HW 30 lands in positive territory
CoreLogic takes the prize, rising 19% on solid earnings
The HW 30 finished up Thursday, rising 0.46%, in what was a rather strong day for Wall Street.
The Dow Jones, S&P 500 and Nasdaq all rose, along with most of the stocks on the HW Index — a compilation of housing and mortgage-related stocks.
Research and real estate data firm CoreLogic (CLGX) took the top prize in terms of daily trading, with the firm’s stock price up 19.81%, closing at $32.35 per share after opening at $27.26.
The company’s dramatic rise followed solid third-quarter earnings in which CoreLogic booked consolidated revenue of $405.5 million.
In the third quarter, the firm banked on acquisition-related revenue as a means to offset falling mortgage origination activity and a decline in servicing-side related functions.
Net income for the quarter hit $50 million, up 38.3% from last year.
All of these factors conspired together to make CoreLogic a strong stock on the HW 30 this week.
Year-to-date, CoreLogic’s stock is up 17.85%. And in just the past month, it gained 20.30%.
JPM and BAC have been facing headwinds over legacy mortgage litigation – with BAC losing an important Countrywide legacy mortgage case in federal court this week. Both are said to be on the line for billions of dollars as the Department of Justice – along with the Federal Housing Finance Agency – pursue claims over losses tied to mortgages sold off to government entities.
Bank of America’s stock fared better than may be expected, only edging down 0.28% Thursday. JPMorgan and Wells Fargo fell 0.51% and 0.16%, respectively.