Foreclosures | Mortgages | Financing
The yield on the benchmark 10-year U.S. Treasury note fell to its lowest level ever Tuesday, signaling that this extremely low interest rate environment isn’t going anywhere quickly. Mortgage applications already surged on Wednesday, and that didn’t even include this new record low in yields. …read more
From:: Real Estate Wire
BB&T promoted three executives, Jim Godwin, Brant Standridge and Dontá Wilson. Together they hold nearly 60 years of banking experience. The company CEO says they are “excellent” additions to the executive management team. …read more
From:: Real Estate Wire
Columbia Threadneedle Investments said Wednesday it’s temporarily suspended dealing in its U.K. retail property fund, the fifth company to do so this week as requests for redemptions from commercial-property vehicles increase in the wake of the U.K.’s Brexit referendum. Columbia Threadneedle Investments, the global asset management group of Ameriprise Financial Inc. , said investors won’t be able to buy or sell shares in its Threadneedle UK Property Authorised Investment Fund and its Threadneedle UK Property Authorised Trust. Requests from clients to sell their shares are expected to “continue for the time being due to uncertainty in the market following the UK Referendum result, therefore the temporary suspension of dealings allows sufficient time for the orderly sale of assets, and protects the interests of all investors,” Columbia Threadneedle said in a statement.
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From:: Stock Market News
Henderson Global Investors said Wednesday it’s temporarily suspending trading in its U.K. property fund. Henderson Global, part of Henderson Group PLC , became the fourth company this week to do so as the vehicles come under increased pressure for redemptions in the wake of the U.K.’s Brexit referendum. Henderson Global halted dealings in its £3.9 billion Henderson UK Property PAIF and its Henderson U.K. Property PAIF Feeder Fund. “Despite a strong underlying portfolio, the decision was taken due to exceptional liquidity pressures on the funds, as a result of uncertainty following the EU Referendum and the recent suspension of other direct property funds,” said Henderson in a statement. Prudential’s ‘s M&G Investments, Aviva and Standard Life have also suspended trading in shares of their open-ended property funds.
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From:: Stock Market News
The Madison Square Garden Co. on Wednesday said it has bought controlling interest in Boston Calling Events. The entertainment production company operates the Boston Calling music festival in New England. The company also produces the Boston Calling block parties and the Copenhagen Beer Celebration. No terms of the investment were disclosed. MSG has been looking to expand its festivals business, especially music festivals, said MSG Chief Executive David O’Connor in a statement. MSG already has 50% ownership of the Tribeca Film Festival. “We have been exploring music festivals as a way to further expand and strengthen our position in the ‘live experience’ space,” O’Connor said. While expanding MSG’s festival business, the investment in Boston Calling will also give MSG access to up-and-coming artists who can play at its other venues, according to the statement. Shares of MSG are up nearly 6.0% in the year to date, outperforming the S&P 500 Index, which is up 1.8%.
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From:: Stock Market News
Despite all the media attention focused on Hispanic immigrants, the fastest-growing group of immigrants is actually Asians and, more specifically, Indians. Indians as well as Chinese-Americans are also more likely to own than rent. …read more
From:: Real Estate Wire
Shares of American Airlines Group Inc. tumbled 5.2% and of United Continental Holdings Inc. plunged 5.9% in morning trade Wednesday, after Credit Suisse analyst Julie Yates downgraded the air carriers. Yates did an about-face on American, cutting her rating to underperform, six months after an upgrade to outperform. Since that upgrade, fuel prices have increased materially, and Yates said American faces the most significant headwind on fuel in the sector as it is unhedged. She downgraded United to neutral from outperform, as she fears that free cash flow generation will fade in 2017 as capital expenditures rise. “Until unit revenues show firm evidence of improvement, which requires capacity discipline or a macro reacceleration, the disillusion with owning airlines will persist with rallies limited to those led by risk-on appetites instead of improving fundamentals,” Yates wrote in a note to clients. She affirmed her outperform ratings on Delta Air Lines Inc. Southwest Airlines Co. and Spirit Airlines Inc. . The NYSE Arca Airline Index slumped 1.7% in morning trade, after running up 6.4% over the past week as Brexit fears faded; year to date, the index has lost 7.9% while the S&P 500 has gained 1.6%.
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From:: Stock Market News
Dish Network Corp. on Wednesday said it named Jay Roth as chief marketing officer. Roth, who will also serve as senior vice president for Dish, will serve on the company’s senior leadership team and report to Warren Schlichting, Dish’s executive vice president of marketing, programming and media sales. Roth previously held senior marketing and acquisition roles at JP Morgan Chase and most recently led direct to consumer marketing efforts for Chase’s consumer banking and home lending business, according to a Dish news release. “We believe Jay’s precision marketing experience and approach to the entire 360-degree consumer experience will be a strong complement to DISH’s bias towards innovation and service in the highly competitive pay-TV landscape,” said Schlichting in a statement. Shares of Dish have dropped 11.8% in the year so far, underperforming the S&P 500 Index, which is up 1.9%.
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From:: Stock Market News
U.S. stocks opened lower Wednesday, as worries about the impact of the U.K.’s vote to quit the European Union continued to rattle global markets. As equities and oil sold off across the world, investors fled to the perceived safety of government bonds, pushing Treasury yields to all-time lows. The Dow Jones Industrial Average lost 53 points, or 0.3%, to 17,784, the S&P 500 index fell 8 points, or 0.4%, to 2,080, while the Nasdaq Composite Index lost 25 points, or 0.5%, to 4,798.
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From:: Stock Market News
Shares in Italy’s Banca Monte dei Paschi di Siena SpA rose as much 17% to 0.31 euros (34 U.S. cents0 on Wednesday following a temporary halt in short-selling of the stock. Italian securities regulator Consob banned short-selling of shares in Italy’s third-largest lender through Wednesday. The move came as BMPS shares this week hit all-time lows as the European Central Bank pushes the company to reduce the amount of nonperforming loans on its books. This year, the shares have lost nearly 77%.
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From:: Stock Market News