MIEC: PennyMac Falls on Public Offering Report
Investors showed their displeasure at PennyMac by selling off their holdings on Thursday after the company announced it was filing to do a public offering of nearly $288 million.
With volume more than triple normal levels, PennyMac ended the day 4.25% down from its Wednesday close, making it the worst performer among Mortgage Industry Equity Composite stocks.
The next two on the negative side of the ledger were private mortgage insurers MGIC, down 3.79%, and Radian, down 2.41%. However, Radian was coming off a day where it had burst its 52-week high.
The big gainer was Home Loan Servicing Solutions, which reported earnings of $14.3 million for 4Q12. It ended the day up 3.36%. Next was Dime Community, up 1.03%. PHH, which reported profits of $58 million after the market closed Wednesday, was up 0.72%.