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American Capital Agency higher after lousy quarter

  • Investors take a least a small hiatus from selling the mortgage REITs after last night's clunker of an earnings report from American Capital Agency (AGNC +2%).
  • Book value fell by 6% during Q2, with higher rates, widening MBS spreads, and faster prepayments making for an ugly combination.
  • The company, however, entered Q3 with its lowest leverage since the financial crisis, giving it the firepower to buy assets on the cheap. At the close yesterday, the stock was selling for a 22% discount to June 30 book value. At some point, the bad news is priced in?
  • The earnings call is set for 11 ET.
  • Annaly Capital (NLY +1.6%), CYS Investments (CYS +0.8%), Western Asset (WMC +1.2%), New York Mortgage (NYMT +0.5%).
  • ETFs: MORL, REM, MORT, LMBS

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AGNC Investment Corp.