Rocket Companies stock surged 13% and Opendoor Technologies climbed 5% in midday trading Wednesday, driven by renewed refinancing demand as mortgage rates eased. Rocket Companies, which operates Rocket Mortgage and related platforms, beat first-quarter estimates with earnings of 15 cents per share on revenue of $2.94 billion and pulled forward $400 million in Mr. Cooper acquisition synergies a year ahead of schedule. Opendoor grew its home purchases 45% quarter over quarter to 2,474 homes and expanded gross margin to 10% from 9% a year earlier. Both stocks remain down more than 20% year to date, and the gains hinge on the 10-year Treasury yield staying near 4.4% without a reversal from hot inflation data.
Rocket Companies IncRocket Companies beat Q1 estimates and pulled forward acquisition synergies, driven by renewed refinancing demand as mortgage rates eased.
Opendoor Technologies IncOpendoor grew home purchases 45% QoQ and expanded gross margin, driven by refinancing demand as mortgage rates eased.