This report is a sample for information purposes only. These recommendations are closed.
Contact our research department for access to current reports. research@wstreet.com

11/20/2023 1:54:21 PM Eastern Time

Impressive
By Karina Hernandez, Senior Research Analyst

 Click here to download PDF version

The NASDAQ Composite keeps powering ahead like a juggernaut, but the S&P 500 stole the spotlight by nestling up to 4,500 - its first time since September.

Technology is leading this afternoon.  Microsoft (MSFT) hit a new 52-week high and is among the best performing stocks in the sector after the company announced it has hired former OpenAI CEO Sam Altman.

Leading economic indicators remained deep in the red in October -0.8% vs. consensus -0.7%, continuing a string of declines since mid-2022.

There was a solid 20-year bond auction at $16 billion at a high yield of 4.780%, showing good demand, causing equities to move higher and rates lower. 

Long Idea: Mr. Cooper Group Inc. (COOP) @ $59.53
Industry: Financials; Mortgage
Click here to view the trading alerts that followed this recommendation

BACKGROUND: Mr. Cooper Group Inc. engages in non-banking services for mortgage loans the United States. The company operates through two segments: Servicing and Originations. The Servicing segment performs activities for underlying mortgages, including collecting and disbursing borrower payments, investor reporting, customer service, and modifying loans. The Originations segment originates residential mortgage loans through its direct-to-consumer channel, as well as originates and purchases loans from mortgage bankers. It operates primarily under the Mr. Cooper and Xome brands. The company was formerly known as WMIH Corp. and changed its name to Mr. Cooper Group Inc. in October 2018. Mr. Cooper Group Inc. was incorporated in 2015 and is based in Coppell, Texas.

SKINNY: COOP has reported healthy results that can sustain its performance in the future. COOP's estimates continue to increase as analysts expect growth potential and overall performance for the fiscal year 2024 (FY24). Our target is $72.