Quicken Loans parent Rocket in flight after Q2 guidance

Fredun Pharmaceuticals

14/08/2020 13:50

** Rocket Companies Inc  RKT.N , parent of mortgage lender
Quicken Loans, shares rising ~9% premarket after co announces
preliminary Q2 results after going public last week
    ** Reports net revenue of $5 bln, up 269% from Q1 2020, and
increase of 437% from yr-ago qtr  urn:newsml:reuters.com:*:nPnc63YmRa
    ** Loan origination volume in Q2 was $72.3 bln, up 40%
compared to Q1 2020
    ** Co says announcement made in connection with financial
disclosures it was required to provide to bondholders
    ** Says does not intend to report preliminary results in
future qtrs; will issue complete Q2 earnings on Sept 2
    ** RKT shares have fallen past 4 sessions, shedding ~26%
along the way
     ** On Thurs, Susquehanna Financial became first brokerage
to start coverage, assigning "neutral" rating and PT of $18, in
line with the IPO price
    ** On Weds, Fannie Mae and Freddie Mac said they would
impose new fee on refinanced mortgages they guarantee, which
could damp future profits for mortgage lenders  urn:newsml:reuters.com:*:nL1N2FF29Z
    ** RKT traded to as high as $26.85 last Fri, a day after its
NYSE debut  urn:newsml:reuters.com:*:nL1N2F90W9
    

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))