Foreclosures | Mortgages | Financing
Goldman Sachs reported its earnings today which showed that while revenues are still up from last year, it is struggling in several areas. One of those includes its investing and lending sector, which decreased 25% in 2016 compared to the previous year. But that isn’t the only sector in the company that saw significant losses. …read more
From:: Real Estate Wire
Shares of SoftBank Group Corp. , the Japanese software service provider responsible for Pepper the robot, were upgraded to buy from hold at Deutsche Bank on Wednesday. Analyst Peter Milliken said the upgrade reflected the company’s new $100 billion Vision Fund, an international tech fund the telecom giant established with a Saudi Arabia sovereign wealth fund last October that includes a $1 billion contribution from Apple Inc. . Should the fund receive fees of 1% of committed capital, it’d immediately become “a significant profit contributor” to SoftBank, he said. Once all $100 billion is committed, the fund would have the potential to lift earnings by an estimated 9%, according to the Deutsche Bank analysis. The brokerage raised its price target on the stock to 9,200 yen from 7,000. Shares of SoftBank traded up 0.8% to 8242 yen on Wednesday. They’ve risen 24% in the past three months and 61% in the past year.
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From:: Stock Market News
Target Corp. shares slid about 5% in premarket trade Wednesday, after the retailer cut its fourth-quarter sales and profit guidance following weaker-than-expected holiday sales. The company said same-store sales fell 1.3% in the November to December holiday period. Total sales fell 4.9%, including the impact of the Dec. 2015 sale of the company’s pharmacy and clinic business. “While we were pleased with Black Friday sales, December digital sales growth of more than 40 percent and continued strength in our signature categories, these results were offset by early season sales softness and disappointing traffic and sales trends in our stores,” said Brian Cornell, chairman and CEO of Target. The company is now expecting GAAP per-share earnings from continuing operations of $1.45 to $1.55, down from prior guidance of $1.55 to $1.75. Full-year EPS is forecast at $4.57 to $4.67, compared with prior guidance of $4.67 to $4.87. Same-store sales are expected to decline 1.5% to 1.0% for the quarter. Shares have gained 1.2% in the last 12 months, while the S&P 500 has gained 20.6%.
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.
From:: Stock Market News
Mortgage applications barely moved, starting off the year only slightly increasing. This week’s report marks the first one of the year with no holiday adjustment since last week’s report included New Year’s. Most notably, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to its lowest level since December 2016. …read more
From:: Real Estate Wire
Shares of CoLucid Pharmaceuticals Inc. soared 31% in premarket trade Wednesday, after the developer treatments for acute migraines agreed to be acquired by Eli Lilly & Co. for $960 million in cash. Under terms of the deal, Eli Lilly will pay $46.50 for each CoLucid share outstanding, representing a 33% premium to Tuesday’s closing price of $34.90. Eli Lilly expects to record a charge of $850 million, or 80 cents a share, in the first quarter of 2017, as an acquired in-process research and development charge. The deal is expected to close by the end of the first quarter. CoLucid’s key drug is lasmiditan, which was originally discovered at Eli Lilly and was out-licensed to CoLucid in 2005. CoLucid’s stock has rocketed five-fold over the past 12 months through Tuesday, while Eli Lilly shares have lost 5.4% and the S&P 500 has gained 21%.
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.
From:: Stock Market News
Former U.S. President George H.W. Bush has been hospitalized, KHOU 11 News reported Wednesday, citing his office chief of staff Jean Becker. Bush, who is 92 years old, is “doing fine,” Becker told the CBS affiliate station. No reason was given for Bush’s admission to the Methodist Hospital in the Texas Medical Center, but the former U.S. leader has previously been treated for a neck fracture, shortness of breath and fever. He regularly uses a wheelchair and suffers from a form of Parkinson’s Disease, according to KHOU. Bush served a term as president from 1989 to 1993 and before that, was vice president to Ronald Reagan from 1981 to 1989.
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.
From:: Stock Market News
Cameco Corp. shares fell in the extended session Tuesday after the uranium miner said it would cut 10% of its workforce and that a continued weak market in the metal will lower earnings. Cameco shares dropped 8.7% to $12.11 after hours. “We expect our adjusted net earnings for 2016 will be significantly lower than analysts’ earnings estimates,” Cameco said in a statement. “In presenting our adjusted net earnings, we expect to make total adjustments to net earnings between approximately $180 million and $220 million after-tax ($0.45 to $0.56 per share)[Canadian].” Analysts surveyed by FactSet estimate 2016 earnings of 53 cents a share. Cameco said it will lay off 120 employees to improve efficiency at its uranium mining operations.
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.
From:: Stock Market News
Apollo Global Management LLC is preparing an initial public offering for the Chuck E. Cheese restaurant chain, according to a report from Reuters on Tuesday. Reuters reported that the IPO would seek to value the chain at more than $1 billion. Apollo purchased Chuck E. Cheese parent company CEC Entertainment Inc. in 2014, valuing the company at $1.3 billion at the time. Apollo is aiming for an IPO in the second half of this year, and is open to offers for an outright purchase, Reuters reported, based on anonymous sources.
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.
From:: Stock Market News
In the weeks since Steve Mnuchin sent shockwaves through the housing industry by stating that the Trump administration planned to end the conservatorship of Fannie Mae and Freddie Mac, reactions varied on whether that can actually be done and how expensive it might be. Here’s an interesting take from an interested party on how the GSEs might actually exit conservatorship and what that would mean to the GSE stockholders who’ve waited quite a few years for a resolution. …read more
From:: Real Estate Wire
Allegations that were made in a government lawsuit alleging a Minnesota bank engaged in redlining are being vigorously disputed by the 110-year-old organization.
On Friday, the Justice Department announced that it filed a complaint in U.S. District Court for the District of Minnesota against Chaska, Minnesota-based KleinBank.
The company is accused of treating white customers better than it treats prospects in Minneapolis-St. Paul neighborhoods where a majority of people are minorities.
From:: Financing