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Callidus shares slip after secondary offering announced

Callidus Software Inc. shares declined in the extended session Tuesday after the company announced a secondary share offering. Callidus shares slipped 2.2% to $18.49 after hours. The company said it plans to offer 4 million shares of stock, with an additional 600,000 shares to cover over-allotments. The company currently has 57.1 million shares outstanding. Callidus said it will use proceeds for working capital and general corporate purposes. Piper Jaffray and Credit Suisse Securities are acting as joint bookrunners.

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From:: Stock Market News

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U.S. stocks end sharply lower amid energy-sector slump, Fed uncertainty

U.S. stocks finished lower Tuesday, wiping out the previous session’s rally, as falling crude-oil prices and nagging worries about the Federal Reserve’s plans for raising interest rates weighed broadly on markets. The S&P 500 index slid 32.04 points, or 1.5%, to 2,127. All 10 of the index’s sectors finished in the red, with the energy shares leading declines. The Dow Jones Industrial Average shed 258.39 points, or 1.4%, to 18,066.68, with Chevron Corp. and American Express Co. leading the blue-chip gauge lower. Apple Inc. was the only Dow component to finish higher on Tuesday. The Nasdaq Composite Index sank 56.63 points, or 1.1%, to 5,155.25. It was the stock market’s sharpest selloff since Friday, when the Dow closed nearly 400 points lower, its sharpest selloff since the U.K.’s vote to leave the European Union.

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.

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Apple: iOS 10 download issue resolved

Apple Inc. said Tuesday that issues with its newest mobile operating system, iOS 10, have been resolved. The new software, released Tuesday, was rendering iPhone useless for some owners who sought to download the upgrade. In a statement, Apple said the issue affected ‘a small number of users’ and had been repaired, and instructed affected users to return to iTunes and attempt the download again. On a rough day for stocks, Apple was the only component of the Dow Jones Industrial Average recording a gain, with shares up about 2.5% after T-Mobile reported record preorders for the new iPhone 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.

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Oil futures mark lowest settlement in a week

Oil futures settled at their lowest level in a week on Tuesday after monthly data from the International Energy Agency raised worries about a slowdown in global oil-demand growth. Traders also awaited the latest weekly data on U.S. crude supplies, which are expected to reveal an increase after the significant drop reported last week. October WTI crude fell $1.39, or 3%, to settle at $44.90 a barrel on the New York Mercantile Exchange.

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From:: Stock Market News

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Wells Fargo Bank Eliminating Sales Goals

Wells Fargo & Co. is taking steps to address incentive compensation that led to the fraudulent opening of millions of accounts by employees who have since been terminated.

Last week, Wells Fargo Bank, N.A., agreed to settle allegations it opened 1.5 million deposit accounts and over a half-million credit card accounts without customer authorization.

The settlement cost the Sioux Falls, South-Dakota-based bank $185 million, including a record $100 million penalty that was paid to the Consumer Financial Protection Bureau.

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Regions Bank next on DOJ hit list, will pay $52.4 million for FHA-lending violations

Over the last few years, the Department of Justice used the False Claims Act as its weapon of choice against the mortgage industry, using the law to extract settlements from lenders for supposedly misrepresenting the quality of loans to the Federal Housing Administration. And now, Regions Bank is the latest on the DOJ’s hit list, after agreeing to settle False Claims Act charges for $52.4 million. …read more

From:: Real Estate Wire

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Regions Bank Settles False Claims Act Allegations

Regions Financial Corp.’s banking subsidiary has settled allegations that it approved government-insured mortgages that didn’t meet underwriting guidelines.

The Birmingham, Alabama-based financial services company announced Tuesday a settlement with the Department of Justice that amounts to $52.4 million.

According to Regions, the agreement with the Justice Department resolves a federal inquiry that it had previously disclosed and fully cooperated with.

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Liberty Media shares climb more than 16% after Citi upgrades company to buy on Formula One deal

Shares of Liberty Media Corp. rocketed more than 16% during trade hours on Tuesday. The media and entertainment company was upgraded to buy from neutral at Citigroup. Citi analyst Jason Bazinet said Liberty’s recent $8 billion-acquisition of Formula One is transformative. At an estimated value of $12 billion, Bazinet wrote Formula One was a trophy asset. “The equity will migrate from a [net asset value] story to a tax-advantaged, levered equity return story,” Bazinet wrote in a note to clients. Along with the upgrade, he raised his price target on Liberty Media to $32 from $22. Liberty Media shares are up more than 50% in the last three months, outperforming the S&P 500 Index , which is up 2%.

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.

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From:: Stock Market News