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Possible Fidelity-LPS Deal Boosts Mortgage Stocks

MAY 23, 2013 4:54pm ET
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The stock price of Fidelity National Financial soared 5.66% on Thursday as news spread the nation’s largest title insurance underwriter was looking to acquire Lender Processing Services.

FNF had the highest percentage gain and was the most traded stock (outside of Bank of America) in the Mortgage Industry Equity Composite.

LPS, which is not included in the MIEC and was once a part of FNF, rose 12.95% on the day to $32.88; during the day it hit a 52-week high.

CoreLogic, an LPS competitor which was spun out of FNF competitor First American Corp., was the second largest gainer on the day, up 3.66%. Third was Ellie Mae, another LPS competitor (in the loan origination system space), up 2.63%.

PHH posted a 1.56% loss on the day, followed by B of A, down 0.75%, and Fiserv, down 0.62%.

Meanwhile, both Fannie Mae and Freddie Mac, which just over three months ago were trading under $0.30 per share, have breached the $2 barrier. Freddie closed at $2, while Fannie Mae closed at $2.10.

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