PHH Stock Price Climbs on Split-Up Speculation

PHH Corp. hit a 52-week high in trading on Monday, and closed up 5.62%, as speculation has begun on whether the hybrid mortgage company/fleet services company is headed for a break up.

The entire gain in price came late in the session after a published report said the company was looking to split operations.

Only two other Mortgage Industry Equity Composite stocks showed gains over their Friday close. Home Loan Servicing Solutions was up 0.96% and OceanFirst Financial was up 0.72%.

Meanwhile, Hudson City Bancorp closed down 2.81% on Day 7 of the government shutdown, followed by KB Home, down, 2.49%, and Ellie Mae, down 2.26%.

Article source: http://www.nationalmortgagenews.com/dailybriefing/PHH-Stock-Price-Split--up-Speculation-1039280-1.html

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