MGIC Investment skyrockets 47% on increased Q2 sales, new mortgages

Holding company MGIC Investment Corp. (NYSE:MTG) is soaring more than 47% higher after announcing its policy sales had increased during the 2008 second quarter. The Milwaukee-based company said sales were $371.8 million, up about 16%. MGIC said it insured $14 billion worth of new mortgages.

At 3:23 p.m. ET, shares of MGIC are at $6.02, up $1.92 from Wednesday’s close. Trading volume has shot up to nearly 12 million shares, above the average of 4 million. During the past 52 weeks, the shares have ranged from $3.51 to $56.79, and the stock is down more than 74% since January.

For detailed price information and recent news stories about MGIC Investment Corp., click MTG.

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