Foreclosures | Mortgages | Financing
Mortgage servicing rights are for sale on over $1 billion in government-sponsored enterprise loans with a California concentration.
FNMA A/A mortgages account for 3,640 units that had an aggregate unpaid principal balance of $0.909 billion as of Jan. 31.
Another 1,232 of the residential loans are FHLMC ARC mortgages with a collective unpaid principal balance of $0.264 billion.
From:: Financing
WASHINGTON (MarketWatch) — The first budget of the Trump administration will seek $54 billion in extra spending on defense, to be offset by equivalent decreases elsewhere. Spending on so-called mandatory programs will not be impacted in this budget, according to media reports based on a briefing from the Office of Management and Budget. “We’re going to do more with less,” President Trump said separately.
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From:: Stock Market News
Airline stocks were knocked lower in morning trade Monday, after Warren Buffett said on CNBC earlier that his Berkshire Hathaway Inc. was unlikely to add much to its airline investments. The NYSE Arca Airline Index shed 0.4%. Among airlines Buffett had made significant investments in, shares of Delta Air Lines Inc. slid 1%, American Airlines Group Inc.’s stock dropped 0.9%, United Continental Holdings Inc. shares fell 0.7% and Southwest Airlines Co.’s stock lost 0.4%. Buffett also said, according to a WSJ report, that he didn’t want to own more than 10% of any airline stock. Berkshire was the largest shareholder in Delta, with 8.0% of the shares outstanding, and was also the the largest investor in United Continental with 9.1% of the shares. Berkshire owned 8.8% of American’s shares to be the second-largest shareholder, and was also the second-largest owner of Southwest’s stock at 7.0%. The airline index has gained 3.1% over the past three months, while the S&P 500 has tacked on 6.9%.
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From:: Stock Market News
Pending home sales dropped in January to its lowest level in a year as the lack of housing supply fought against the increasing buyer demand. While demand for homes is at its highest point since the Great Recession, affordability may force buyers into less expensive locations or smaller homes. …read more
From:: Real Estate Wire
Shares of Shutterstock Inc. sank 13% in active morning trade Monday, enough to make them the biggest losers listed on the New York Stock Exchange, after the provider of licensed photographs missed profit and sales expectations and provided a downbeat outlook. Trading volume topped 450,000 shares within the first 15 minutes after the open, compared with the full-day average of about 265,000. The company reported earnings of $9.9 million, or 27 cents a share, compared with $6.9 million, or 19 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 42 cents, below the FactSet consensus of 45 cents. Revenue rose to $130.2 million from $116.0 million, but missed the FactSet consensus of $135.3 million. For 2017, the company said it expects revenue of $545 million to $560 million, below the FactSet consensus of $578.2 million. Separately, Shutterstock said Chief Financial Officer Steven Berns will also take on the responsibility of chief operating officer, effective March 1. The stock has now lost 9% over the past three months, while the S&P 500 has gained 6.7%.
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From:: Stock Market News
U.S. stocks opened marginally lower on Monday, with the Dow Jones Industrial Average set to take a breather after recording an impressive string of record gains. The blue-chip index slid 25 points, or 0.1%, to 20,800. The S&P 500 index declined two points, or 0.1%, to 2,365. The Nasdaq Composite Index shed 11 points, or 0.2%, to 5,833. Shares of Sotheby’s rose after the auction house posted earnings and profits that beat estimates. Shares of La Jolla Pharmaceutical Co. soared after the company announced positive results from a phase 3 drug trial. The Dow posted its 11th straight record close on Friday
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From:: Stock Market News
Shares of Pieris Pharmaceuticals Inc. soared 16% in premarket trade Monday, after the drug maker announced an exclusive license deal with Japan’s ASKA Pharmaceutical Co. Ltd. for the development and commercial rights to Pieris’s anemia treatment. Under terms of the agreement, Pieris will receive an immediate upfront payment of $2.75 million from ASKA, and will be eligible for up more than $80 million. Pieris’s stock has run up 27% over the past three months through Friday, while the SPDR S&P Pharmaceuticals ETF has gained 3.9% and the S&P 500 has tacked on 7%.
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From:: Stock Market News
Goldman Sachs on Monday downgraded Tesla Inc. shares to sell from neutral, citing near-term challenges including the launch of the Model 3. “While we believe Tesla currently has a lead relative to OEM peers with respect to vehicle technology adoption, electric vehicle architecture, and (potentially) battery scale, our concerns are more near-term oriented with respect to operational execution on the Model 3 launch, an unproven solar business, and cash needs,” analysts led by David Tamberrino wrote in a note. Goldman is expecting the launch of the Model 3, a mass market sedan, to be delayed and expects an accelerating free cash flow burn rate to weigh on Tesla’s stock. The company is expected to raise capital again before the fourth quarter, said Tamberrino. Shares fell 2.5% in premarket trade, but have gained 35% in the last 12 months, while the S&P 500 has gained about 22%.
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From:: Stock Market News
Shares of La Jolla Pharmaceutical Co. rocketed 51% in active premarket trade Monday, after the drug maker announced positive results from a phase 3 trial of its hypotension treatment. Volume topped 126,000 shares about two hours before the open, compared with the full-day average for the stock of 200,000 shares. The company said LJPC-501 showed a “highly statistically significant” target blood pressure response, the study’s primary efficacy endpoint, and a trend toward longer survival was also observed. An independent data safety monitoring board recommended the study continue as planned. The stock, which was on track to open at the highest level since Dec. 9, 2015, has gained 1.6% over the past three months through Friday, while the SPDR S&P Pharmaceuticals ETF has gained 3.9% and the S&P 500 climbed 7%.
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From:: Stock Market News
Sotheby’s reported fourth-quarter net income of $65.5 million, or $1.20 per share, compared with a loss of $11.2 million, or 17 cents per share, for the same period last year. Adjusted EPS was $1.35 per share, beating the $1.17 FactSet consensus. Sales totaled $308.7 million, down from $335.8 million last year but ahead of the $269.0 million FactSet estimate. Sotheby’s shares are inactive in Monday premarket trading, and are up 76.3% for the past year. The S&P 500 index is up 21.5% for the last 12 months.
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From:: Stock Market News