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CytomX’s stock rockets after expanding Bristol-Myers collaboration

CytomX Therapeutics Inc.’s stock rocketed 25% toward a 14-month high in premarket trade Monday, after the company said it would receive a $200 million upfront payment from Bristol-Myers Squibb Co. as part of the expansion of a collaboration pact to discover cancer treatments using CytomX’s Probody platform. CytomX will also be eligible to receive up to $448 million in milestone payments, as well as royalty payments, if development, regulatory and sales targets are met. “CytomX’s Probody platform has enhanced our discovery research as we seek to direct the therapeutic effects of immunotherapy in a more targeted approach against tumors,” said Bristol-Myers Head of Discovery Carl Decicco. CytomX’s stock had climbed 32% over the past three months through Friday, while Bristol-Myers shares had lost 4.8% and the S&P 500 had gained 4.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Movado’s stock drops after disappointing results and outlook, job cuts

Shares of Movado Group Inc. dropped 1.3% in light premarket trade Monday, after the luxury watch maker reported fiscal fourth-quarter results that missed expectations, announced plans to cut jobs and provided a profit and sales outlook that was below expectations. For the fiscal fourth quarter of 2017, which ended Jan. 31, net income fell to $5.2 million, or 22 cents a share, from $7.9 million, or 34 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 23 cents. Sales declined 8.7% to $130.8 million from $143.3 million, missing the FactSet consensus of $136.9 million. For fiscal 2018, Movado expects adjusted EPS of $1.40 to $1.55, below the FactSet consensus of $1.60, and revenue of $515.0 million to $530.0 million, compared with expectations of $575.7 million. Because the company expects the retail environment to remain “difficult” this year, amid a shift from brick and mortar to e-commerce and a continuing challenging fashion watch market, Movado said it would reduce its workforce, primarily in North America and Switzerland. The company expects to record a charge of $7 million to $10 million, primarily in the fiscal first quarter, as a result of the job cuts and other streamlining initiatives, which are expected to reduce expenses by $12 million this year. The stock has plunged 18% year to date through Friday, while the S&P 500 has gained 6.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Monday Morning Cup of Coffee: Trump tapping familiar face to lead DOJ’s civil division?

It looks like President Donald Trump is about to install a familiar face as the leader of the Department of Justice’s civil division. If that happens, what happens to the DOJ’s recently preferred tactic of using the False Claims Act to extract settlements from lenders for supposedly misrepresenting the quality of loans to the Federal Housing Administration? The answer, and more, in your Monday Morning Cup of Coffee. …read more

From:: Real Estate Wire

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Few Mass Mortgage Layoffs

Despite a projected drop in home-lending activity this year, there have been few mass layoffs so far in the industry. Two bank mergers will result in job cuts.

Economic forecasts for the mortgage industry have loan originations tumbling from around $2 trillion in 2016 to roughly $1.6 trillion this year.

The lower expected activity is the result of rising interest rates that will drive down refinances. Such reductions are typically followed by industry layoffs.

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From:: Financing

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Uber’s No. 2 exec steps down amid controversies: report

Uber Technology Inc.’s No. 2 executive, President Jeff Jones, is resigning after less than a year, according to a report by Recode on Sunday. The report said the many controversies swirling around Uber, including allegations of widespread sexual harassment and bias, were “directly related” to his decision to leave. Jones was hired last August, and previously worked as chief marketing officer at Target. Earlier this month, Uber CEO Travis Kalanick said he needed to hire a chief operating officer to help provide leadership help.|NEW] on Sunday. The report said the many controversies swirling around Uber, including allegations of widespread sexual harassment and bias, were “directly related” to his decision to leave. Jones was hired last August, and previously worked as chief marketing officer at Target. Earlier this month, Uber CEO Travis Kalanick said he needed to hire a chief operating officer to help provide leadership help.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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In These Markets, You’ll Earn Enough to Cover Rent—and Then Some

By Susanne Dwyer

Reasonable rent and a solid-paying job? Dream on…right?

According to a recent analysis by LinkedIn and Zillow, there are dream markets for renters—if their field of choice is finance, healthcare or technology.

The analysis identified markets where renters earn in excess of the necessary income to support costs of living, taking into account indicators such as “labor market velocity,” “job listings,” “salaries,” and “rental housing costs.”

