"During 2004, premiums have declined principally due to the decline in refinancing activity, as a result of increased interest rates, which is expected to continue throughout the year. Operating results for the six months ended June 30, 2004, therefore, should not be viewed as indicative of the Company�s future operating results. As always, the Company has been monitoring and carefully managing operating expenses such as salaries, employees� benefits and certain other operational expenses in light of the expected decline in title insurance revenues."
The expected decline in revenues should be already reflected in ITIC's price per share, but if it isn't, there will be a chance to buy more shares at lower prices.
Now we know what the surprise is, ITIC is thinly traded. Today it is up $1.11 on one trade of 300 shares. If today's buyer comes back monday as a seller and places a market sell order, he will probably get executed (pun intended) at about $30.00. Oh the joys of being a market maker!