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Tesla ends car buyback program

Tesla Motors Inc. quietly discontinued its resale value guarantee program as of July 1. The program was “discontinued … so we can keep interest rates as low as possible” and offer “compelling” lease and loan programs to customers, a Tesla spokeswoman said Wednesday. The program was available to those who financed or leased their cars through Tesla official financing partners and programs. It guaranteed that Tesla would buy back the car at a minimum preset value after three years and at preset terms, in some cases at least 50% of the car’s base price. It was first offered in 2013, largely to assuage early-adopter fears and ensure buyers that their Model S, Tesla’s first in-house designed and built electric car, would hold value in case sales tanked or other problems arose.

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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Refi Mortgage Applications Jump

During the recent holiday week, new applications for mortgage refinances surged. But similar strength was not exhibited for new purchase activity.

A 7 percent increase on a seasonally adjusted basis was recorded in the week ended July 8 from a week previous for the Market Composite Index.

Foregoing seasonal adjustments, the index, a measure of mortgage loan application volume, dropped 14 percent during the week that included July 4.

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Walgreens raises quarterly dividend 4.2%

Walgreens Boots Alliance Inc. said Wednesday it raised its quarterly dividend 4.2% to 37.5 cents a share from 36 cents a share. The drugstore chain’s new dividend will be effective Sept. 12 to shareholders of record on Aug. 19. The stock gained 0.8% in afternoon trade. At current prices, the new annual dividend of $1.50 implies a dividend yield of 1.83%, compared with the implied aggregate dividend yield for the S&P 500 of 2.12%, according to FactSet. Walgreens’ stock has slipped 3.9% year to date, while the S&P 500 has tacked on 5.1%.

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.

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Oil extends losses after EIA reports fall of 2.5 mln barrels in U.S. crude supplies

Oil futures extended their earlier losses Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies fell by a less-than-expected 2.5 million barrels for the week ended July 8. The American Petroleum Institute late Tuesday had reported a 2.2 million-barrel climb, according to sources, while analysts polled by S&P Global Platts expected a decline of 3.25 million barrels. Gasoline supplies rose 1.2 million barrels, while distillate stockpiles jumped by 4.1 million barrels last week, according to the EIA. August crude fell 92 cents, or 2%, from Tuesday’s settlement to $45.88 a barrel on the New York Mercantile Exchange. Prices traded at $46.25 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.

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Amazon says 2016 Prime Day was biggest day ever for the company

Amazon.com Inc. is calling this year’s Prime Day “the biggest day ever,” with customer orders in the U.S. exceeding last year’s Prime Day by more than 50%, and customer orders globally exceeding 2015 by more than 60%. In a statement Wednesday, the e-commerce retailer said it was also the biggest day ever for Amazon devices. The Fire TV Stick sold 2.5 times over last year, making it the best-selling Amazon device. More than 90,000 televisions were purchased, members purchased more than 23,000 iRobot Roomba vacuums, and more than one million customers used the Amazon app for the first time. Amazon shares are up 0.7% in Wednesday trading, and 65.5% for the last 12 months. The S&P 500 is up 2.6% for the past year.

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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Theresa May expected to name Philip Hammond new U.K. finance minister: ITV

Incoming U.K. Prime Minister Theresa May is expected to name Philip Hammond as the new Chancellor of the Exchequer when she takes over the helm from David Cameron later on Wednesday, according to ITV. Hammond is currently the secretary of state for foreign and Commonwealth affairs. The U.K. TV station said current finance minister George Osborne is rumored to be unwilling to accept another role and will leave government in a cabinet reshuffle. May is set to formally become the new U.K. leader at the end of a traditional sequence on Wednesday afternoon. Cameron earlier on Wednesday attended his final Prime Minister’s Questions and is heading to Buckingham Palace to tender his resignation to the queen.

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U.S. stocks open higher, set to extend record climb

U.S. stocks opened higher Wednesday, pushing the S&P 500 and Dow industrials to fresh all-time highs. Record-low sovereign bond yields, which tumbled again on Wednesday, along with a cautious Federal Reserve has fueled demand for U.S. equities, even as oil prices slumped on Wednesday. The Dow Jones Industrial Average added 32 points, or 0.2%, to 18,381, the S&P 500 index gained 3 points, or 0.1%, to 2,155, while the Nasdaq Composite Index added 11 points, or 0.2%, to 5,032.

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