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Can the Uptrend Continue for MCG Capital (MCGC)?
MCG Capital Corp. (MCGC) ’s announcement that it will buy back shares and possibly liquidate its loans to smaller companies aren’t an indication of the market’s ills, according to Keefe, Bruyette & Woods analyst Troy Ward. The business development company announced plans last week to buy back as much as $75 million of its stock and said it may consider strategic actions such as a sale, a recapitalization, a restructuring or liquidation, according to an Oct. 29 filing with the U.S. MCG Capital, citing a “peak” in the credit cycle, has continued to reduce its portfolio as the fair value of its investments plunged to $93.6 million on Sept. 30 from $1.6 billion in 2007, the Arlington, Virgina-based company said in the SEC filing. Scott Walker , a spokesman for MCG Capital, declined to comment.
OncoGenex Pharmaceuticals Inc (NASDAQ:OGXI), MCG Capital Corp (NASDAQ:MCGC) and Doral Financial Corp. (NYSE:DRL) made noteworthy gains on the market this Wednesday. In the red today are Cal Dive In...