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What: The roof fell in on housing data provider CoreLogic (NYS: CLGX) , which dropped 32% in intraday trading today after issuing a disappointing earnings report and cautious outlook.
So what: EPS of $0.29 beat the $0.25 consensus estimate, helped by an acquisition-related gain of $59 million. Adjusted pre-tax income of $21.0 million was less than half of the reported (including the gain) income of $42.8 million Operating revenue fell 4% year over year to $396 million.
Now what: Management stated that regulatory and economic concerns constrained the volume of mortgage originations and negatively impacted results for the quarter. That and a "lack of typical seasonality" make the company "increasingly cautious in our outlook for the remainder of the year." Management did not offer specific guidance, but noted it "made progress on aggressive cost cutting and streamlining initiatives that will benefit the company into the future." Investors may want to make sure the storm shutters are closed on this one.
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