MGIC Named Zacks' Bear of The Day

MGIC Investment Corp., Milwaukee, is Zacks Equity Research's Bear of the Day for Dec. 4, 2008. Back on Sept. 10, Zacks also gave the struggling mortgage insurer that title. In its statement for this most recent designation, Chicago-based Zacks said that MGIC's core results for the third quarter of 2008 "were slightly worse than we anticipated. The results continued to be impacted by increases in both the number of delinquent loans and foreclosures due to a further decline of home prices and slowing of economy. In addition, higher loss severities, especially in California and Florida, also negatively affected the results. The company has taken several combative actions to bolster its capital. We expect significant overhangs for the industry in general and for MGIC in particular, for at least the next several quarters. Our Sell rating is maintained on the shares."