During Monday’s current trade, MGIC Investment Corp. (NYSE:MTG)’s shares surged 4.84% to $10.39, hitting its highest level today, after government-owned, mortgage-investment companies Fannie Mae (FNMA) and Freddie Mac (FMCC) issued final mortgage insurer guidelines late Friday.
The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, declared softened mortgage insurers’ standards that eased capital requirements on some loans from 2005 through 2008, in cases where borrowers steadily met their commitments, Bloomberg reports.
The latest standards are meant to prevent a repeat of what happened after the financial crisis, when a collapse in home prices led many in the industry to go out of business, according to Bloomberg.
The rules are set to take effect at the end of the year.
MGIC Investment Corporation, through its auxiliaries, provides private mortgage insurance and ancillary services to lenders and government sponsored entities in the United States.
During an afternoon trade, Nymox Pharmaceutical Corporation (NASDAQ:NYMX)’s shares skyrocketed 58.58% to $1.57.
Nymox Pharmaceutical Corporation, declared long-term clinical trial results from the Company’s NX-1207 Phase 2 prostate cancer study NX03-0040. The new results demonstrate statistically noteworthy(p=.0067) better outcomes at up to 2.8 years for NX-1207 treated patients contrast to controls. Trial participants comprised of 146 patients with low grade localized prostate cancer at 44 U.S. investigational sites.
A controlled comparison was conducted of patients who required and received radiation and surgery treatments for their cancer based on blinded post-treatment upgraded evaluations of their pre-treatment initially positive lower grade cancers. The study found that after up to 2.8 years for NX-1207 single-injection treated patients there was a 68.2% reduction contrast to controls in the proportion of patients who had upgraded blinded biopsy results in the treated area and went on to require and receive radiation therapy and/or prostatectomy (surgery) (p=.0067). The new study also found that all instances of surgery or radiation, counting elective cases without upgrades, were reduced by 62.7% (p=.0035) in NX-1207 patients contrast to the randomized control group.
Long-term clinical outcome is a highly important measure of drug treatment efficacy. Patients were randomized to one of two doses of NX-1207 (2.5 mg or 15 mg) or to active surveillance (control). The drug was injected into the area of the prostate where the cancer was detected and repeat biopsies, serial PSA measurements and long-term follow-up were performed on all patients treated and controls.
Nymox Pharmaceutical Corporation, a biopharmaceutical company, is engaged in the research and development of products for the aging population. It provides NicAlert and TobacAlert products that use urine or saliva to detect use of and exposure to tobacco products, in addition to AlzheimAlert, a proprietary urine assay that aid physicians in the diagnosis of Alzheimers disease.
Groupon, Inc. (NASDAQ:GRPN), during its Monday’s current trading session gained 0.97%, to $7.27.
Groupon, declared it has entered an contract to sell a controlling 46 percent fully diluted stake in Ticket Monster (TMON), its South Korean e-commerce business, for $360 million, to a partnership formed by leading global investment firm KKR and Hong Kong-based Anchor Equity Partners. The investments value Ticket Monster at $782 million on a fully diluted basis, assuming a full vesting of administration’s 13 percent stake. At closing, Groupon will retain a fully diluted 41 percent stake in TMON.
The gain on the sale is predictable to be between $195 million and $205 million on a pre-tax basis and will be recorded at the close of the transaction. Per the contract, Groupon will receive $285 million in cash, with the remainder paid to TMON. Groupon attained TMON in January 2014 for $260 million.
The TMON sale is predictable to close in the second quarter of 2015, subject to regulatory and customary closing conditions. Groupon intends to use the proceeds from the sale for general corporate purposes and share repurchases.
TMON will be treated as a suspended operation for purposes of financial reporting, effective in the first quarter of 2015. Accordingly, Groupon has recast its guidance for the first quarter and full year of 2015. Reflecting the TMON sale, in addition to changes in foreign exchange rates, Groupon now anticipates first quarter 2015 revenue between $720 and $770 million, adjusted EBITDA between $58 and $78 million and non-GAAP earnings per share (from ongoing operations) between $0.01 and $0.03. For the full year, Groupon continues to expect adjusted EBITDA of greater than $315 million. This recast guidance is based on preliminary estimates and is subject to change.
Groupon will report results for its 2015 first quarter on May 5, 2015.
Groupon, Inc. operates online local commerce marketplaces that connect merchants to consumers by offering goods and services at a discount worldwide. It also offers deals on products for which it acts as the merchant of record.
Finally, Morgan Stanley (NYSE:MS), gained 1.20% Monday.
Morgan Stanley, stated net revenues of $9.9 billion for the first quarter ended March 31, 2015 contrast with $9.0 billion a year ago. For the current quarter, income from ongoing operations applicable to Morgan Stanley was $2.4 billion, or $1.18 per diluted share, contrast with income of $1.5 billion, or $0.74 per diluted share, for the same period a year ago. Results for the current quarter comprised of a net discrete tax benefit of $564 million or $0.29 per diluted share primarily associated with the repatriation of non-U.S. earnings at a lower cost than originally estimated.
Not taking into account DVA, net revenues for the current quarter were $9.8 billion contrast with $8.9 billion a year ago. Income from ongoing operations applicable to Morgan Stanley was $2.3 billion, or $1.14 per diluted share, contrast with income of $1.4 billion, or $0.70 per diluted share, a year ago.
Compensation expense of $4.5 billion raised from $4.3 billion a year ago primarily driven by higher revenues. Non-compensation expenses of $2.5 billion raised from $2.3 billion a year ago reflecting higher legal costs and volume driven expenses.
For the current quarter, net income applicable to Morgan Stanley, counting suspended operations, was $2.4 billion or $1.18 per diluted share, contrast with net income of $1.5 billion or $0.74 per diluted share in the first quarter of 2014.
Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals worldwide. The company’s Institutional Securities segment offers financial advisory services on mergers and acquisitions, divestitures, joint ventures, corporate restructurings, recapitalizations, spin-offs, exchange offers, leveraged buyouts, takeover defenses, and shareholder relations, in addition to provides capital raising and corporate lending services.
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