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Stock Market & Financial Investment News

News Breaks
November 1, 2012
09:16 EDTMTG, FMCCMGIC reaches preliminary settlement of dispute with Freddie Mac
MGIC Investment Corporation (MTG) announced that Freddie Mac (FMCC) has confirmed that its condition that agreement be reached on substantially all terms of a settlement of the pool insurance dispute between MTG's Mortgage Guaranty Insurance Corporation subsidiary and Freddie Mac has been met for purposes of continuing toward resolution. The principal economic terms concerning the amount of payments in settlement of MGIC's obligations under the policies at issue have been agreed upon. The majority of these payments to Freddie Mac will be made over a period of four years after the signing of the definitive agreement, with the remainder to be paid at signing. However, MGIC and Freddie Mac still must agree to certain issues that are significant to final resolution. All terms of the settlement will be included in a definitive settlement agreement, which MGIC, Freddie Mac and FHFA are negotiating. This agreement will be subject to approval by the Boards of Directors of MGIC and Freddie Mac and by FHFA. The communications of the parties to third persons about the pool insurance dispute remain subject to a confidentiality agreement with Freddie Mac. As a result, MTG can make no further comment about the terms of the proposed settlement. If MGIC's and Freddie Mac's Boards of Directors and FHFA approve a final settlement agreement, any definitive settlement agreement would only be signed concurrently with the satisfaction of the other conditions in the Freddie Mac Letter. These are: by December 1, 2012, MTG must contribute $100M to MGIC, and by December 31, 2012, the Office of the Commissioner of Insurance of Wisconsin must provide confirmation to Freddie Mac of the availability of the capital of MGIC Indemnity Corporation, a subsidiary of MGIC, to pay claims on MGIC policies.
News For MTG;FMCC From The Last 14 Days
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July 22, 2014
10:48 EDTMTGOptions with decreasing implied volatility
Options with decreasing implied volatility: IGT YHOO LYK ATHN CMG SWKS NFLX SHPG SNDK MTG
July 17, 2014
11:00 EDTMTGHigh option volume stocks
High option volume stocks: OMC FXC TSEM JRJC MAT MTG PRAN SEAS BURL
07:13 EDTFMCCWatchdog says Fannie, Freddie making riskier agreements, Reuters says
The Federal Housing Finance Agency Office of Inspector General said in a report that Fannie Mae (FNMA) and Freddie Mac (FMCC) are engaging in riskier agreements as they increasingly buy mortgages from smaller lenders, according to Reuters, citing comments from the watchdog. Reference Link
July 16, 2014
09:23 EDTMTGOn The Fly: Pre-market Movers
HIGHER: Time Warner (TWX), up 15% after company confirmed that it rejected an $80B takeover offer from 21st Century Fox (FOX, FOXA), as had been reported earlier this morning... Apple (AAPL), up 2% after announcing an enterprise mobile partnership with IBM (IBM), which is also up 2%... International Game (IGT), up 9.5% after agreeing to be acquired by GTECH for $4.7B in cash and stock... FireEye (FEYE), up 5% after shares upgraded at Goldman... Precision Drilling (PDS), up 4% after announcing strategic agreement with Schlumberger (SLB), upgraded at Deutsche Bank... Mellanox (MLNX), up 4.7% following upgrade at Jefferies. UP AFTER EARNINGS: Intel (INTC), up 5.4%... HCA Holdings (HCA), up 6%... Textron (TXT), up 3.2%... Abbott (ABT), up 1%. DOWN AFTER EARNINGS: PNC Financial (PNC), down 2.5%... MGIC Investment (MTG), down 3.6%. LOWER: Yahoo (YHOO), down 3% after downgraded at CRT Capital following second quarter earnings report... Ares Capital (ARCC), down 2.5% after filing to sell 11.85M shares of common stock... Nationstar (NSM), down 2.4% after downgraded at Wells Fargo... Walter Investment (WAC), which was also downgraded at Wells Fargo, down 1.6%.
07:03 EDTMTGMGIC Investment reports Q2 new insurance written $8.3B
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07:02 EDTMTGMGIC Investment reports Q2 EPS 12c, consensus 14c
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July 15, 2014
15:19 EDTMTGNotable companies reporting before tomorrow's open
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July 14, 2014
05:51 EDTMTGStocks with implied volatility movement; MTG LNCO
Stocks with implied volatility movement; MGIC Investment (MTG) 59, LinnCo (LNCO) 23 according to iVolatility.
