Ellie Mae Leads MIEC Losers

By Brad Finkelstein

Published January 23, 2013, 5:14 p.m. EST

1 Min Read

Shares of Ellie Mae tumbled 8.72% in Wednesday’s trading as reports indicate investors were spooked by a downgrade of the company by an analyst at William Blair. Over 2.2 million shares of the stock traded hands, more than four times the normal volume.

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It was the biggest loser among Mortgage Industry Equity Composite stocks. On a day where the Dow Jones Industrial Average continued its rally, up 0.49%, MIEC winners only edged out losers 9-to-8.

On the other side of the table, KB Home once again is the big gainer, up 8.88% over Tuesday, as the company reported orders for new homes were up 54% in its first fiscal quarter to date. Tuesday, the stock gained on news of its joint venture mortgage company with Nationstar. Wednesday’s close is a new 52-week high.

The other big winner on Wednesday was MGIC, up 8.36%.

Brad Finkelstein

Originations Editor

Brad Finkelstein is the originations editor of National Mortgage News. While he covers the entire process, Brad's specialty is loan production and... Read full bio

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