MGIC Investment Corp. is seeking to raise capital through a combined equity and debt offering, much the same way its competitor Radian Group did at the end of February
And the announcement made on Tuesday after the market closed was the reason MGIC was once again the Mortgage Industry Equity Composite stock with largest percentage gain.
On Wednesday, the stock traded all-day above its 52-week high and closed up 5.06% on a day the Dow Jones Industrial Average set another all-time high.
On the other hand, Radian, which had moving in tandem with MGIC in the past few trading sessions and had been setting its own 52-week highs, was the biggest percentage loser among MIEC stocks, down 5.34%.
Unlike Tuesday, when 16 of the 17 MIEC stocks closed ahead for the day, eight stocks closed down, seven closed up and two were unchanged.
Other big gainers on the day were Bank of America, up 3.2% and Ellie Mae, up 1.46%. Home Loan Servicing Solutions, down 1.91%, and PennyMac, down 1.33%, were the other big losers.