In the spring Motley Fool, the financial news and data company reported how Ellie Mae was bucking the trends of lenders’ woes due to higher interest rates.
On Friday, it turned out Ellie Mae was just fending off the trends a little longer than others. Rising interest rates made Ellie Mae cut revenue forecasts by a whopping $18 million and third quarter earnings was down 14 percent year over year. Wall Street was disappointed that it missed earnings expectations by $4.8 million.
Meanwhile, a number of economists expressed concern last week that the Fed is moving too fast on interest rate hikes.