There’s no denying the past few weeks in the housing market have been filled with repercussions from Brexit, however that may all be at an end, according to Capital Economics. …read more
From:: Real Estate Wire
Kroger expands specialty pharmacy business with merger of Axium Pharmacy and Modern HC Holdings
Kroger Co. said Wednesday that Axium Pharmacy Holdings will acquire Modern HC Holdings to create a combined specialty pharmacy that will operate as a wholly-owned Kroger subsidiary. Financial terms of the deal were not disclosed. Kroger acquired Axium Pharmacy in November 2012. It is the fifth-largest pharmacy operator in the U.S., according to a statement, with 2,230 pharmacy locations and 195 locations of The Little Clinic, a healthcare provider Kroger acquired in 2010. The Axium merger with Modern HC will expand Kroger’s specialty pharmacy business into new western and southwestern U.S. territories and into new offerings, such as therapies for immune difficiency diseases. The new combined company will be headquartered in Lake Mary, Fla. and will employ 800 associates. Dom Meffe, the chief executive of Modern HC, will be the chief executive of the combined company. Axium Chief Executive Mark Montgomery will announce his plans at a later date. Kroger shares are up 0.9% in Wednesday trading, but down 12.7% for the year to date. The S&P 500 is up 6.3% for the year so far.
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
S&P downgrades Turkey, sending it further into junk status
Standard & Poor’s Global Ratings on Wednesday downgraded ratings on the Republic of Turkey, and said the attempted coup at the weekend has further eroded the country’s institutional checks and balances. “In addition, we expect a period of heightened unpredictability that could constrain capital inflows into Turkey’s externally leveraged economy,” the agency said in a statement. S&P lowered Turkey’s foreign currency rating to BB from BB-plus, pushing it further into speculative, or “junk” status. It said the outlook is negative, meaning it could lower the rating again in the medium term. “The negative outlook reflects our view that Turkey’s economic, fiscal, and debt metrics could deteriorate beyond what we expect, if political uncertainty contributed to further weakening in the investment environment, potentially intensifying balance-of-payment pressures,” said the statement. On Monday, Moody’s Investors Service placed Turkey on review for a possible downgrade as it assesses the fallout from the coup. The iShares MSCI Turkey ETF was down 2% Wednesday, while Turkcell , the only Turkish company to be listed on a U.S. exchange, was down 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
Goldman Sachs revenue drops from last year
Net earnings came in at $1.82 billion for the second quarter, which ended June 30, 2016. This is a 61% increase from the first quarter’s $1.14 billion and a 74% increase from last year’s $1.05 billion. …read more
From:: Real Estate Wire
Meat processor Bar-S Foods Company to recall nearly 400,000 pounds of potentially listeria-contaminated meat
Meat processor Bar-S Foods Company will recall 372,684 pounds of hot dogs and corn dogs that are potentially contaminated with listeria, the US Department of Agriculture’s Food Safety and Inspection Service announced Wednesday. Though test results for the recalled products haven’t yet been received, recurring listeria issues at the company prompted the decision as a precautionary measure, according to a USDA release. The ready-to-eat products include chicken and pork hot dogs and corn dog products produced between July 10 and July 13 that were shipped nationwide. Of particular concern is customers who have the frozen products in their freezer, the release said. Eating listeria-contaminated food can cause the serious infection listeriosis.
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
Oil pares losses after EIA reports fall of 2.3 mln barrels in U.S. crude supplies
Oil futures pared some of their losses on Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies declined by 2.3 million barrels for the week ended July 15. That matched the decline reported by the American Petroleum Institute late Tuesday, according to sources. Analysts polled by S&P Global Platts expected a fall of 1.25 million barrels. Gasoline supplies rose by 900,000 barrels, while distillate stockpiles edged down by 200,000 barrels last week, according to the EIA. August crude , which expires on Wednesday’s settlement, fell 17 cents, or 0.4%, from Tuesday’s settlement to $44.48 a barrel on the New York Mercantile Exchange. Prices traded at $44.16 before the data.
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
Freddie Mac: Americans ignoring conventional wisdom in housing market
More than 33% of Baby Boomer homeowners still have a mortgage, and most have over 10 years left until their loan is paid off. In addition, about 19 million Baby Boomers want to buy a home, with 8 million saying they want to do it within the next four years. …read more
From:: Real Estate Wire
Microsoft’s stock surge helps push Dow into positive territory
Microsoft Corp.’s stock shot up 5.3% to a three-month high in morning trade Wednesday, more than enough to push the Dow Jones Industrial Average into positive territory. The price gain of $2.81 was adding about 19 points to the price of the Dow, which was up just 8 points. Microsoft’s stock rallied to the highest level since April 21, after the technology giant reported better-than-expected fiscal fourth-quarter earnings.
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
Currency trading executive charged with front-running orders: WSJ
An HSBC foreign-exchange executive was arrested at JFK airport and charged with front-running customer orders, The Wall Street Journal reported Wednesday. Story is developing. Check back for updates.
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
Six Flags signs agreement for two additional parks in China
Six Flags Entertainment Corp. said Wednesday that it has entered into an agreement to open a second theme park and a water park in the Bishan district of China, an area with a population of about 120 million people. The agreement is “subject to negotiation of definitive documents,” according to a statement. Six Flags is working with an existing partner, Riverside Investment Group Co. Ltd., to develop the parks. The first Six Flags park is slated to open in 2019 near Shanghai. Six Flags shares are up 28.8% for the past year, while the S&P 500 is up 1.8% for the same period.
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