Foreclosures | Mortgages | Financing
In what is already being called a “blow to shareholders,” a federal court in Virginia ruled Tuesday that a Freddie Mac shareholder does not have the right to inspect the government-sponsored enterprise’s financial records, thanks to the conservatorship agreements that went into effect when the government took over Freddie Mac and Fannie Mae. …read more
From:: Real Estate Wire
Homes prices in Oakland area on the rise and homeowners are paying far above asking prices for homes. As San Francisco finally begins to cool down, Oakland is quickly heating up. …read more
From:: Real Estate Wire
For the first time in awhile, appraisal volume managed to increase for three consecutive weeks. While the four-week moving average did slightly decrease, it is not too far below the prior week, which was the highest non-holiday influenced four-week period since early spring. …read more
From:: Real Estate Wire
Oil futures declined in electronic trading Tuesday after the American Petroleum Institute reported a 4.46 million-barrel climb in U.S. crude supplies for the week ended August 19, according to sources. Analysts polled by S&P Global Platts forecast a much smaller weekly rise of 200,000 barrels for crude inventories. The closely watched Energy Information Administration report will be released Wednesday. October crude was at $47.68 a barrel in electronic trading, down from the contract’s settlement of $48.10 on the New York Mercantile Exchange.
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
Clovis Oncology Inc. shares ticked higher after hours Tuesday following a big jump in the regular session as the Food and Drug Administration accepted a marketing application for the company’s ovarian cancer treatment and granted it a priority review process. Clovis shares advanced 1% to $23.25 after hours, following a 23% rally in the regular session. The FDA is expected to make a decision on the application by Feb. 23, 2017. Studies of Clovis’s treatment rucaparib showed 54% of patients with recurring ovarian cancer responded to the treatment.
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
Shares of Best Buy Co. Inc. had their best day in more than 15 years to close a 1 1/2-year high on Tuesday in the wake of better-than-expected fiscal second-quarter results, with same-store sales showing surprise growth for the first time in a year. The stock rocketed $6.43, or 20%, to $39.23, the highest closing price March 25, 2015. That’s the biggest one-day price gain since the consumer electronics retailer went public in April 1985, and the biggest percentage gain since it soared 23% on Jan. 3, 2001. Credit Suisse analyst Seth Sigman said the strong quarterly results provides better visibility into the second half of the year, and left him upbeat about product drivers outside of mobile. But he said the “biggest surprise” was the 0.8% increase in same-store sales–the FactSet consensus was for a decline of 0.4%–“as expectations were much lower following the weaker industry data points.” The stock has run up 29% year to date, while the SPDR S&P Retail ETF has gained 6.8% and the S&P 500 has advanced 7%.
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From:: Stock Market News
Lannett Co. shares rallied in the extended session Tuesday after the generic-drug maker’s fourth-quarter results and outlook topped Wall Street estimates. Lannett shares rallied 14% to $36.90 after hours. The company reported adjusted fiscal fourth-quarter earnings of 73 cents a share on revenue of $168.9 million. Analysts surveyed by FactSet had estimated earnings of 60 cents a share on revenue of $161.5 million. Lannett forecast fiscal 2017 revenue of $690 million to $700 million. Analysts had estimated $666 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
Shares of La-Z-Boy Inc. tanked late Tuesday after the furniture maker reported fiscal-quarter earnings and sales below Wall Street expectations. La-Z-Boy said it earned $13.8 million, or 28 cents a share, in the quarter, compared with $13.7 million, or 27 cents a share, in last year’s first quarter. Sales hit $340.8 million in the quarter, compared with $341.4 million a year ago. Analysts polled by FactSet had expected earnings of 29 cents a share on sales of $358 million. Same-store sales fell 1.9% in the quarter, La-Z-Boy said in a statement. The company’s flat sales were due to “weaker demand” on the wholesale side and “inconsistent” foot traffic at its stores, the company said. Shares of La-Z-Boy fell more than 13% in late trading after ending the regular session up 3.6%.
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From:: Stock Market News
Shares of Intuit Inc. fell in Tuesday’s extended session after the maker of TurboTax software posted a weak outlook for the current quarter. Intuit reported it swung to a loss of $40 million, or 16 cents a share, in the fourth quarter from a profit of $14 million, or 5 cents a share, a year earlier. Excluding items, the company would have earned 8 cents a share. Revenue rose to $754 million from $696 million. Analysts surveyed by FactSet had forecast a loss of 2 cents a share, on an adjusted basis, on revenue of $733 million. In the first quarter, Intuit projected adjusted earnings of 1 cent a share to 3 cents a share and revenue in a range of $740 million to $760 million. Wall Street is forecasting EPS of 13 cents and $773 million in revenue. Intuit fell 0.8% after hours.
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From:: Stock Market News
Nearly one-fifth of consumers, 19%, say they will no longer shop at retailers that have been the victim of a cyberattack, according to the 2016 KPMG Consumer Loss Barometer. In addition, one-third (33%) of the 448 consumers polled said that their fears about personal information becoming exposed would stop them from shopping at a retailer for at least three months. Consumers said a lack of a plan to prevent other attacks is a factor in their decision not to return. KPMG also surveyed 100 retail senior cybersecurity executives and 55% said they haven’t invested capital funds in cybersecurity over the past year, which “suggests that the issue is not as top of mind with retail executives as it should be,” KPMG wrote in a statement. The KPMG Barometer also found that 52% of consumers are uncomfortable with shopper personalization.
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From:: Stock Market News