Shares of Rocket, UWM Holdings rise sharply in early trade

FILE PHOTO: A banner celebrating Rocket Companies Inc., the parent company of U.S. mortgage lender Quicken Loans, IPO is seen on the front facade of the New York Stock Exchange (NYSE) in New York City, U.S., August 6, 2020. REUTERS/Brendan McDermid

(Reuters) – Shares in mortgage lenders UWM Holdings Corp and Rocket Companies jumped in early deals on Wednesday, building on strong gains from the previous session, which was fueled by a short squeeze on Rocket’s stock.

Rocket, parent of Quicken Loans, was up 6.2% at $44.12 in premarket trade, following Tuesday’s 71.5% surge. Its shares have doubled this week as it gained popularity on internet message boards as a short-squeeze candidate.

Shares of UWM Holdings were trading 18.8% higher at $10.85.

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