Foreclosures | Mortgages | Financing
Despite its ongoing investigation into its massive fake account scandal, Wells Fargo still managed to beat earnings expectations in the third quarter of 2016 as mortgage originations helped boost the bank’s results. …read more
From:: Real Estate Wire
Freeport-McMoRan Inc. said Friday it has agreed to sell its onshore California oil and gas properties for $742 million. The metals and mining company said it will use the proceeds of the deal to pay down debt. The deal is expected to close in the fourth quarter. Freeport will receive a cash consideration of $592 million at closing, and receive an additional sum of $50 million a year for 2018, 2019 and 2020 if the price of Brent averages $70 a barrel or higher. Once this deal and a separate transaction involving the Deepwater Gulf of Mexico are complete, Freeport’s oil and gas assets will include oil and natural gas production onshore in South Louisiana and on the Shelf of the GOM, oil production offshore California and natural gas production from the Madden area in Central Wyoming. The company’s oil and gas portfolio produced an average of 8.6 thousand barrels of oil and natural gas liquids per day and 78 million cubic feet of natural gas per day in the second quarter. Shares rose almost 2% premarket before erasing some of those gains. The stock has gained 42% in the year so far, while the S&P 500 is up 4%.
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From:: Stock Market News
Monster Beverage Corp. announced Friday a 3-for-1 split of its common stock, to be effected in the form of a stock dividend. The energy drink company said the new shares will be distributed on Nov. 9 to shareholders of record on Oct. 26. The stock should begin trading at a split-adjusted basis on Nov. 10. The stock closed Thursday at $145.98, down from its Aug. 5, 2016 record close of $162.52. The split will triple the number of shares outstanding to about 571 million shares, and will in effect cut the stock price to a third of the Nov. 9 closing price. The stock has lost 2% year to date, while the S&P 500 has gained 4.3%.
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
JP Morgan Chase beat its revenue expectations, and mortgage loan growth was the driving factor. The company saw a significant increase mortgage banking revenue. …read more
From:: Real Estate Wire
The Hershey Co. said Friday that Chief Executive John Bilbrey is planning to retire on July 1, 2017. The board has appointed a special committee to lead the search for a replacement, led by Pamela Arway, chair of its governance committee. The chocolate maker said it’s sticking with full-year 2016 guidance provided in its second-quarter earnings. Shares were not yet active in premarket trade, but are up 7% in the year so far, while the S&P 500 has gained 4%.
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
A four-run seventh inning for Los Angeles handed the Dodgers a 4-3 victory in Game 5 of the National League Division Series in the early hours of Friday. The four-hour, 32-minute epic ended in unlikely fashion, as Game 4 starter and standout starting Dodger pitcher Clayton Kershaw was pushed into duty to record the final two outs, the first save of his career. The Dodgers now face the Chicago Cubs in the National League Championship Series beginning Saturday, for the right to appear in the World Series. In a baseball post-season that features long championship droughts, the Dodgers last made it to the World Series in 1988. The title-hungry Cubs are looking for their first World Series appearance since 1945 and their first win since 1908 — professional sports’ longest drought. The American League Championship Series gets underway Friday night between the Cleveland Indians, vying for their first World Series win since 1948 after a couple of appearances in the 1990s, and the Toronto Blue Jays, who won two World Series in the early 1990s.
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
John Bilbrey, the chief executive of chocolate-maker Hershey Co. , is preparing to step down, according to a report by Reuters on Thursday night. Bilbrey will likely leave his post by next summer, Reuters said, and Hershey’s board of directors is said to have already formed a committee to find his successor. Hershey shares are up more than 7% year-to-date, despite a large drop in August after Mondelez International Inc. dropped a $23 billion takeover bid.
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From:: Stock Market News
The Consumer Financial Protection Bureau changed up its senior leadership, again. Similar to its changes last July, the bureau announced three new promotions in its team. …read more
From:: Real Estate Wire
The U.S. Treasury Department issued final rules Thursday on so-called earnings stripping, in a move designed to reduce the benefit of corporate inversions. In an inversion, a U.S. company moves its legal address abroad in order to pay lower taxes. Under earnings stripping, a foreign parent company lends money to its U.S. operation, and the interest is then deducted. The rules were initially proposed in April. The final regulations contain some exceptions to the initial proposal, including for certain entities where the risk of earnings stripping is low.
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
Millennials are more likely than other generations to see another economic crash on the horizon. While many want homes, they are concerned with saving up enough for a down payment. The good news is that they haven’t given up on the American Dream, they just changed it slightly. …read more
From:: Real Estate Wire