Why Mercury General Stock Soared 26% This Week
Insurer Mercury General Corp. (NYSE: MCY) had a stellar week as its stock price jumped 26% (as of 3:00 p.m. ET) from last Friday's close, according to S&P Global Market Intelligence. The stock price had been up as much as 28.3% during the week. Mercury General is trading at $36.22 per share, down about 31.7% year to date as of 3:00 p.m. ET.
It outperformed the major indexes, as the Dow Jones Industrial Average was down 2%, the S&P 500 was off 4%, and the Nasdaq dropped 6.4% this week as of 3:00 p.m. ET on Friday.
Mercury General is a California-based insurance company serving roughly 11 states, primarily with automobile and home insurance. It jumped higher this week on a solid third-quarter earnings report released Tuesday that soundly beat analysts' estimates.
Source Fool.com
