After spending most of last night's after-hours sessions and this morning's premarket in the red, American Capital Agency (AGNC +1.1%) moves higher in early regular session action.
Yes, the headline drop in book value doesn't look good, but the decline suggests CIO Kain positioned the portfolio aggressively, meaning a big benefit thus far in 2014. It's possible Q4's drop in book has been reversed and more in the opening weeks of Q1. Net interest margins also widened a bit during Q4.
Look for more color on the earnings call at 11 ET.