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MGIC Investment: upgrades should follow very strong operating 3Q

First blush numbers for 3Q 16 look great underlying; should lead to upgrades to my model after much lower losses incurred than I expected. This train is on track to get to the destination way ahead of schedule.

Some financial restructuring in the quarter hit headline profit. I will get more details from the call and be back with it all later. The company retired Senior Convertible notes, booking a charge in the P&L. Main message is underlying performance is at least ~10% better than we were looking for. Will be strong at the open but down here the value is clear.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.