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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (806)	9/16/2002 4:52:22 PM
From: MulhollandDrive	Read Replies (1) \| Respond to of 57110

MILWAUKEE (CBS.MW) -- MGIC Investment indicated late Friday that earnings for the second half of the year would fall short of expectations due to continued refinancing activity and increased loan delinquencies. The provider of private mortgage insurance expects to earn $1.40 to $1.45 a share in the third quarter and $1.30 to $1.40 a share in the fourth. Analysts surveyed by Thomson Financial/First Call had been expecting earnings of $1.58 and $1.61 a share, respectively, on average. The company noted that the length of time that its insurance policies remain in force can decline, resulting in lower revenue, as interest rates drop, housing prices appreciate or mortgage insurance cancellation requirements change. MGIC added that homeowner defaults might increase as the domestic economy deteriorates. The stock (MTG: news, chart, profile) closed Friday up 30 cents at $55.23 on volume of 758,000 shares