Ellie Mae Stock Gains on Sale Talk

Ellie Mae was the largest gainer among Mortgage Industry Equity Composite stocks on Thursday. But almost all of the activity in the companys shares occurred late in the afternoon after a report on Bloomberg said management is considering selling the mortgage technology provider.

The stock closed 13.19% higher than its Tuesday close and at one point set a 52-week high.

Redwood Trust also posted a large percentage gain, 11.29%, after it released its second-quarter results. PennyMac also released results and its stock gained 2.33%. All but three of the MIEC stocks closed higher on Thursday.

The losers were Dime Community, down 0.92%; PHH, down 0.88%; and Radian, down 0.42%.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Ellie-Mae-Stock-Gains-Sale-Talk-1038078-1.html

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