Foreclosures | Mortgages | Financing
As has been the case for many lenders, quarterly originations slipped at Caliber Home Loans Inc. But servicing and staffing expanded.
As of year-end 2016, the Irving, Texas-based firm serviced 403,751 mortgages with an aggregate unpaid principal balance of $91.065 billion.
That was according to data provided by Caliber as part of the Mortgage Daily Fourth Quarter 2016 Mortgage Origination Survey.
From:: Financing
Ocwen Financial surprisingly returned to profitability in the third quarter of 2016, breaking a four-quarter streak of losses, but the company’s time in the black appears to be short-lived. The nonbank reported Wednesday that it posted a net loss for the fourth quarter of 2016, but the loss is far smaller than the company reported during the same time period last year. …read more
From:: Real Estate Wire
The American Petroleum Institute late Wednesday reported a 884,000 barrel decline in U.S. crude supplies for the week ended Feb. 17, according to sources. Analysts and traders polled by The Wall Street Journal expected a consensus gain of 3.4 million barrels. API also reported a decline of 893,000 barrels of gasoline and a 4.3 million barrel decline in distillates. Analysts expected a decline in gasoline stockpiles of 1.2 million barrels and a decline of distillates of 400,000 barrels. The API report precedes the more closely watched Energy Information Administration report on Thursday. After the report, crude oil for April delivery rose to $53.90 a barrel in electronic trading, following a day in which crude futures snapped a three-session winning streak to settle at $53.59 a barrel.
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From:: Stock Market News
L Brands Inc. shares sank 11.5% in late Wednesday trading after the Victoria’s Secret parent gave weak guidance. Net income was $631.7 million, or $2.18 per share, compared with $636.0 million, or $2.15 per share, last year. Adjusted EPS was $2.03, beating the $1.90 FactSet consensus. Sales were $4.49 billion, up from $4.40 billion and meeting the FactSet consensus. Same-store sales for the quarter were flat, also meeting the FactSet consensus. However, same-store sales at Victoria’s Secret declined 3%, while at Bath & Body Works, same-store sales increased 5%. L Brands expects 2017 EPS between $3.05 and $3.35, falling short of the $3.61 FactSet consensus. The company expects to report a mid-to-high-teens same-store sales decline in the month of February, reflecting declines at both Victoria’s Secret and Bath & Body Works. L Brands’ exit from the swim and apparel categories will also hurt same-store sales for the month by 6 percentage points, the company said. L Brands shares are down 30.8% for the last year while the S&P 500 index is up 21.5% for the same period.
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From:: Stock Market News
Treasury Secretary Steven Mnuchin said the strong U.S. dollar is a “good thing” in the long run in an interview with The Wall Street Journal. Mnuchin said that the strength of the dollar has to do with where the U.S. economy is relative to the rest of the world’s. “For longer-term purposes, an appreciation of the dollar is a good thing, and I would expect longer-term, as you’ve seen over periods of time, the dollar does appreciate.”
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From:: Stock Market News
Shares of Square Inc. rose more than 5% after hours on Wednesday, after the payments company narrowed its losses and reported results that were better than Wall Street expected. Square reported a net loss of $15.2 million for the fourth quarter, or 4 cents per share, compared with a loss of $80.5 million, or 34 cents during the same quarter a year ago. Analysts tracked by FactSet expected Square to report a per-share loss of 9 cents. Revenue hit $451.9 million in the quarter, up from $374.4 million in the year-earlier period and above the FactSet consensus of $449.8 million. Square’s gross payment volume increased 34% in the fourth quarter to $13.7 billion. The company expects 2017 total revenue to be in the range of $2.09 billion to $2.15 billion. FactSet expects revenue for the year to hit $2.1 billion. Square shares have gained nearly 45% in the trailing 12-month period, while the S&P 500 Index is up more than 21% in the same time frame
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From:: Stock Market News
The Dow Jones Industrial Average’s rally Wednesday to a 9th-straight record close helped push its 50-day moving average as far above its 200-day moving average as it has been in nearly 18 years. The 50-day MA, seen by many as a short-term trend tracker, rose to 20,017.83. The 200-day MA, which many use as a dividing line between longer-term uptrends and downtrends, rose to 18,703.43. That put the 50-day MA 1,314.40 points above the 200-day MA, the most since June 17, 1999. On a percentage basis, the the 50-day MA closed 6.79% above its 200-day MA, the biggest spread since Aug. 6, 2013.
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From:: Stock Market News
Shares of Fitbit rose 4% after hours Wednesday after it reported a fourth-quarter net loss of $146.3 million, or a loss of 65 cents per share, after net income of $64.2 million, or 26 cents per share, in the year-earlier period. It reported an adjusted loss per share of 56 cents, wider than the FactSet consensus of a loss of 54 cents. It reported revenue of $574 million, down from $711.6 million in the year-earlier period and below the FactSet consensus of $576 million. Fitbit said it expects full-year revenue between $1.5 billion to $1.7 billion, compared to the FactSet consensus of $1.6 billion. For the first quarter, it expects revenue in the range of $270 million to $290 million, compared to the FactSet consensus of $308 million, and an adjusted loss per share between 18 cents and 20 cents, wider than the FactSet consensus of a loss of 16 cents. Shares of Fitbit have fallen 31% in the past three months, compared to the S&P 500’s gain of 7%.
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From:: Stock Market News
Tesla Inc. shares rose 1% late Wednesday after the electric-car maker reported a wider-than-expected quarterly loss but beat sales expectations. Tesla said it lost $121.3 million, or 78 cents a share, in the fourth quarter, compared with a loss of $320.4 million, or $2.44 cents a share, in the fourth quarter of 2015. Adjusted for one-time items, Tesla lost $106.5 million, or 69 cents a share, in the quarter, compared with $2.02 a share a year ago. Sales rose to $2.28 billion, compared with $1.21 billion a year ago. Analysts polled by FactSet had expected the Silicon Valley car maker and energy company to report an adjusted loss of 53 cents a share on sales of $2.16 billion. Shares had ended the regular session down 1.4%.
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From:: Stock Market News
Viacom Inc. said Wednesday that Brad Grey will step down as chairman and chief executive officer of the media company’s Paramount Pictures subsidiary after 12 years at the company. Grey will remain with the company “for a period” while the search for a successor is conducted. “Brad has overseen the production and distribution of some of Paramount’s most celebrated hits, and more recently championed the successful relaunch of the studio’s television division,” said Viacom Chief Executive Bob Bakish. “As we look ahead, I couldn’t be more excited by our early plans to reenergize the slate, more deeply integrate the studio and networks, and make the most of our incredible assets.” Viacom’s stock, which slipped 0.6% in afternoon trade, has rallied 20.6% over the past 12 months, while the S&P 500 has gained 21.4%.
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From:: Stock Market News