MGIC Investment Corp. : Stocks Buzz: Research In Motion Ltd, MGIC Investment Corp, Vale SA, Yahoo! Inc
02/28/2013| 03:55pm US/Eastern
NEW YORK, February 28, 2013 - vb-news.net, one of the leaders in providing investment alerts on U.S. stocks are announcing Investment Highlights on Research In Motion Ltd, MGIC Investment Corp, Vale SA, Yahoo! Inc.
MGIC Investment Corp.(NYSE:MTG), a mortgage insurer, has reported increased loss for the fourth quarter, because of a large charge associated with a Freddie Mac settlement and a surge in reserves.
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However, MGIC’s revenue has exceeded the estimates of analysts and delinquencies have reduced over the year. The stock has gone up over 9% during Thursday’s mid-day trading, after falling 15% in morning session.
Mortgage insurance is usually needed by borrowers, who are not able to afford a down payment of 20%. The industry has gone through mounting losses as mortgage defaults reached new heights during the housing reduction, resulting in a spike in claims.
MGIC lost $386.7 million during the period that completed on 31st December. A year back, during the same period, the insurer had lost $135.3 million. The present quarter covers a one-time charge of $267.5 million associated with a resolution of a Freddie Mac dispute.
MGIC also enhanced its loss reserve expectations by nearly $100 million during the period to account for possible settlements on rescission clashes with Countrywide and another anonymous lender.
In other news, Vale SA (ADR)(NYSE:VALE) has reported a huge loss today morning, however, investors seem to believe the worst is over for the company, as its shares have gone up by 1.9%.
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The damage was caused majorly because of the falling prices of metals, while Vale has been on a spending spree. The company has written down $5.66 billion on its investments in a number of companies and mines.
Revenue has amounted to $12 billion, which is a little more than what analysts had expected. The company has also stated that it has cut down its expenses. This fact is likely to thrill investors after witnessing huge volume of write downs for the current quarter.
Vale’s shares were upped by Bank Itau BBA this week and the strategists of the company mentioned that they gave preference to the stock to other Brazil biggies like Petrobras.
Even after the poor sales of the PlayBook tablet, Research In Motion Ltd(NASDAQ:BBRY) or Blackberry is considering whether it should go ahead and make another push at the tablet market which already has a lot of competition. David J. Smith, head of RIM’s mobile computing business stated that the company is looking at continuing to play in tablet business.
The company is aware that there is still competition in this field but are interested to explore nonetheless because they are sure that consumers will be interested to try various products.
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He did not comment on how far the company had gone with its plans for the tablet or whether the organization was gearing up to announce something soon. He also noted that very few organizations are actually making money developing tablets because there are a large number of players in the market.
The Mobile World Congress started in Barcelona on Monday and on its eve, Samsung launched the Galaxy Note 8.0 which is an eight inch tablet. The product will be up for sale in the second quarter at a global level. It will be in direct competition with iPad mini of Apple which the company started to sell last October.
Banning of telecommuting, which came about as a decision from Marissa Mayer, the Yahoo! Inc. NASDAQ:YHOO) Chief Executive, has given rise to a lot of outrage around the country. But some in the SiliconValley have not really understood what the big deal is about. Working from home is pretty common in the Silicon Valley but that is done in addition to the work that is done in the office, not instead of it. Though the area has an image of freewheeling space where a lot of people work remotely, the workers of the Bay Area have to head office.
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According to the founder of payments startup Gumroad, Sahil Lavingia, everyone should have an independent set up at home to help them become more productive, as there are a number of people who work extra hours after office or during the weekends.
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