Why Rocket Companies Is Plunging on Thursday
The stock market was having a rough day Thursday, with many high-flying tech stocks having an especially challenging time. However, Rocket Companies (NYSE: RKT), the parent company of Rocket Mortgage and Quicken Loans which recently completed its IPO, was a particular laggard. As of 10:30 a.m. EDT, Rocket's stock price had fallen by more than 10%.
The short answer is that Rocket Companies' first earnings report as a public company disappointed investors. But this may seem odd, especially since the company preannounced its second-quarter results weeks ago, and the numbers just released matched up perfectly with what we already knew.
Image source: Getty Images.
Source Fool.com