The stock has been trading at $5.50 to $5.60 range.
Why would someone buy at $5.75 in the secondary offering?
The underwriters also exercised the 20 million share options.
This would imply that there is an inherent value to MI, does it not?
I am neither long nor short. I am only trying to find an entry point.
Based on the news, I would have guessed that the stock is headed lower. Regional banks are out of interest.
I don't know the numbers well enough.. at %58 billion assets.. enterprise value of $11 billion. cash per share of $2.90 but impending commercial real estate gloom,
can someone please post some rational and intelligent comments?
Bottom line question: Why would (smart) people on wall st buy this at $5.75 when the market price is lower?
Thanks in advance for not writing expletives or baseless remarks.