Foreclosures | Mortgages | Financing
SenesTech Inc. is seeking to raise around $30 million via an initial public offering, according to a filing submitted to the Securities and Exchange Commission Wednesday. The pest control firm, which describes itself as an “emerging growth company,” plans to list on the Nasdaq under the symbol SNES.
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From:: Stock Market News
Lausanne, Switzerland-based AC Immune SA has filed to sell 6,000 shares in its initial public offering, priced between $11 and $13 a share, or about $63 million, the company said in a filing late Wednesday. The biotech company is developing therapies targeting Alzheimer’s disease and others. The company is expected to trade on the NASDAQ under the symbol ACIU.
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
Red Hat Inc. shares rallied in the extended session Wednesday after the software company’s quarterly results and outlook topped Wall Street estimates. Red Hat shares surged 6.4% to $81.96 after hours. The company reported adjusted second-quarter earnings of 55 cents a share on revenue of $600 million. Analysts surveyed by FactSet had estimated 54 cents a share on revenue of $590 million. For the third quarter, Red Hat expects adjusted earnings of about 58 cents a share on revenue of $613 million to $623 million. Analysts estimate 57 cents a share on revenue of $611.5 million.
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 company created three years ago as a joint venture between Nationstar Mortgage LLC and a home builder is in the process of winding down.
In January 2013, KB Home announced that an agreement was reached with Nationstar to form a joint venture, Home Community Mortgage LLC.
The move was an extension of an existing alliance that had Coppell, Texas-based Nationstar as the preferred mortgage lender for the home builder.
From:: Financing
Nordstrom Inc. said late Wednesday it has appointed Ken Worzel as president of Nordstrom.com to “further accelerate its e-commerce, digital and mobile efforts,” the retailer said in a statement. Worzel has served as executive vice president of strategy and development at the company since 2010. The company also announced that co-President Erik Nordstrom will oversee the Nordstrom brand, including Nordstrom stores, Nordstrom.com, and Trunk Club as well as customer care, marketing and supply chain. Blake Nordstrom will be responsible for the Nordstrom Rack brand, including Rack stores and NordstromRack.com/HauteLook, and other corporate units including finance, technology, legal, and human resources. Co-President Pete Nordstrom will continue to support all of the company’s merchandising functions and store planning, as well as remaining “closely involved in all areas impacting the Nordstrom brand, including marketing,” the company said. Shares of Nordstrom were flat in after-hours trading after ending the regular trading day up 2.6%.
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
U.S. stocks on Wednesday surged into the close, finishing near the highs of the day, following the Federal Reserve’s decision not to increase benchmark interest rates from ultralow levels. The policy-setting Federal Open Market Committee, in its updated policy statement said the central bank was seeking further evidence of sustained economic strength. A rally in crude-oil prices also helped the broader market extend gains. The Dow Jones Industrial Average jumped 163 points, or 0.9%, to close at 18,293, the S&P 500 index finished up 23 points, or 1.1%, at 2,163. Meanwhile, the Nasdaq Composite Index ended up 55 points, or 1%, at 5,295.18–marking a new record for the tech-heavy index, surpassing its close of 5283.93 hit Wednesday, Sept. 7. The Fed’s decision to keep rates lower weighed on the dollar, with the U.S. ICE Dollar Index falling 0.5% at 95.5470. Earlier in the session, equity markets were heartened by additional, radical steps by the Bank of Japan to deliver a jolt to its flagging economy by maintaining the yield of 10-year Japanese bonds at zero. Lower rates have been supportive of stocks climbing, keeping keeping borrowing costs down. During a news conference on Wednesday after the release of its policy statement, Fed Chairwoman Janet Yellen said the FOMC’s decision to keep rates on hold wasn’t because the Fed saw signs of weakness in the economy.
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
Bed Bath & Beyond Inc. shares fell 2.9% late Wednesday after the retailer reported second-quarter per-share earnings below expectations. Bed Bath & Beyond said it earned $167.3 million, or $1.11 a share, compared with $201.7 million, or $1.21 a share, in the year-ago period. Sales reached $2.98 billion, off slightly from $2.99 billion a year ago. Analysts polled by FactSet had expected per-share earnings of $1.16 on sales of $3.05 billion in the quarter. Comparable-store sales fell 1.2%, the company said in a statement. Bed Bath & Beyond also said its board of directors declared a quarterly dividend of 12.5 cents a share, to be paid Jan. 17 to shareholders of record Dec. 16. The company’s stock had ended the regular session up 0.1%.
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 Federal Home Loan Mortgage Corp. is eliminating grants and gifts from home lenders as an eligible source of down payments on its program for lower-income borrowers.
Freddie Mac’s Home Possible Mortgages are designed to provide financing for low- and moderate-income borrowers through low down payments and flexible sources of funds.
Currently, the McLean, Virginia-based organization allows the borrower to utilize gifts and grants from the lender as an eligible source of funds on Home Possible Mortgages.
From:: Financing
By Beth McGuire
The Federal Reserve kept the benchmark rate unchanged today, in a divided vote that alludes to the possibility of a hike before the end of the year.
“The Committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives,” the Federal Open Market Committee (FOMC) released in statement. “The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.”
“Our decision does not reflect a lack of confidence in the economy,” Fed Chair Janet Yellen said in a press conference, later adding, “We’re generally pleased with how the U.S. economy is doing.”
Today’s action was largely expected by analysts as policymakers stood fast this summer, despite initially forecasting four hikes this year. The federal funds rate informs the trajectory of mortgage rates, which remain at historic lows.
Chances of a hike improved after Yellen made note of the economy’s supportive environment during a speech in August, but softening indicators proved otherwise: the U.S. Bureau of Labor Statistics reported modest employment data this month, and housing starts came in less than anticipated in August, among other factors. Still, household wealth grew over $1 trillion in the second quarter of this year (with owner equity at its highest in a decade), and household spending has picked up significantly.
TransUnion researchers recently found some nine million credit-active consumers would experience “payment shock” if the federal funds rate rose 0.25 percent—the majority of all credit-active consumers, however, would see monthly payments increase a paltry $6.45.
The Fed last raised the key rate in December.
From:: Finance and Economy
By Beth McGuire
The Federal Reserve kept the benchmark rate unchanged today, in a divided vote that alludes to the possibility of a hike before the end of the year.
“The Committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives,” the Federal Open Market Committee (FOMC) released in statement. “The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.”
“Our decision does not reflect a lack of confidence in the economy,” Fed Chair Janet Yellen said in a press conference, later adding, “We’re generally pleased with how the U.S. economy is doing.”
Today’s action was largely expected by analysts as policymakers stood fast this summer, despite initially forecasting four hikes this year. The federal funds rate informs the trajectory of mortgage rates, which remain at historic lows.
Chances of a hike improved after Yellen made note of the economy’s supportive environment during a speech in August, but softening indicators proved otherwise: the U.S. Bureau of Labor Statistics reported modest employment data this month, and housing starts came in less than anticipated in August, among other factors. Still, household wealth grew over $1 trillion in the second quarter of this year (with owner equity at its highest in a decade), and household spending has picked up significantly.
TransUnion researchers recently found some nine million credit-active consumers would experience “payment shock” if the federal funds rate rose 0.25 percent—the majority of all credit-active consumers, however, would see monthly payments increase a paltry $6.45.
The Fed last raised the key rate in December.
From:: Real Estate News