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Finisar shares plummet as earnings, outlook miss Street view

Finisar Corp. shares dropped in the extended session Thursday after the fiber-optics equipment company’s quarterly earnings and outlook fell below Wall Street views. Finisar shares dropped 17% to $29.10 after hours. The company reported adjusted fiscal third-quarter earnings of 59 cents a share on revenue of $380.6 million. Analysts surveyed by FactSet had estimated 62 cents a share on revenue of $389.7 million. For the fourth quarter, Finisar said it expects adjusted earnings of 50 cents to 56 cents a share on revenue of $360 million to $380 million. Analysts expect 58 cents a share on revenue of $393.4 million.

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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These 10 Housing Markets Are Getting Hot Hot Hot

By Susanne Dwyer

rising_house_markets_map

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

Looking to purchase a new spot, buy an investment property, or pick up and move? SmartAsset recently published data on the top rising housing markets. In order to evaluate up-and-coming housing markets, SmartAsset looked at data on 308 cities with a population over 100,000, scrutinizing the change in median home values, median incomes, and the difference between population change and housing unit changes.

The surprising news? Texas is smoking right now. According to SmartAsset data, five out of the 10 hottest rising markets right now are in the Lone Star State.

No. 1 on the list is not the ultra-hip Austin, as you may have anticipated. Austin took sixth place, but Midland, Texas, landed the top spot. In Midland, the median house value rose 23 percent from 2011 to 2015 and median incomes rose almost 20 percent.

Following Midland, Texas, is Denver, Colo. Here, the population increased by 10 percent from 2011 and 2015. At the same time, the number of housing units only rose 3.7 percent—a clear recipe for a high demand market.

No. 3 on the list is Odessa, Texas, another Southwest Texas town where both the population and median income is on the rise. From 2011 to 2015, the Odessa population rose nearly 12 percent, almost doubling the 6.6 percent growth in housing units.

Still don’t feel like moving to Texas? No. 4 on the list is Washington, D.C. This is the least affordable city on the top 10 list, but that doesn’t seem to stop its housing market from heating up. In 2015, the median home value in the nation’s capital was $475,800, and yet it still seems to be rising.

For No. 5 on the list, we move down south to New Orleans, La. Along with access to great Cajun food and jazz, the folks of New Orleans have rising incomes—up nearly 8 percent from 2011 to 2015—which they can power toward housing.

See the below infographics for more information on the top 10, and check out the full SmartAsset report for a breakdown of each locale.

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.

The post These 10 Housing Markets Are Getting Hot Hot Hot appeared first on RISMedia.

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From:: Real Estate News

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These 10 Housing Markets Are Getting Hot Hot Hot

By Susanne Dwyer

rising_house_markets_map

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

Looking to purchase a new spot, buy an investment property, or pick up and move? SmartAsset recently published data on the top rising housing markets. In order to evaluate up-and-coming housing markets, SmartAsset looked at data on 308 cities with a population over 100,000, scrutinizing the change in median home values, median incomes, and the difference between population change and housing unit changes.

The surprising news? Texas is smoking right now. According to SmartAsset data, five out of the 10 hottest rising markets right now are in the Lone Star State.

No. 1 on the list is not the ultra-hip Austin, as you may have anticipated. Austin took sixth place, but Midland, Texas, landed the top spot. In Midland, the median house value rose 23 percent from 2011 to 2015 and median incomes rose almost 20 percent.

Following Midland, Texas, is Denver, Colo. Here, the population increased by 10 percent from 2011 and 2015. At the same time, the number of housing units only rose 3.7 percent—a clear recipe for a high demand market.

No. 3 on the list is Odessa, Texas, another Southwest Texas town where both the population and median income is on the rise. From 2011 to 2015, the Odessa population rose nearly 12 percent, almost doubling the 6.6 percent growth in housing units.

Still don’t feel like moving to Texas? No. 4 on the list is Washington, D.C. This is the least affordable city on the top 10 list, but that doesn’t seem to stop its housing market from heating up. In 2015, the median home value in the nation’s capital was $475,800, and yet it still seems to be rising.

For No. 5 on the list, we move down south to New Orleans, La. Along with access to great Cajun food and jazz, the folks of New Orleans have rising incomes—up nearly 8 percent from 2011 to 2015—which they can power toward housing.

See the below infographics for more information on the top 10, and check out the full SmartAsset report for a breakdown of each locale.

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.

The post These 10 Housing Markets Are Getting Hot Hot Hot appeared first on RISMedia.

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From:: Finance and Economy

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HUD Could Lose $6 Billion, Preliminary Trump Budget Reveals

By Susanne Dwyer

The Trump Administration is considering cutting over $6 billion from the Department of Housing and Urban Development (HUD), lopping off 14 percent of its budget for fiscal year 2018, The Washington Post recently reported.

