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NYSE Notices ‘Unusual’ Volume on Impac, Stock Spikes

NOV 26, 2012 4:53pm ET
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The share price of Impac Mortgage Holdings spiked 15% on Monday with trading in its stock increasing by one-third over normal volume–and with the NYSE making a note of the activity.

In an SEC filing released after the close of business, the nonbank mortgage firm said it received notice from the New York Stock Exchange of “unusual trading activity” in its stock.

The exchange asked the company to respond to the activity via a press statement. The company–which was delisted several years ago and then reinstated–said its policy is “not to comment” on market rumors “including unusual market activity.”

The Irvine, Calif.-based company saw its share price close at $14.21 on the day, up 15% from close of business last Friday. Its 52-week high is $18, its low $1.77.

In total, 304,326 shares changed hands Monday compared to average volume of 218,802.

In late October the former alt-A giant reported a third-quarter companywide loss of $2.27 million. It would have earned money if not for a $9 million hit tied to discontinued operations. However, its “continuing” mortgage business earned $4.4 million. (The firm saw originations spike by 33% over the second quarter to almost $710 million.)

The entire company earned $4.2 million in the second quarter of 2012.

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