Foreclosures | Mortgages | Financing
What was once unthinkable actually happened, as the United States Court of Appeals for the District of Columbia Circuit handed an earth-shattering victory to PHH, declaring the Consumer Financial Protection Bureau’s leadership structure unconstitutional and vacating a $103 million fine against PHH. Click the headline to read much more. …read more
From:: Real Estate Wire
Homeowners are still overestimating the value of their home in many markets across the U.S. However, the gap between the homeowner’s estimate and the appraised home values narrowed in September. …read more
From:: Real Estate Wire
Comcast Corp. was ordered by the Federal Communications Commission to pay the largest civil penalty assessed from a cable provider by the FCC, to resolve an investigation into whether the company wrongfully charged customers for services and equipment they never asked for. Comcast will have to pay $2.3 million after the FCC looked into numerous consumer complaints alleging Comcast tacked on charges to their bills for unordered services and products, such as premium channels, set-top boxes or digital video recorders, according to a news release. The practice is known as “negative option billing” and is prohibited under the FCC’s rules and the Communications Act. Under the terms of Tuesday’s settlement Comcast will implement a five-year compliance plan and will offer, at no cost, the ability to block the addition of new services or equipment on their accounts. The settlement also requires Comcast to implement a detailed program for redressing disputed charges in a standardized and expedient fashion, and limits adverse action while a charge is being disputed, the FCC wrote in the release. Comcast shares are up nearly 13% in the year to date, outperforming the S&P 500 Index , which is up about 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
Appraisal volume doesn’t look like it’s changing pace anytime soon. Looking at the latest report from a la mode, the fourth quarter is continuing the slow volume levels witnessed for most of the past two months. …read more
From:: Real Estate Wire
Illumina Inc. shares tanked 26% in morning trade Tuesday after the company estimated third-quarter revenue would come in below expectations, based on a preliminary financial analysis. Illumina estimated revenue would increase to $607 million from $550 million, missing the company’s revenue guidance of $625 million to $630 million and the FactSet consensus of $618.1 million. Illumina, which focuses on DNA sequencing and array-based technologies, attributed the shortfall to a “larger than anticipated year-over-year decline in high throughput sequencing instruments,” a 26% decline, and said it expected fourth-quarter revenue to be flat to slightly up sequentially. The company is scheduled to report earnings after the close on Nov. 1. Illumina shares dropped 2.0% over the last three months, compared with a 0.5% rise 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
Foreclosures continue to decline across the nation, and foreclosure inventory even slipped below 1% for the first time since July 2007. CoreLogic’s latest report shows the changes in foreclosure activity. …read more
From:: Real Estate Wire
U.S. stocks on Tuesday began trade modestly lower as Alcoa reported weaker-than-expected third-quarter results. The S&P 500 index was down 6 points, or 0.3%, at 2,157. The Dow Jones Industrial Average lost 38 points, or 0.2%, at 18,290, while the Nasdaq Composite Index gave up 10 points, or 0.2% to trade at 5,318. Alcoa Inc., less than a month away from splitting itself in two, reported worse-than-expected earnings growth in its latest earnings report amid lower prices for aluminum. The aluminum maker’s shares were don 7.4% in early trade. On the commodity front, crude-oil prices were wavering, but turned higher at the open. The International Energy Agency said production from the Organization of the Petroleum Exporting Countries rose in September.
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
HHGregg Inc. said Tuesday that all of its 220 brick-and-mortar stores will be closed on Thanksgiving Day. The move is meant to allow store associates to spend the holiday with family, said Chief Executive Bob Riesbeck in a statement, “and we are encouraging our customers to do the same.” Deals will be available online, on Black Friday and throughout the weekend, Riesbeck said. HHGregg will be open on Wednesday from 9 a.m. to 10 p.m. and on Black Friday from 7 a.m. to 10 p.m. Stores will also be open throughout the weekend. HHGregg shares are down nearly 68% for the past year while the S&P 500 Index are up 7.4% 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
Phillips 66 Partners LP said Tuesday it has agreed with Phillips 66 to acquire 30 crude, refined products and natural gas liquids logistics assets for $1.3 billion. The partnership said it will fund the deal with debt and $197 million in new units to be issued to Phillips 66. The deal is expected to close this month and to be immediately accretive to unitholders. “As our largest dropdown acquisition to date, this represents a milestone for the Partnership and will provide additional fee-based income and diversity to our already strong midstream portfolio,” Chief Executive Greg Garland said in a statement. Shares were not active in premarket trade, but are down 23% in the year to date, while the S&P 500 has gained 6%.
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
Altria Group Inc. said Tuesday that it owns a 9.6% economic and voting interest in Anheuser-Busch InBev S.A. ADR , or 185,115,417 restricted shares, now that the merger with SABMiller plc is complete. Altria will use the equity method of accounting for its AB InBev stake, with the results reported at a one-quarter lag due to a later recording time for AB InBev results. The timing lag won’t impact Altria’s cash flows or quarterly dividend, the company said, but will have an effect on year-over-year comparisons of reported and adjusted EPS in the short term. The tobacco company is expanding its current $1 billion share repurchase program to $3 billion, expected to be completed by the end of the second quarter of 2018. Altria is receiving $5.3 billion in pre-tax cash from the AB InBev deal and expects to record a pre-tax gain in reported earnings of $13.7 billion, or $4.55 per share, with all of it recorded in the fourth quarter of 2016. Altria is expecting full-year 2016 adjusted EPS in the range of $2.98 to $3.04, from $3.01 to $3.07. The company maintains its goal of an adjusted annual EPS growth rate of 7% to 9%. Altria’s Chief Executive, Marty Barrington, and its Chief Financial Officer, Billy Giffords, have been appointed to the AB InBev board of directors. Altria shares are up 0.3% in premarket trading and up 6.1% for 2016 so far. The S&P 500 Index is up 5.9% for the year to date.
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