July 11, 2014
15:11 EDTMTGMGIC Investment expects would meet requirements of draft PMIERs
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15:10 EDTMTGMGIC Investment says beginning talks to modify existing reinsurance
MGIC, the principal subsidiary of MGIC Investment Corporation, said its preliminary assessment of the draft private mortgage insurer eligibility requirements released by FHFA for public input was that MGIC's Available Assets would be materially less than its Minimum Required Assets at both the projected effective date and two years thereafter and that we had alternatives to mitigate the shortfall. Using the factors and definitions in the Draft PMIERs, MGIC believes that its Available Assets, at December 31, 2014, would be approximately $5.3B and the Minimum Required Assets would be approximately $5.9B, resulting in a shortfall of approximately $600M. MGIC believes this shortfall would be reduced through operations so that at the end of the two-year transition period it would be approximately $300M. The shortfall projections at both dates include receiving full credit for MGIC's existing reinsurance, approximately $500M of credit at December 31, 2014, increasing to $600M of credit two years later. "However, we do not expect to receive full credit for our current reinsurance. As a result, we are beginning discussions with the reinsurance market to modify our existing reinsurance so that any reduction for reinsurance credit would be minimized," the company said.
15:08 EDTMTGMGIC sees available assets about $5.3B based on draft PMIERs
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14:52 EDTMTGMGIC Investment trading halted, pending news
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12:36 EDTMTGOn The Fly: Midday Wrap
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10:00 EDTMTGOn The Fly: Analyst Downgrade Summary
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09:09 EDTMTG, FMCCOn The Fly: Pre-market Movers
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08:14 EDTMTGMGIC Investment downgraded to Buy from Conviction Buy at Goldman
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July 10, 2014
18:44 EDTFMCCGenworth responds to GSE-sponsored PMI eligibility requirements
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18:35 EDTMTGOn The Fly: After Hours Movers
UP AFTER EARNINGS: Joe's Jeans (JOEZ), up 15.5% after reporting second quarter results above analyst estimates... Barracuda Networks (CUDA), up 2.2% after reporting quarterly results and guidance... DOWN AFTER EARNINGS: PriceSmart (PSMT), down 3.7% after reporting third quarter revenue below analyst estimates... Rent-A-Center (RCII), down 11% after reporting disappointing preliminary second quarter results. ALSO LOWER: Gap (GPS), down 2% after reporting June Same Store Sales down 2%... Arotech (ARTX), down 5.6% after filing an automatic common stock shelf... NOTABLE: MGIC Investment (MTG), down 4.8% and Radian Group (RDN), down 3.8% following the FHFA proposal to tighten capital rules for mortgage insurers.
17:23 EDTFMCCEssent Group comments on proposed PMI eligibility requirements
Essent Group (ESNT) reported that the Federal Housing Finance Agency released for public input the proposed Private Mortgage Insurer Eligibility Requirements. The PMIERs represent the standards by which private mortgage insurers are eligible to provide mortgage insurance on loans owned or guaranteed by Fannie Mae (FNMA) and Freddie Mac (FMCC). Assuming the PMIERs are enacted as proposed, Essent's mortgage insurance subsidiary, Essent Guaranty would be in compliance with the new capital adequacy requirements in the PMIERs based on financial information as of March 31. “We commend FHFA, Fannie Mae and Freddie Mac for all of their work in revising the PMIERs,” said Mark Casale, Chairman and CEO. “Updating the PMIERs is important to the health of the housing finance system in general, and the mortgage insurance industry in particular. We believe that the proposed risk-based capital adequacy framework in the PMIERs is fundamentally sound. The PMIERs will serve as an important set of national standards that give industry counterparties added confidence in the claims paying capacity of private mortgage insurance companies, including Essent.” “Based in part on Essent’s strong capital levels and the exceptional credit quality of our portfolio,” Casale added, “we believe that Essent is well positioned under the PMIERs to continue to serve the growing demand for private mortgage insurance.”
17:08 EDTMTG, FMCCMortgage insurers trading lower after FHFA proposes tighter capital rules
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