Rocket Cos (RKT, $27.17) shares plunge, despite Q1 profit
Rocket Cos. Shares were plunging in premarket trading Thursday, despite following the company’s first quarter positive earnings. The company had its IPO last month.
The parent company of mortgage-lending giant Quicken Loans reported earnings of $3.5 billion (compared to a loss of -$54 million in the year-ago period). Adjusted earnings before interest, taxes, depreciation and amortization were $3.8 billion.
Quarterly revenue came in at $5 billion.
The company’s closed origination volume in the quarter was a record $72.3 billion, a +126% surge year-over-year.
Rocket posted net-rate lock volume of $92 billion, up +170% from the year ago period. It expects third-quarter net rate lock volume in the range of $93 billion to $98 billion.
RKT in downward trend: price may decline as a result of having broken its higher Bollinger Band on August 23, 2024
RKT broke above its upper Bollinger Band on August 23, 2024. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options. The A.I.dvisor looked at 31 similar instances where the stock broke above the upper band. In of the 31 cases the stock fell afterwards. This puts the odds of success at .
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Notable companies
The most notable companies in this group are VISA (NYSE:V), Mastercard (NYSE:MA), American Express Company (NYSE:AXP), PayPal Holdings (NASDAQ:PYPL), Capital One Financial (NYSE:COF), United Rentals (NYSE:URI), Discover Financial Services (NYSE:DFS), Synchrony Financial (NYSE:SYF), SLM Corp (NASDAQ:SLM), Bread Financial Holdings (NYSE:BFH).
Industry description
A leasing company (e.g. United Rentals, Inc. ) is typically the legal owner of the asset for the duration of the lease, while the lessee has operating control over the asset while also having some share of the economic risks and returns from the change in the valuation of the underlying asset. Per capita disposable income and corporate earnings or cash flow could be some of the critical metrics for this business – the higher the values of these metrics, the potentially greater ability of consumers/businesses to afford apartments/office spaces for rent. Other finance companies include credit/debit card payment processing companies (e.g. Visa Inc. and Mastercard), private label credit cards providers (e.g. Synchrony Financial) and automobile finance companies (e.g. Credit Acceptance Corporation).
Market Cap
The average market capitalization across the Finance/Rental/Leasing Industry is 11.61B. The market cap for tickers in the group ranges from 2.17K to 573.25B. V holds the highest valuation in this group at 573.25B. The lowest valued company is AZNVF at 2.17K.
High and low price notable news
The average weekly price growth across all stocks in the Finance/Rental/Leasing Industry was -1%. For the same Industry, the average monthly price growth was 5%, and the average quarterly price growth was 27%. STXMF experienced the highest price growth at 241%, while XTCYF experienced the biggest fall at -60%.
Volume
The average weekly volume growth across all stocks in the Finance/Rental/Leasing Industry was -23%. For the same stocks of the Industry, the average monthly volume growth was -21% and the average quarterly volume growth was -33%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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The 'metabolic' category within the biotechnology industry has been witnessing remarkable growth, particularly in companies focused on developing drugs for gastrointestinal and metabolism disorders.
The portable device sector, encompassing companies involved in the production and sale of portable devices, witnessed a notable performance surge of +8.63% over the past week. This surge was led by prominent players including Apple (AAPL), CEVA, and Generac Holdings (GNRC). Despite this recent uptick, however, the sector currently faces a negative outlook, as indicated by various technical indicators and market sentiment analyses.
The Pulp & Paper industry, encompassing companies involved in the production of pulp, paper, and specialty paper products, has witnessed an impressive average stock gain of 11.68% over the last week.
In the whirlwind of the current mergers and acquisitions frenzy, investors are reaping substantial rewards as stocks within the merger industry theme surged by an impressive 20.9% on average over the past month.
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