Why Shares of Rocket Companies Are Falling After a Big Acquisition Announcement
Shares of the mortgage giant Rocket Companies (NYSE: RKT) were trading about 8% lower at 11:48 a.m. ET today, after the company announced plans to acquire the large mortgage servicing company Mr. Cooper Group.It's clear that Rocket is trying to consolidate and gain market share amid a challenging high-interest-rate environment that has now dogged the mortgage sector for the last few years. A few weeks ago, Rocket announced that it would acquire Redfin in a $1.75 billion deal.Continue reading
Shares of the mortgage giant Rocket Companies (NYSE: RKT) were trading about 8% lower at 11:48 a.m. ET today, after the company announced plans to acquire the large mortgage servicing company Mr. Cooper Group.
It's clear that Rocket is trying to consolidate and gain market share amid a challenging high-interest-rate environment that has now dogged the mortgage sector for the last few years. A few weeks ago, Rocket announced that it would acquire Redfin in a $1.75 billion deal.
