Why Shares of Rocket Companies Are Falling Today
Shares of Rocket Companies (NYSE: RKT) had fallen nearly 5% as of 11:51 a.m. ET today for no obvious reason, although the stock looks to be cooling off after a nice run following the large mortgage originator's earnings report at the end of February.
Rocket missed on earnings estimates for the fourth quarter of 2021, which continued to reflect a slowing mortgage market, but the stock rallied in the weeks following possibly due to guidance. Rocket guided for closed loan origination volume in Q1 of $52 billion to $57 billion, which is higher than in the fourth quarter of 2019 before the pandemic and ultra low rate environment set in.
Image source: Getty Images.
Source Fool.com
