Mortgage rates are up following a drastic increase in the 10-year Treasury to its highest point since June. In fact, the 30-year mortgage’s jump marked the largest one-week increase in over six months. …read more
From:: Real Estate Wire
Home price increases speed up in third quarter, hit new peak
Home prices continue their upward trend, but even sped up in the third quarter due to a lack of housing inventory available. One market hovered near its previous quarter’s median home price of $1 million. And yet, despite all this, economists still explain that the market is more affordable. …read more
From:: Real Estate Wire
‘The Walking Dead’ isn’t good enough to keep analyst bullish on AMC Networks
AMC Networks Inc.’s stock swung to 1.3% drop in morning trade Thursday, after the TV network’s third-quarter sales miss was enough to flip Albert Fried & Co. analyst Rich Tullo to bearish from bullish. The stock had fun up as much as 6.4% in the opening minutes, as earnings beat expectations, before turning sharply lower. Tullo cut his rating to underweight, after being at overweight for the last 2 1/2 years, saying AMC’s results validate his “ad recession” thesis, making the stock “dead money.” Tullo also slashed his stock price target by more than half to $37, which is 24% below current levels, from $76. “The data suggests [AMC Networks] has a mounting TV ratings problem excluding ‘The Walking Dead’ which is sun setting,” Tullo wrote in a note to clients. He said that prior to “The Walking Dead” season 7 premier, AMC ratings were down about 27% in the fall. He said “The Walking Dead” drives about $175 million of AMC’s annual revenue, which is about 6.3% of the FactSet 2016 revenue consensus of $2.77 billion. The stock has tumbled 35% year to date, while the S&P 500 has gained 2.8%.
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
Natural-gas futures climb after EIA reports 54 billion-cubic-foot rise in U.S. supplies
Natural-gas futures climbed Thursday after the U.S. Energy Information Administration reported that supplies of the commodity rose 54 billion cubic feet for the week ended Oct. 28. That was generally in line with the 57 billion-cubic-foot rise expected by analysts polled by S&P Global Platts. Total stocks now stand at 3.963 trillion cubic feet, up 48 billion cubic feet from a year ago and 173 billion cubic feet above the five-year average, the government said. December natural gas rose 1.6 cents, or 0.6% from Wednesday’s settlement to $2.808 per million British thermal units. It traded at $2.789 before the data.
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
GoPro’s stock tumbles nearly in sync with Fitbit shares
GoPro Inc.’s stock slumped 4.7% in morning trade Thursday, as the plunge in Fitbit Inc. shares may have spooked investors ahead of the action camera maker’s third-quarter results due after the close. Since Fitbit’s stock went public on June 18, 2015, the correlation coefficient between the stock and fellow gadget maker GoPro’s shares has been 0.89, according to an analysis of FactSet data, just below a perfect correlation of 1.00. Fitbit’s stock was tumbling 30% to $9.01, less than half its initial public offering price of $20. GoPro’s stock, which went public on June 26, 2014, was trading at $12.23, just above half its IPO price of $24. GoPro’s stock has lost 32% year to date, while Fitbit shares have plummeted 70% and the S&P 500 has gained 2.7%.
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
Stocks open flat; S&P 500 looks to snap losing streak
U.S. stocks opened flat on Thursday as a drop in Facebook Inc. and worries about Democratic presidential nominee Hillary Clinton’s narrowing lead in the polls constrained gains. The S&P 500 , which was looking to snap its longest losing streak in five years, gained 3 points, or 0.1%, to 2,100. Meanwhile, the Nasdaq gained 7 points, or 0.1%, to 5,112, largely thanks to Facebook. The Dow Jones Industrial Average added 23 points, or 0.1%, to 17,983.
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From:: Stock Market News
Diplomat Pharmacy’s stock plunges toward record low after disappointing results, downgrade
Shares of Diplomat Pharmacy Inc. plunged 35% in premarket trade toward a record low Thursday, after the independent specialty pharmacy’s disappointing third-quarter results and slashed outlook prompted an analyst downgrade. The company said late Wednesday that softness in the hepatitis C business nationwide and direct-and-indirect renumeration (DIR) fees were the primary reasons for missing expectations. Leerink Partners’s David Larsen cut his rating to market perform, after being at outperform for at least the last two years, and nearly halved his stock price target to $18 from $35. Larsen said he is concerned about “significant headwinds” from DIR fees and risk to negative revisions to inflation assumptions in 2017. The stock had already plummeted 35% year to date through Wednesday, while the SPDR S&P Pharmaceuticals ETF has tumbled 23% and the S&P 500 has gained 2.6%.
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From:: Stock Market News
Fannie Mae net income increases slightly in Q3
Fannie Mae posted an increase in net income in the third quarter, and announced it will be paying $3 billion to the U.S. Treasury this quarter. The company’s CEO explains what he attributes the increases to. However, some areas, such as net revenues, actually showed a decrease. …read more
From:: Real Estate Wire
Fannie Mae hot streak continues, net income increases slightly in Q3
Fannie Mae posted an increase in net income in the third quarter, and announced it will be paying $3 billion to the U.S. Treasury this quarter. The company’s CEO explains what he attributes the increases to. However, some areas, such as net revenues, actually showed a decrease. …read more
From:: Real Estate Wire
‘The Walking Dead’ network, AMC Networks reports profit above expectations
AMC Networks Inc. reported third-quarter profit on Thursday that was above Wall Street’s expectations. Net income for the quarter came in at $65.4 million, or 91 cents per share, down from $72.8 million, or 99 cents during the same period a year ago. Adjusted earnings per share were $1.01, above the FactSet consensus of 99 cents. Revenue hit $634.6 million in the quarter, which was improved from last year’s $632.2 million, but below FactSet’s $657.0 million consensus. The cable network recently debuted the much-anticipated seventh season of “The Walking Dead” to more than 20 million viewers. Shares of AMC Networks are down nearly 34% in the year to date, underperforming the S&P 500 Index , up about 3%.
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