Foreclosures | Mortgages | Financing
Interest rates on residential loans turned lower over the past seven days. But an increase is likely with fixed rates over the next seven days.
During all of January, conforming fixed rates on purchase-money loans averaged 4.37 percent, the Federal Housing Finance Agency reported.
FHFA said that the average, which is based on a small monthly survey of mortgage lenders, increased from 4.08 percent in December 2016.
From:: Financing
Deterioration in office loan performance droved delinquency on securitized commercial real estate loans to an 18-month high.
The 30-day past-due rate on loans that are part of commercial mortgage-backed securities was 5.31 percent as of Feb. 28.
That turned out to be the highest rate of CMBS delinquency since August 2015, when the 30-day rate came in at 5.45 percent.
From:: Financing
Immersion Corp. shares plunged in the extended session Thursday after the touch-feedback technology, or haptics, company reported a wider-than-expected loss for the quarter and an outlook that fell short of Wall Street estimates. Immersion shares dropped 17% to $8.90 after hours. The company reported an adjusted loss of 27 cents a share on revenue of $9.3 million. Analysts surveyed by FactSet had estimated a loss of 16 cents a share on revenue of $10.3 million. For 2017, the company forecast an adjusted loss of 76 cents to $1.05 a share on revenue of $38 million to $42 million. Analysts had estimated a loss of 21 cents a share on revenue of $54.1 million. “In addition to normal considerations, our guidance for 2017 takes into account the ongoing litigation with Apple and the current unlicensed status of Samsung,” Immersion said in a statement. Last year, Immersion filed patent infringement lawsuits against Apple Inc. for technology used in iPhones and the trackpads used in MacBooks.
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From:: Stock Market News
Caterpillar Inc. late Thursday said that a raid by federal authorities was likely the result of a tax matter contested by the company. In a Securities and Exchange Commission filing, Caterpillar said it is fighting Internal Revenue Service tax increases and penalties of up to $2 billion over how it booked transactions with its Swiss unit CSARL. “While the warrant is broadly drafted, we believe the execution of this search warrant is regarding, among other things, export filings that relate to the CSARL matter,” Caterpillar said in a statement. The company said it is cooperating with authorities. Shares of Caterpillar slipped 0.4% to $94.01 after hours, following a 4.3% drop in the regular session.
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From:: Stock Market News
Ellie Mae released its latest report for its Millennial Tracker showing the generation is continuing to utilize FHA loans. And as the generation gets closer to homeownership, the mortgage market could see an influx of FHA loan originations. …read more
From:: Real Estate Wire
Apple Inc. has filed another lawsuit – its fourth – against Qualcomm Inc. related to a battle over licensing fees, according to a report by Bloomberg. The iPhone maker filed the suit in a U.K. court, expanding similar legal cases it has against Qualcomm, one of its long-time suppliers, in California and China. The lawsuit reportedly claims that Qualcomm unfairly charged royalties for technologies that weren’t covered by their long-time agreement and would use its position as the world’s biggest smartphone chip maker to bully Apple into paying more than it should have. According to the Verge, Apple says the lawsuit was filed back in January alongside the other lawsuits, but just now is being brought to the surface because of a refiling in the U.K. Shares of Qualcomm, which saidearnings were hit last quarter in part because of high legal fees, fell 0.2% in after-hours trade.
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From:: Stock Market News
The Australian, New Zealand and Canadian dollars weakened against the dollar on Thursday as commodity prices tumbled and rising interest-rate expectations bolstered the greenback. The Australian dollar tumbled 1.4% to 75.71 cents, its weakest level in a month, its largest one-day drop since Dec. 15, the day after the Federal Reserve raised interest rates at its December meeting. By comparison, it traded at 76.75 cents late Wednesday. The New Zealand dollar fell 1.14% to 70.63 cents, compared with 71.45 cents. The dollar rose 0.5% to C$1.3392, its strongest level in two months, compared with C$1.3329 late Wednesday. In recent days, a bevy of Fed officials have talked up the likelihood that the central bank will raise interest rates at its meeting later this month, sending market-based expectations of a hike to 80%, according to CME Group data. “I think its an overall very dollar positive market right now,” said Juan Perez, a currency trader at Tempus Inc. The price of a barrel of oil fell 2.2% to $52.63 in recent trade. The three dollars are commonly referred to as the “commodity dollars” because Canada, Australia and New Zealand are all major commodity exporters.
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From:: Stock Market News
Prominent Democratic senators on Thursday wrote to President Donald Trump to urge him to support the work of the Bureau of Labor Statistics.
The BLS produces economic statistics that Trump questioned as a candidate. The Thursday letter noted his “clear skepticism and distrust” of such data and urged him to “commit to supporting and standing by the independence and integrity” of the department.
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From:: Stock Market News
Costco Wholesale Corp. shares fell more than 4% late Thursday after the retailer reported fiscal second-quarter per-share earnings and sales below expectations and said it plans to raise membership fees in June by $5 to its U.S. and Canadian members. Costco said it earned $515 million, or $1.17 a share, in the quarter, compared with $546 million, or $1.24 a share, in the year-ago period. Net sales for the quarter rose 6% to $29.13 billion, from $27.57 billion a year ago. Analysts polled by FactSet had expected earnings of $1.36 a share on sales of $29.85 billion. Comparable-store sales for the quarter rose 3%, while the FactSet analysts had expected a 3.6% increase. The company also announced that, effective June 1, it will increase annual membership fees by $5 for U.S. and Canada individual, business, and business add-on members, which will cost $60 annually. Also effective June 1, annual fees for “executive” memberships in the U.S. and Canada will increase from $110 to $120, and the maximum annual 2% reward associated with the executive membership will increase from $750 to $1,000. The fee increases will impact around 35 million members, roughly half of them executive members, Costco said. Shares of Costco ended the regular trading day up 0.1%.
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From:: Stock Market News
Nutanix Inc. , one of the hottest tech IPOs of 2016, plunged more than 17% Thursday after its second earnings report as a public company issued a forecast that didn’t meet Wall Street’s expectations. The company, which sells cloud computing resources focused on combining storage and computing power, reported a net loss of $93.2 million, or 66 cents a share, on sales of $182.2 million. After adjusting for stock-based compensation, the company claimed a loss of 28 cents a share. That performance in the company’s second fiscal quarter easily beat analysts’ estimates of adjusted losses of 35 cents a share on sales of $178.4 million, according to FactSet. Nutanix’s forecast for the current quarter did not meet expectations, however. The company said it expects adjusted losses of 45 cents to 48 cents a share in the fiscal third quarter on revenue of $180 million to $190 million. Analysts on average projected adjusted losses of 35 cents a share on sales of $188.5 million, FactSet reported. Nutanix Chief Financial Officer Duston Williams noted in the announcement that increased costs of some components were affecting the company’s costs; Hewlett Packard Enterprise Co. said in its earnings call last week that increased prices for some memory chips had affected its results. Nutanix, which also suffered after its first earnings report as a public company, fell lower than $26 in late trading after closing with a 1.3% gain at $31.12.
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From:: Stock Market News