Foreclosures | Mortgages | Financing
Recent reports showed that rate at which new mortgage bonds enter the market is slowing considerably in 2016. But just how dry is the well getting? Incredibly dry, especially if you’re an investor looking for a prime jumbo mortgage bond. …read more
From:: Real Estate Wire
A survey of high-producing loan originators highlights what the group considers important when evaluating a potential lender for employment.
Among high-producing mortgage loan originators, 43 percent found their employers through a colleague who referred them to the company.
A quarter of the originators were recruited by their new employers, while 15 percent worked for a company that was involved in a merger.
From:: Financing
Amgen Inc. shares rose in the extended session Wednesday after the biotech said a late-stage migraine drug study reached its primary endpoint. Amgen shares rose 1.2% to $148.97 after hours. The company said patients given its drug erenumab experienced migraines an average 3.2 to 3.7 fewer days — based on different doses — compared with 1.8 fewer days in the group given a placebo. Patients in the study were suffering an average 8.3 days a month with migraines.
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
The market’s response to the new President-elect has been, so far, positive, however now strategists are seeing a cause for concern. While an increase in the Treasury yield is a positive sign, it is the speed of increase that is the primary concern. …read more
From:: Real Estate Wire
Shares of L Brands Inc. fell in Wednesday’s extended session after the retailer posted a weak outlook for the all-important holiday shopping season. L Brands reported its third-quarter earnings fell to $121.6 million, or 42 cents a share, from $164 million, or 55 cents a share, a year earlier. Revenue grew 4% to $2.58 billion while same-stores sales rose 2% in the quarter. Analysts surveyed by FactSet had forecast L Brands to report earnings of 40 cents a share on revenue of $2.58 billion. The parent company of Victoria’s Secret forecast fourth-quarter earnings per share of $1.85 to $2, below the average of $2.03 projected by analysts. L Brands slid 2% after hours.
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
Shares of solar-panel maker First Solar Inc. were halted late Wednesday after the Tempe, Ariz., company updated its guidance for this year and the next and announced a restructuring. First Solar raised its expectations for 2016 adjusted earnings by 30 cents to $4.60 a share to $4.80 a share, and said it expects a GAAP loss between $4 a share and $6 a share this year, whereas it expected GAAP earnings between $3.75 a share and $3.90 a share. It said it expects its 2017 GAAP results to range from a loss of 10 cents a share to earnings of 45 cents a share, and its adjusted 2017 earnings from breakeven to earnings of 50 cents a share. Restructuring charges, mostly related to layoffs, are expected to range between $500 million and $700 million. Such charges are expected mainly this year, First Solar said. It kept 2016 net sales unchanged at $2.8 billion to $2.9 billion. The shares had ended the regular trading day off 1.1%.
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
Shares of Cisco Systems Inc. fell in Wednesday’s extended session after the network equipment company issued a weak second-quarter earnings forecast. Cisco reported its fiscal first-quarter earnings fell to $2.3 billion, or 46 cents a share, from $2.4 billion, or 48 cents a share, a year earlier. On an adjusted basis, the company would have earned 61 cents a share. Revenue totaled $12.4 billion versus $12.3 billion, normalized to exclude the SP Video CPE business unit which it sold last year. Analysts surveyed by FactSet had forecast earnings of 59 cents a share on revenue of $12.33 billion. For the second quarter, the tech giant expects adjusted earnings per share of 55 cents to 57 cents and revenue to decline 2% to 4% year-on-year. Analysts are projecting quarterly earnings of 59 cents a share on revenue of $12.14 billion. Cisco shares slumped 4.5% after hours.
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
At the end of each year, Congress gets a massive pile of tax provisions that need to be renewed. This year two of the biggest tax provisions at the top of Congress’ pile impact housing and homeowners, especially first-time homebuyers. This year both provisions were projected to reduce federal revenue by $7.5 billion. Will next year be the same? …read more
From:: Real Estate Wire
Shares of H&R Block Inc. tumbled 6.9% in afternoon trade Wednesday, after the tax preparer was downgraded at Morgan Stanley, which cited the potential headwinds associated with President-elect Donald Trump’s policies and the company’s “Refund Advance” plan. Analyst Thomas Allen cut his rating to equal weight, after being at overweight the last three years, and trimmed his stock price target to $25 from $26. He said he was “puzzled” that the stock (HRB) had run up 12% the past four sessions, as he believes a simplified tax code and the repeal of the Affordable Care Act, which were cornerstones of Trump’s candidacy, would remove an industry tailwind. “We see a Trump presidency as an incremental negative to HRB and the broader tax prep industry,” Allen wrote in a note to clients. He also said his research suggests that while the Refund Advance program–a loan product for early-season filers to get their refunds quickly–can provide a near-term tailwind, it is likely to eventually weigh on margins. The stock has tumbled 33% year to date, while the S&P 500 has gained 6.5%.
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
Among American adults who plan to purchase a tech product during Black Friday Week, most are considering a television, according to the latest data from the Computer Technology Association’s 2016 Pre-Black Friday Survey. Almost half of the adult U.S. population, a record 116 million, said they plan to purchase tech or tech accessories between Nov. 21 and Nov. 28. Rounding out the top five tech items on shoppers’ lists, in order, are laptops, smartphones, video game consoles and tablets. “Outside of the tech perennials – TVs, laptops, smartphones – expect to see front page circular deals form a variety of retailers on emerging products including drones, virtual reality and digital assistant devices such as the Amazon Echo or Google Home,” said Shawn DuBravac, chief economist at the CTA. Amazon.com Inc. shares are up 10.2% for the year so far, Alphabet Inc. shares are up 0.2% for the year so far, and the S&P 500 index is up 6.5% for that period.
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