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Record Ginnie Mae MBS Issuance

Residential and commercial loan securitizations on behalf of the Government National Mortgage Association climbed to the highest level on record last month.

As of June 30, there were $1.6925 trillion in Ginnie Mae mortgage-backed securities that were outstanding, an analysis of monthly operational data indicates.

The Washington-based firm’s outstanding MBS grew from a month earlier, when the total was $1.6834 trillion, and a year earlier, when it was $1.5609 trillion.

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Mortgage Rates Fall, Could See Further Dip

Mortgage rates turned lower this past week and could see a further decline next week unless tomorrow’s jobs report turns out strong.

Thirty-year fixed rates averaged 3.43 percent in Freddie Mac’s Primary Mortgage Market Survey for the week that ended on Aug. 4.

That was the lowest level for 30-year fixed interest rates since the week ended July 14, when Freddie reported the average at 3.42 percent.

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Losses, Servicing, Staff Cut at Stonegate Mortgage

Stonegate Mortgage Corp. trimmed the size of its staff, reduced its servicing portfolio and cut its losses. Lending slowed from a year ago.

From the period that started on April 1 and finished on June 30 of this year, earnings prior to income tax expense was a $17 million loss.

The Indianapolis-based firm disclosed its income, as well as other operational and financial results, in its second-quarter 2016 earnings report.

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Symantec shares rally as earnings beat Wall Street’s expectations

Shares of Symantec Corp. rallied in Thursday’s extended session after the cybersecurity company posted better-than-expected quarterly earnings. Symantec reported its fiscal first-quarter earnings rose to $135 million, or 22 cents a share, from $117 million, or 17 cents a share, a year earlier. Excluding certain items, the company would have earned 29 cents a share. Revenue fell 3% to $884 million. Analysts surveyed by FactSet had forecast earnings of 25 cents a share on revenue of $877 million. For the current quarter, the company expects revenue of $960 million to $990 million and earnings per share of 18 cents to 21 cents on an adjusted basis. Symantec climbed 4.9% after hours.

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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Weight Watchers shares plunge after company misses Q2 sales

Shares of Weight Watchers International Inc. plunged late Thursday after the company reported second-quarter sales below Wall Street expectations. Weight Watchers said it earned $31 million, or 46 cents a share, compared with $28 million, or 49 cents a share, in the year-ago period. Sales reached $310 million in the quarter, unchanged from the year-ago period. Analysts polled by FactSet had expected the company to report earnings of 46 cents a share on sales of $318 million. Shares fell 8% after hours after ending the regular session up 5.4%.

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.

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Activision Blizzard earnings beat expectations, stock gains

Activision Blizzard Inc. earnings results came in better than expected Thursday, and the video game publisher’s stock added about 3% in late trading. The company reported profit of 17 cents a share on sales of $1.57 billion; after adjustments, Activision claimed a profit of 45 cents a share. Analysts on average expected adjusted profit of 42 cents on sales of $1.45 billion, according to FactSet. Chief Executive Bobby Kotick credited the May launch of “Overwatch,” along with continued strong performance from the newest “Call of Duty” and acquisition King Digital’s “Candy Crush” series for the performance, and raised the company’s annual guidance. Activision now forecasts full-year profit of 87 cents a share on sales of $6.4 billion. Activision stock topped $41.50 in late trading after closing with a 1.1% gain at $40.83.

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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Priceline’s stock surges after profit beat, in line outlook for a change

Shares of Priceline Group Inc. surged 4.1% in after-hours trade Thursday, after the online travel booking company beat profit expectations by a wide margin and provided an in-line outlook, which offset a slight sales miss. Earnings for the latest quarter rose to $580.6 million, or $11.60 a share, from $517.0 million, or $9.94 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $13.93, well above the FactSet consensus of $12.67. Revenue rose to $2.56 billion from $2.28 billion, just shy of the FactSet consensus of $2.59 billion, as agency and merchant revenue both missed expectations, while advertising and other revenue topped forecasts. For the third quarter, Priceline expects adjusted EPS of $28.30 to $29.80, surrounding the FactSet consensus of $28.98. In nine of the previous 10 quarterly reports, Priceline had provided an earnings outlook that was below expectations, then beat those lowered expectations in the following earnings report. The stock had run up 6.7% year to date through Thursday’s close, while the S&P 500 had gained 5.9%.

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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LinkedIn tops quarterly sales and earnings expectations

LinkedIn Corp. reported stronger-than-expected quarterly earnings and sales on Thursday, as it continued to grow premium membership and sold more recruiting tools and sponsored content. The professional social network recorded a far worse loss compared with the year-earlier period, with its total loss falling to $119 million, or 89 cents a share, compared with a loss of $68 million, or 53 cents a share, in the year-earlier period. But excluding one-time costs, such as stock-based compensation, the company reported non-GAAP earnings of $1.13 a share, beating the 78-cent consensus estimate on FactSet. Revenue for the period rose to $932.7 million from $712 million in the year-earlier period, beating the Street view of $899 million. Shares of LinkedIn rose 0.3% to $192.57 in after-hours trade. The stock has risen 54% in the past three months, far outperforming the S&P 500 , which is up just 5.5%. Most of those gains occurred after Microsoft Corp. announced plans in June to buy LinkedIn for $26 billion.

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