PMI Group, Thomas Weisel: Early Volume Plays
The PMI Group said its first-quarter loss ballooned to $1.94 a share from $1.41 a share in the year-ago quarter. Analysts had been looking for a smaller quarterly loss of 94 cents a share, according to Thomson Reuters. Revenue was down 36% from a year ago to $156.6 million, below the $172 million consensus. Separately, PMI said it will offer $400 million in common stock and $200 million in convertible senior notes.
Shares of The PMI Group were down 63 cents, or 9.5%, to $6 in the premarket session. The three-month average daily volume for The PMI Group is 7.43 million, according to Yahoo! Finance.
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