Updated from 2:37 p.m. EDT
Financial stocks tiptoed higher with the broad indices Tuesday after a long holiday weekend, and Triad Guaranty (TGIC) ranked among the winners.
Shares continued to climb 5% on Friday's reiteration that its $80 million credit-facility drawdown, announced last week, was "not in response to any liquidity issues." Triad stock had taken a tumble on word of the drawdown, even though the insurer included this same explanation in the pertinent regulatory filing.
Triad elaborated, late in the trading day Friday, that it had $26.7 million cash on hand as of June 30, as well as a "very liquid" $618 million portfolio of municipal and corporate bonds. Shares leapt to close Friday's session higher, and today rose another 83 cents to close at $17.56.Thornburg Mortgage (TMA), meanwhile, added 3.7% to close at $12.21 after saying it