE: MBI) joined in when it was announced that a plea to overturn the Company's 2009 restructuring was denied in New York. MBIA shares are up 42 percent since February 28th, hitting a new annual high of $13.70 in the process.
Today, you have MGIC popping to a new high after announcing a 135 million common stock and $350 million convertible notes offering. Shares were up as much as 16 percent on Wednesday's session to the new mark.
Economic data has also been rather favorable recently, with pending homes sales rising 4.5 percent in January (1.0 percent expected) and today's ADP jobs number of 190,000 additions coming in leagues above the 150,000 additions expected. Nonfarm payrolls will be out Friday, with the Street looking for additions of 165,000 positions.
While MGIC and MBIA are up again today, Radian is pulling back a little following a nine-session winning streak.
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