Why Rocket Companies Stock Jumped Today
Investors bid up Rocket Companies' (NYSE: RKT) share price on Wednesday ahead of the mortgage giant's upcoming earnings release. As of 11:50 a.m. EDT, Rocket's stock was up 7%.
Rocket Companies announced preliminary second-quarter results on Aug. 14 that stunned investors. Its net revenue skyrocketed 437% year over year to $5 billion, fueled by a 126% jump in loan origination volume, to $72.3 billion.
Better still, Rocket's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed an incredible 868% to $3.8 billion, while its adjusted net income soared 995% year over year to $2.8 billion.
Source Fool.com
