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Sysco Corp. said Wednesday it is raising its quarterly divided by 6% to 33 cents a share. The food services company said the new dividend is payable Jan. 27 to shareholders of record as of Jan. 6. Shares were not yet active in premarket trade, but have gained 30% in the year so far, while the S&P 500 has gained 6.7%.
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From:: Stock Market News
Target Corp. shares rallied 8% in premarket trading after the retailer reported third-quarter earnings that beat estimates and raised its guidance. Net income totaled $608 million, or $1.06 per share, up from $549 million, or 87 cents per share, for the same period last year. Adjusted earnings per share were $1.04, beating the 83-cent FactSet consensus. Revenue totaled $16.4 billion, down from $17.6 billion, but beating the $16.3 billion FactSet consensus. Same-store sales dropped 0.2% versus a FactSet estimate of down 1%. Target raised its fourth-quarter same-store sales guidance to a range of down 1% to up 1% from down 2% to flat. The retailer expects both EPS and adjusted EPS of $1.55 to $1.75. The FactSet consensus is for a same-store sales decline of 0.8% and EPS of $1.60. Target shares are down 1.6% for the year so far while the S&P 500 Index is up 6.7% for the same 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
Shares of Lowe’s Cos. tumbled 5.5% in premarket trade Wednesday, after the home improvement retailer reported fiscal third-quarter profit and sales that missed expectations. Earnings for the quarter to Oct. 28 fell to $379 million, or 43 cents a share, from $736 million, or 88 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 88 cents, below the FactSet consensus of 96 cents. Revenue rose to $15.74 billion from $14.36 billion, but missed the FactSet consensus of $15.84 billion. Same-store sales increased 2.7%, missing the FactSet consensus for 3.0% growth. For the full fiscal year, Lowe’s expects revenue growth of 9% to 10% and EPS of $3.52. The FactSet consensus implies revenue growth of 9.7% growth and EPS of $4.00. “Our third-quarter operating results were below our expectations due to slower sales in the first two months of the quarter,” said Chief Executive Robert A. Niblock. “While we expected moderation in the second half of the year, traffic slowed more than we anticipated in August and September before improving in October, which put pressure on our profitability in the quarter.” He said the company was currently evaluating “meaningful incremental opportunities to drive shareholder value.” The stock has dropped 9.2% year to date through Tuesday, while the SPDR S&P Retail ETF has gained 4.2% and the S&P 500 has climbed 6.7%.
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
St. Louis Federal Reserve President James Bullard said Wednesday that he still is inclined to support an interest-rate rise next month, according to a Wall Street Journal report on a speech he gave in London. Bullard said the short-term outlook for monetary policy is unchanged following Donald Trump’s win in the White House race. “A single policy rate increase, possibly in December, may be sufficient to move monetary policy to a neutral setting,” Bullard said in the speech at an event hosted by UBS Group AG. The Fed official last week said Trump’s win should break the gridlock in Washington, adding that he’s not concerned about the central bank’s independence becoming curtailed.
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 former president and chief executive officer of a failed bank will spend 14 months in prison after being convicted of faking millions of dollars in investments in the bank as part of a scheme to defraud the federal government of more than $13 million from the Troubled Asset Relief Program. …read more
From:: Real Estate Wire
Ed Golding, the Department of Housing and Urban Development’s principal deputy assistant secretary for housing, said Tuesday that the Federal Housing Administration is not considering cutting its mortgage insurance premiums, despite the FHA’s flagship fund showing growth for the fourth year in a row. But is the FHA’s current plan misguided? Several organizations think so. …read more
From:: Real Estate Wire
In addition to a host of integrations between various mortgage service providers and loan origination systems, major enhancements have been made to a major LOS.
On Oct. 17, Ellie Mae Inc. announced its Encompass 16.3 includes enhancements for Fannie Mae and Freddie Mac solutions and new Total Quality Loan service ordering options.
Also included in the latest major Encompass release are additions to secondary marketing and significant enhancements to the Encompass product-and-pricing engine.
From:: Financing
Rent prices are rising rapidly, and yet tenants have a higher priority of concern, according to a survey from Freddie Mac. It seems this concern is so great, in fact, that renters are even willing to pay higher rent prices to get a break in this area. …read more
From:: Real Estate Wire
Oil futures edged down in electronic trading late Tuesday after the American Petroleum Institute reported a 3.65 million-barrel rise in U.S. crude supplies for the week ended Nov. 11, according to sources. Analysts polled by S&P Global Platts forecast a decline of 2 million barrels in stockpiles. Supply data from the Energy Information Administration will be released Wednesday. December crude was at $45.76 a barrel in electronic trading, below the contract’s settlement of $45.81 on the New York Mercantile Exchange.
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 lack of attention given to housing during the presidential campaigns leaves many skeptical that the next administration has any plans for mortgage giants Fannie Mae and Freddie Mac. Some wonder if only another housing crisis will push the government to move the two GSEs into a more permanent structure. …read more
From:: Real Estate Wire