By sector, renters have the most left over in:

Finance

  1. Charlotte, N.C.
    Disposable Income: $3,793 (51.2 percent)
  1. Dallas/Fort Worth, Texas
    Disposable Income: $3,597 (53.4 percent)
  1. Phoenix, Ariz.
    Disposable Income: $3,249 (50.6 percent)
  1. Boston, Mass.
    Disposable Income: $3,198 (41.7 percent)
  1. Chicago, Ill.
    Disposable Income: $3,453 (48.8 percent)

Healthcare

  1. Phoenix, Ariz.
    Disposable Income: $3,793 (52. 1 percent)
  1. Indianapolis, Ind.
    Disposable Income: $3,111 (53.7 percent)
  1. Boston, Mass.
    Disposable Income: $2,861 (40.1 percent)
  1. Denver, Colo.
    Disposable Income: $2,580 (40.5 percent)
  1. Austin, Texas
    Disposable Income: $2,846 (48.7 percent)

Technology

  1. Seattle, Wash.
    Disposable Income: $5,493 (54.3 percent)
  1. Austin, Texas
    Disposable Income: $4,336 (53.8 percent)
  1. Pittsburgh, Pa.
    Disposable Income: $3,681 (56.4 percent)
  1. San Francisco Bay, Calif.
    Disposable Income: $3,964 (35.6 percent)
  1. Dallas/Fort Worth, Texas
    Disposable Income: $4,121 (54.9 percent)

Four markets—Austin, Boston, Dallas/Fort Worth and Phoenix—rank in the top five in all three sectors. Austin makes a showing in both healthcare and technology, but ranks higher for healthcare, while Boston boasts for healthcare and finance, but also ranks higher for healthcare. Dallas/Fort Worth has opportunities in finance and technology, ranking higher for finance, and Phoenix’s prospects are in finance and healthcare, ranking higher for healthcare.

“High demand and inventory shortages have driven up housing prices in some markets so much that even if you land a great job, the salary might not cover living within commuting distance,” says Dr. Svenja Gudell, chief economist at Zillow. “On the other hand, the nation’s most affordable housing markets don’t always offer plentiful employment opportunities. Housing is the biggest line item in most people’s budgets, so we did the math for you and found ‘sweet spots’—places with great job markets and housing markets that will leave you with some cash at the end of the month.”

For more information, please visit www.zillow.com.

For the latest real estate news and trends, bookmark RISMedia.com.

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In These Markets, You’ll Earn Enough to Cover Rent—and Then Some

By Susanne Dwyer

Reasonable rent and a solid-paying job? Dream on…right?

According to a recent analysis by LinkedIn and Zillow, there are dream markets for renters—if their field of choice is finance, healthcare or technology.

The analysis identified markets where renters earn in excess of the necessary income to support costs of living, taking into account indicators such as “labor market velocity,” “job listings,” “salaries,” and “rental housing costs.”

By sector, renters have the most left over in:

Finance

  1. Charlotte, N.C.
    Disposable Income: $3,793 (51.2 percent)
  1. Dallas/Fort Worth, Texas
    Disposable Income: $3,597 (53.4 percent)
  1. Phoenix, Ariz.
    Disposable Income: $3,249 (50.6 percent)
  1. Boston, Mass.
    Disposable Income: $3,198 (41.7 percent)
  1. Chicago, Ill.
    Disposable Income: $3,453 (48.8 percent)

Healthcare

  1. Phoenix, Ariz.
    Disposable Income: $3,793 (52. 1 percent)
  1. Indianapolis, Ind.
    Disposable Income: $3,111 (53.7 percent)
  1. Boston, Mass.
    Disposable Income: $2,861 (40.1 percent)
  1. Denver, Colo.
    Disposable Income: $2,580 (40.5 percent)
  1. Austin, Texas
    Disposable Income: $2,846 (48.7 percent)

Technology

  1. Seattle, Wash.
    Disposable Income: $5,493 (54.3 percent)
  1. Austin, Texas
    Disposable Income: $4,336 (53.8 percent)
  1. Pittsburgh, Pa.
    Disposable Income: $3,681 (56.4 percent)
  1. San Francisco Bay, Calif.
    Disposable Income: $3,964 (35.6 percent)
  1. Dallas/Fort Worth, Texas
    Disposable Income: $4,121 (54.9 percent)

Four markets—Austin, Boston, Dallas/Fort Worth and Phoenix—rank in the top five in all three sectors. Austin makes a showing in both healthcare and technology, but ranks higher for healthcare, while Boston boasts for healthcare and finance, but also ranks higher for healthcare. Dallas/Fort Worth has opportunities in finance and technology, ranking higher for finance, and Phoenix’s prospects are in finance and healthcare, ranking higher for healthcare.

“High demand and inventory shortages have driven up housing prices in some markets so much that even if you land a great job, the salary might not cover living within commuting distance,” says Dr. Svenja Gudell, chief economist at Zillow. “On the other hand, the nation’s most affordable housing markets don’t always offer plentiful employment opportunities. Housing is the biggest line item in most people’s budgets, so we did the math for you and found ‘sweet spots’—places with great job markets and housing markets that will leave you with some cash at the end of the month.”

For more information, please visit www.zillow.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post In These Markets, You’ll Earn Enough to Cover Rent—and Then Some appeared first on RISMedia.