A preliminary document obtained by the publication reveals the Administration’s plan to cut $1.3 billion from the public housing capital fund and $600 million from the public housing operating fund. The plan also calls for ending funding for community development grants, proposing to source funds from outside the HUD budget.

The plan would continue existing funding to rental assistance programs, but cut direct rental assistance payments, such as housing vouchers and Section 8, by $300 million. Funding for Section 202, the housing program for the elderly, would be cut by $42 million, while funding for Section 811, the housing program for disabled persons, would be cut by $29 million. Funding for Native American housing grants would also be cut, by $150 million.

In addition, 5 percent of the budget allocated to administrative costs and staff salaries would be cut.

The document, says HUD Deputy Assistant Secretary Jereon Brown, is not finalized. As reported by The Washington Post:

HUD spokesman Jereon Brown said the budget document “is still a work in progress.” The budget document appears to be part of a back-and-forth with federal budget officials, and it is unclear whether the proposed cuts will be included in the president’s final budget proposal.

Stay tuned to RISMedia for more developments.

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

The post HUD Could Lose $6 Billion, Preliminary Trump Budget Reveals appeared first on RISMedia.

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From:: Finance and Economy

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Grocery chain Kroger’s board approves new $500 million share buyback program

The Kroger Co. said Thursday its board has approved a new $500 million share buyback program. The new authorization will add to the $120 million remaining in the last program as of March 8. Shares were flat Thursday, but are down 23% in the last 12 months, while the S&P 500 has gained 19%.

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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CMBS Delinquency Worsening

Although the rate of past-due payments on most commercial real estate loans stands near record lows, securitized CRE loan performance is worsening.

On loans that are included in commercial mortgage-backed securities, delinquency of at least 30 days was 4.53 percent as of the fourth-quarter 2016.

That turned out to be a 30-basis-point increase versus the previous quarter. But compared to the final quarter of 2015, the rate was down 20 BPS.

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From:: Financing

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Oil settles under $50 a barrel, lowest since November

Oil prices settled under $50 a barrel on Thursday, at their lowest level since November. Recent U.S. government data showing a ninth weekly rise in domestic crude supplies, as well as total production at a more than one-year high, raised concerns that OPEC-led output cuts won’t be enough to rebalance the market. April West Texas Intermediate crude lost $1, or 2%, to settle $49.28 a barrel on the New York Mercantile Exchange, the lowest finish for a front-month contract since Nov. 29, according to FactSet data.

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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NY AG Schneiderman is joining lawsuit against new Trump immigration ban

New York Attorney General Eric Schneiderman said Thursday he is joining the lawsuit against President Donald Trump’s latest immigration ban. Schneiderman says he will join Washington State Attorney General Bob Ferguson, Minnesota Attorney General Lori Swanson and fellow attorneys general in the suit, which was filed in the Western District of Washington. “President Trump’s latest executive order is a Muslim Ban by another name, imposing policies and protocols that once again violate the Equal Protection Clause and Establishment Clause of the United State Constitution,” Schneiderman said in a statement. He praised the “smart, aggressive” litigation by state attorneys general and civil rights advocates that brought down the first ban, which was imposed on seven Muslim-majority countries. The White House’s latest version excludes Iraq from the list. “I am pleased that as state AGs, we are now marshaling our resources to fight Trump’s latest, unconstitutional decree in the Ninth Circuit,” he said.

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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Brookings Institution expects CBO estimate of at least 15 million more uninsured under Republican health care bill

Health policy experts at the Brookings Institution said Thursday that they expect the independent Congressional Budget Office’s analysis of House Republicans’ health care bill to project a loss of health care coverage for at least 15 million people over ten years. “Estimates could be higher, but it’s unlikely they will be significantly lower,” the Brookings experts said. House Republicans’ plan, released this week and titled the American Health Care Act, is expected to have a CBO score by the end of the week. The Brookings researchers noted a CBO estimate that repealing the Affordable Care Act’s individual mandate alone would likely reduce the insured population by 15 million. Other factors should increase that number, the experts said, such as cuts to state Medicaid programs and changes to individual market subsidies, both laid out in House Republicans’ “Trumpcare” plan. The bill could have some positive effects on insured populations, including its penalty for those who don’t maintain continuous health care coverage, the experts said. But “it’s plausible that the AHCA will increase the number of uninsured persons by more than 15 million, and unlikely that we’ll see a number much less than 15 million from the CBO,” the experts said. Health Care Select Sector SPDR has surged 9.5% over the last three months, compared with a 4.3% rise in the S&P 500 .

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