Ellie Mae Stock Price Retreats on Friday

Investors took a slightly bearish view during Friday trading of the prospect of Ellie Mae being sold. Late on Thursday, the stock shot up after a report on Bloomberg said the technology provider was considering a sale.

On Thursday, it closed $3.61 higher to $30.98 per share, the largest percentage gainer in the Mortgage Industry Equity Composite.

Friday, the opposite occurred. The stock never got more than a few pennies higher than the previous close and at one point it was down $1.48 per share on the day. It did rebound to close $0.49 lower. Ellie Mae was the largest percentage loser among MIEC stocks at 1.58%.

There were 10 MIEC stocks which closed lower, Bank of America lost 1.1% and Radian lost 1.06%.

The largest percentage gainer was Redwood Trust, up 1.84%; followed by PennyMac Mortgage Investment Trust, up 1.58%; and OceanFirst Financial, up 1.41%.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Ellie-Stock-Price-Retreats-1038108-1.html

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