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From:: Real Estate News

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Size Matters: Most Americans Dissatisfied with Home’s Square Footage

By Susanne Dwyer

HomeSize_Trulia_Chart_1

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

When it comes to a home’s square footage, Americans seem to have a Goldilocks mindset: too big, too small, jussstttt right. At least, this is the consensus from a recent Trulia/Harris Poll study. The study, which surveyed over 2,000 American homeowners, found that most folks want a different sized home than the one they’re in now; however, they don’t necessarily want to go bigger. Today’s average new home size is over 2,700 square feet, 57 percent larger than homes built about 40 years ago. It’s undeniable that homes are getting larger. But interestingly enough, just because the average home size is getting larger doesn’t mean everyone is looking for more square footage. In fact, 60.6 percent of those questioned were looking to downsize. It seems more space doesn’t necessarily mean more comfort.

Below are some key findings from the survey:

  • As expected, age matters when it comes to size. Only 26 percent of baby boomers surveyed would upsize their homes, whereas 46 percent of millennials would like to add more square footage.
  • Only 32 percent of those surveyed would choose a home the same size as the one they’re currently living in if they decided to move within a year.
  • Out of survey respondents currently living in homes larger than 2,000 square feet, only 39.4 percent would choose a larger home, compared to 60.6 percent looking to downsize.
  • One interesting takeaway from the study is based on income. It seems the more affluent hope to minimize their square footage, whereas those with smaller incomes want to score more space. Seem backwards? It isn’t. Fifty-three percent of those making more than $150,000 a year hope to downsize, whereas 65 percent of those making under $150,000 say that would snag a bigger spot if given the chance.

HomeSize_Trulia_Chart_2

HomeSize_Trulia_Chart_4

HomeSize_Trulia_Chart_5

For more data from the survey, click here.

Zoe Eisenberg is RISMedia’s senior content editor. Email her your real estate news ideas at zoe@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

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Leading the Way with Technology

By Susanne Dwyer

Ravath_RP_Pok

In the following interview, Ravath “RP” Pok, principal broker/owner of Realty ONE Group in Midvale, Utah, discusses the benefits—and challenges—of using technology.

Region Served: Salt Lake County
Years in Real Estate: 21
Number of Offices: 1
Number of Agents: 69
Must-Have Tech Tool: iPhone and MacBook Pro

How would you describe the real estate tech industry?
The problem I see in the tech sector is the lack of collaboration between vendors and brokers. Too many vendors try to sell us a product without having an understanding of our needs and skillsets, and too many agents buy products without having an understanding of the same. As their broker, it’s important for me to teach technology from multiple perspectives. As I’ve said before, technology must be efficient, effective, and, most importantly, effortless.

How do you use technology to better serve your clients?
We work closely with our technology vendors to create automated updates and marketing touches, including a monthly market snapshot of their local area using their zip code. Our message to them is that real estate is like the weather; it could be sunny here and raining two zip codes over. We’re here to help interpret the data and how it affects their home.

What is your favorite time-saving tool that you use on a weekly basis?
I use a photo app that allows me to organize photos into easy-to-find albums based on metadata and geotagging.

What are some of the most creative ways you’re using social media?
We teach our agents the idea of responsible social media. We know the harm a quick tweet can cause, and the danger of providing too much information to those looking to take advantage of opportunities. Our creative social media campaign consists of a balance between personal and professional. It’s done with respect.

How do you see your market evolving throughout 2017?
I think the competition of Zillow and others looking to replace the value of the REALTOR® brand will require us to be more engaged with our market. Redefining the value that involves human decisions will be key to keeping us in the transaction. We’re going through the same dilemmas that existed during the .com boom. New models are being created to entice consumers to cut REALTORS® out of the equation. Just like the need for brick and mortar operations was the cause of the .com crash, I believe the same will happen to the new competitors as long as we continue to show the importance of human engagement.

What would you want the next real estate tech tool to take care of?
An automated marketing system, beginning with virtual tours, drone and other photography services to be utilized in both print and digital formats for ongoing marketing endeavors, including, but not limited to, social media. Photos are key, as this tool provides engagement through their use. Agents need to focus on sales and support, but still have top-of-the-line marketing that’s handled for them.

For more information, please visit www.realtyonegroup.com.

Gabrielle van Welie is RISMedia’s editorial intern. Email her your real estate news ideas at gvanwelie@rismedia.com.

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From:: Real Estate News

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Home Builder Confidence Harkens Back to 2005

By Susanne Dwyer

Home builders’ confidence in the new single-family housing market is harkening back to 2005, rising to a reading of 71 in the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI)—the highest level in 12 years. Index readings of 50-plus indicate more builders identify the market as “good” than “poor.”

“Builders are buoyed by President Trump’s actions on regulatory reform, particularly his recent executive order to rescind or revise the waters of the U.S. rule that impacts permitting,” says Granger MacDonald, chairman of the NAHB.

The Index measure of sales expectations is up five points to 78, while the measure of current sales conditions is up seven points, also to 78. The measure of homebuyer traffic is up eight points to 54.

“While builders are clearly confident, we expect some moderation in the Index moving forward,” says Robert Dietz, chief economist of the NAHB. “Builders continue to face a number of challenges, including rising material prices, higher mortgage rates, and shortages of lots and labor.”

Source: National Association of Home Builders (NAHB)

For the latest real estate news and trends, bookmark RISMedia.com.

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From:: Real Estate News