Posted on

FHA Business Holds Up, But Delinquency Worsens

Residential business held up at the Federal Housing Administration, with refinances accounting for a bigger share of endorsements. But monthly loan performance deteriorated.

FHA finished the first month of its fiscal-year 2017 with insurance in force on 8,460,037 single-family loans, home-equity conversion mortgages and Title I loans for $1.2538 trillion.

The agency’s book of business was 8,461,151 loans for $1.2518 trillion as of Sept. 30, 2016, while it stood at 8,410,847 insured loans for $1.2261 trillion as of Nov. 30, 2015.

…read more

From:: Financing

Posted on

Mortgage Delinquency Up, Foreclosures Down

Although mortgage delinquency has deteriorated for three consecutive months, the number of loans in foreclosure fell to an almost 10-year low.

Residential loans that were delinquent at least 30 days or in the foreclosure pre-sale inventory numbered 2.761 million as of Nov. 30, 2016.

That was 55,000 more non-current loans than as of the end of the prior month. But it was 428,000 fewer units than as of the same point last year.

…read more

From:: Financing

Posted on

SEC, DOJ fine Teva Pharmaceutical $519 million to settle foreign bribery charges

The Securities and Exchange Commission and the Department of Justice jointly fined Teva Pharmaceutical Industries Limited , the largest generic drug manufacturer in the world, $519 million on Thursday to settle parallel civil and criminal charges that it allegedly violated the Foreign Corrupt Practices Act when it paid bribes to foreign government officials in Russia, Ukraine, and Mexico between 2002 and 2012. Teva made more than $214 million in illicit profits, according to the SEC, by bribing officials to increase its market share, obtain regulatory approvals and gain favorable drug purchase and prescription decisions. Teva will enter into a deferred prosecution agreement with the U.S. Department of Justice. The company must also retain an independent corporate monitor for at least three years.

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.

…read more

From:: Stock Market News

Posted on

Leading indicators flat in November

WASHINGTON (MarketWatch) — The Conference Board’s leading economic indicators were flat in November. “The underlying trends in the LEI suggest that the economy will continue expanding into the first half of 2017, but it’s unlikely to considerably accelerate,” said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board. Industrial and construction indicators weighed on the index, though the weakness was offset by improvements in the interest rate spread, initial unemployment insurance claims, and stock prices.

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.

…read more

From:: Stock Market News

Posted on

Stocks open flat amid few trading catalysts, but Dow 20,000 still in view

U.S. stocks opened flat on Thursday, as investors found few reasons to extend a rally that has taken major indexes to repeated records and the Dow near the milestone level of 20,000. Market moves have been slight this week, with many investors out ahead of the upcoming Christmas holiday and few concrete trading catalysts. In the latest economic data, an estimate on third-quarter GDP was revised up to 3.5% from 3.2%, above expectations. On the downside, jobless claims rose to their highest level since mid-June in the latest week. The Dow Jones Industrial Average fell 15 points to 19,928, a drop of less than 0.1%. The S&P 500 fell 1 point, or 0.05%, to 2,264. The Nasdaq Composite Index fell 1 point to 5,470.21, essentially unchanged on the day.

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.

…read more

From:: Stock Market News

Posted on

Conagra beats profit expectations, while sales decline

Conagra Brands Inc. reported fiscal second-quarter earnings that fell to $122.1 million, or 28 cents a share, from $154.9 million, or 36 cents a share, in the same period a year ago. Excluding non-recurring items, such as debt extinguishing costs and the impairment of goodwill, adjusted earnings per share came to 49 cents, above the FactSet consensus of 45 cents. Revenue fell 11.5% to $2.088 billion from $2.359 billion, just shy of the FactSet consensus of $2.104 billion. Grocery and snacks sales fell 5.8% to $853.9 million, refrigerated and frozen sales declined 10.5% to $740.0 million and foodservice sales eased 0.7% to $283.1 million. The company, which brands include Reddi-wip, Healthy Choice, Slim Jim and Orvill Redenbacher’s, affirmed its fiscal 2017 adjusted EPS outlook of $1.65 to $1.70, which surrounds the FactSet consensus of $1.68. The stock, which was still inactive in premarket trade, has run up 16% year to date, while the S&P 500 has gained 11%.

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.

…read more

From:: Stock Market News