Foreclosures | Mortgages | Financing
In case anyone thought that Wells Fargo’s now-former CEO John Stumpf falling on the sword and “retiring” would stem the tide of bad news for the bank, a former presidential candidate is now calling on his state to suspend business ties to the bank for at least a year. …read more
From:: Real Estate Wire
U.S. stocks on Friday finished barely higher as an early rise, buoyed by gains in bank shares, faded into the close. The three main stock benchmarks finished the week with a second-straight weekly loss. The Dow Jones Industrial Average ended up 0.2% at 18,138, closing well of its highs of the session, the S&P 500 index wrapped up little-changed at 2,132 and the Nasdaq Composite Index was flat at 5,214. Better-than-expected quarterly results from the likes of J.P. Morgan Chase & Co. delivered an initial jolt to the banking sector and the broader market, with strength in J.P. Morgan’s trading unit hinting at a possibly solid quarter for trading powerhouse Goldman Sachs Group . Goldman’s rise led gains for the Dow industrials. Goldman is set to report its results Oct. 18. Although financial institutions set an upbeat tone, Wells Fargo & Co.’s fake-account scandal overshadowed its solid results. Comments from Federal Reserve Chairwoman Janet Yellen midday Friday, where she suggested the fed could overshoot its 2% inflation target, and a strengthening dollar , up 0.6%, helped to limit gains for U.S. equities. For the week, the Dow closed off 0.6%, the S&P 500 ended with a weekly loss of 1% and the Nasdaq Composite closed off 1.5%. Meanwhile, the buck ended up 3% on the week. A rising dollar can be viewed as a headwind for multinational companies, which rely on selling goods abroad.
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
With just a year on the job, the head of Walter Investment Management Corp.’s operating subsidiary is departing — continuing a series of executive shakeups at the company.
David C. Schneider was named president of Ditech Financial LLC’s servicing business in September 2015 when the unit was created from the consolidation of two subsidiaries.
Then in February 2016, Schneider additionally took over the role of the president of Ditech’s origination business. He filled a vacancy created from the departure of Patti Cook.
From:: Financing
Oil futures settled lower on Friday, but finished higher for a fourth straight week. Traders continued to assess the latest U.S. government data, which showed a bigger-than-expected weekly rise in crude supplies, but also revealed declines in gasoline and distillate stockpiles and a fall in domestic crude production. November West Texas Intermediate crude fell 9 cents, or 0.2%, for the session to settle at $50.35 a barrel on the New York Mercantile Exchange. It gained about 1.1% for the week.
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
Consumers feel less confident about the economy than at any point since last year. The impact is felt most by households that make less than $75,000, as consumer confidence in those households dropped to the lowest level of confidence since 2014. …read more
From:: Real Estate Wire
Gold futures settled lower on Friday as some strength in the U.S. dollar put pressure on prices. The yellow metal, however, posted a gain of roughly 0.3% for the week, rebounding a bit from a loss of 5% in the previous week, which was the largest such loss in more than three years. December gold fell $2.10, or 0.2%, for the session to settle at $1,255.50 an ounce.
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
Valeant Pharmaceuticals International Inc. said that it is increasing prices on its neurology, gastrointestinal disorder and urology portfolios by 2% to 9%, effective Friday. The company also said there will be “no pricing adjustments this year” on dermatology and eye health products, though it was unclear what aspect of pharmaceutical pricing that referred to, and the company did not make anyone available for comment after the news. The company reiterated that it has limited itself to a single digit annual average price increase for prescription drugs, or less than 10%, and below the five-year weighted branded biopharma industry increase. The limit is in line with Allergan’s pronouncement earlier this year that branded therapeutics would be limited to once-a-year, single-digit increases. Valeant formed its Patient Access and Pricing Committee, which decided Friday’s price increases and the price increase limit, in May after a series of scandals regarding pricing and accounting practices tarnished the company. Valeant shares were down 1.9% after the news. Shares declined 3.0% over the last three months, compared with a 1.1% decline in the S&P 500 .
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
Nike Inc. is by far the top choice for apparel and footwear among teens, according to the latest semi-annual Piper Jaffrey Taking Stock with Teens Survey. In the clothing category, Nike got 29% of the votes, followed by American Eagle (9%) and Forever 21 (5%). Nike got 51% of the footwear vote, followed by Vans, a VF Corp. brand, with 9%, and Converse, a Nike brand, with 7%. Piper Jaffrey polled 10,000 teens in 46 states with an average household income of $68,000. Michael Kors Holdings Ltd is the top handbag choice with 34%, followed by Kate Spade & Co. with 19%. The top restaurant choice was Starbucks Corp. with 14% of the vote. Restaurants represented 23% of the overall spend for upper-income teens, Piper Jaffrey said. Nike shares are down 0.2% in Friday trading, and down nearly 17% for the year so far. Michael Kors shares are up 0.7% on Friday, and up 17.3% for the year so far. And Starbucks shares are up 0.5% for the day and down 11.3% for the calendar year so far. The S&P 500 Index is up 4.7% for 2016 so far.
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From:: Stock Market News
Shares of Twitter Inc. were plunging 6% Friday after the Financial Times reported that Salesforce.com Inc. has walked away from a bid for the social platform. The Financial Times reported that Salesforce CEO Mark Benioff said Twitter was not the “right fit” for his company. Salesforce was one of the last top bidders rumored to be considering a bid for Twitter, with Apple , Google and Disney already rumored to have walked away. Shares of Twitter have fallen 17% week to date compared to the S&P 500’s drop of 1%.
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From:: Stock Market News
Oil futures continued to decline Friday after data from Baker Hughes revealed that the number of active U.S. rigs drilling for oil climbed by 4 to 432 rigs this week. The oil-rig count has now posted gains in each of the last seven weeks. The total active U.S. rig count, which includes oil and natural-gas rigs, climbed by 15 to 539, Baker Hughes said. November crude was at $50.15 a barrel on the New York Mercantile Exchange, down 29 cents, or 0.6%, from Thursday’s settlement. It was trading around $50.10 before the rig 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