Foreclosures | Mortgages | Financing
Earlier this week, the U.S. District Court for the District of Utah, at the behest of the Securities and Exchange Commission, handed down final judgments against two men that the SEC accused of running a scheme that defrauded investors out of more than $7 million. …read more
From:: Real Estate Wire
Shares of Puma Biotechnology Inc. rallied in the extended session Thursday after the biotech company said it submitted promising follow-up data in its Food and Drug Administration marketing application for a breast cancer treatment. Puma shares jumped 17% to $40.50 after hours. In an early analysis of five years of results, the company said its breast cancer treatment neratinib reduced recurrence of the disease or death by 26% in patients given the treatment versus those given a placebo.
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From:: Stock Market News
Existing home sales improved last month, with the Midwest seeing the biggest month-over-month rise. But a key economist questions the ongoing viability of gains.
Last month, there were 583,000 existing home sales. The total reflects completed transactions on single-family homes, townhomes, condominiums and co-ops.
The sale of pre-owned U.S. residential properties, which exceeded any month during this year or last year, was up from a downwardly revised 525,000 in May 2016.
From:: Financing
June was a very good month for real estate in the Golden State, as California existing home sales hit a nearly four-year high, according to a new report from the California Association of Realtors. But it’s not all good news. Here’s the full story. …read more
From:: Real Estate Wire
Shares of Boeing Co. fell more than 1% in late trading Thursday after the aircraft maker warned second-quarter charges will reach $2.05 billion, stemming from setbacks and difficulties in three separate programs and including problems related to weaker air-cargo market trends. In its 787 program, Boeing decided not to invest funds for the refurbishment and sale of the two remaining unsold flight test aircraft. The costs associated with these aircraft were reclassified to research and development expenses, resulting in a non-cash after-tax charge of $847 million, Boeing said in a statement. Moreover, due to “current and anticipated weakness” in the air-cargo market, Boeing will no longer increase the production rate of its 747-8 aircraft in 2019, resulting in a $814 million after-tax charge, also reflecting lower estimated revenues on future aircraft sales. The company will also recognize a $393 million after-tax charge related to its KC-46 Tanker program, to account for higher costs associated with the previously announced program schedule and technical challenges, Boeing said. Boeing will update its 2017 guidance when it reports second-quarter earnings on July 27, the company said.
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From:: Stock Market News
Proofpoint Inc. beat earnings expectations in a report Thursday and increased its expectations for the year, leading to a big after-hours spike for the company’s stock. The security-software company reported a loss of $38.3 million, or 92 cents a share, on sales of $89.9 million in the second quarter; after adjusting for stock-based compensation and an extremely long list of other factors, the company claimed a profit of 6 cents a share. Analysts on average expected an adjusted loss of 1 cent a share on sales of $84.3 million, according to FactSet. The cloud-software company passed $100 million in quarterly billings, which accounts for contracts signed, for the first time, beating internal and analyst projections. With the strong revenue and billings showing, Proofpoint increased its guidance for full-year performance, predicting sales of $361.5 million to $363.5 million; the company had previously forecast annual revenue of $350.5 million to $353.5 million. Proofpoint shares, which have been on a roller-coaster ride since being targeted by well-known short seller Carson Block late last year, jumped more than 10% in late trading.
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From:: Stock Market News
Skechers USA Inc. shares dropped in the extended session Thursday after the shoe maker fell short of Wall Street estimates for the quarter. Skechers shares fell 12% to $28.30 after hours. The company reported second-quarter earnings of 48 cents a share on revenue of $877.8 million. Analysts surveyed by FactSet had estimated earnings of 52 cents a share on revenue of $888.9 million.
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From:: Stock Market News
Chipotle Mexican Grill Inc. shares are up 1.1% in Thursday after-hours trading after the company announced a successful start to its loyalty program, even as the company’s earnings missed expectations. Chipotle reported net income of $25.6 million, or 87 cents per share, down sharply from $140.2 million, or $4.45 per share, for the same period last year. The FactSet consensus was 91 cents per share. Revenue totaled $998.4 million, down from $1.2 billion last year and below the FactSet consensus of $1.05 billion. Same-restaurant sales decreased 23.6%. Chipotle has struggled to turn around its business after a series of illness outbreaks that included E.coli and norovirus. Chipotle opened 58 new restaurants during the second quarter. The company said nearly 30% of transactions at the start of the third quarter are engaged with the company’s new loyalty program, Chiptopia. Chipotle shares are down 37.9% for the past year while the S&P 500 is up 2.2% for the same period.
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From:: Stock Market News
Visa Inc. shares were flat in late trading Thursday after the credit card company reported earnings above expectations and sales in line with Wall Street forecasts. Visa said it earned $412 million, or 17 cents a share, in the second quarter, down from $1.7 billion, or 69 cents a share, in the year-ago period. Adjusted for one-time items, Visa earned $1.6 billion, or 69 cents a share. Net operating revenue hit $3.6 billion in the quarter. Analysts polled by FactSet had expected Visa to report earnings of 67 cents a share on sales of $3.64 billion. Visa also said its board of directors authorized a $5 billion stock buyback plan. U.S. consumer spending across the globe “remains strong and resilient” despite the stronger dollar, Visa said.
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From:: Stock Market News
Schlumberger NV shares rose slightly as the oil-industry services company topped Wall Street estimates for the quarter. Schlumberger reported adjusted second-quarter earnings of 23 cents a share, or a loss of $1.56 a share unadjusted. Revenue fell to $7.16 billion from $9.01 billion a year ago. Analysts surveyed by FactSet had estimated adjusted earnings of 21 cents a share on revenue of $7.13 billion. Schlumberger shares rose 0.7% to $80.61 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.
From:: Stock Market News