The housing market seems to be improving as the percentage of homeowners who are current on their loans increased from last year. Consequentially, foreclosures are also down year-over year. …read more
From:: Real Estate Wire
Ford’s stock rallies after June sales boosted by big jump in truck sales
Shares of Ford Motor Co. rallied 1.9% in morning trade Friday, after the automaker reported June vehicle sales that rose 6.4% above a year ago, boosted by a big jump in truck sales. Sales of truck soared 24.2% to 96,354 vehicles in June, while cars dropped 12.1% and SUVs increased 7.3%. Within Ford trucks, F-Series sales climbed 28.6%, E-Series grew 8.8% and transit jumped 19.0%. For Ford cars, Taurus tumbled 44.0%, Fiesta dropped 49.0%, Mustang fell 16.6% and Focus declined 11.6%, while Fusion increased 4.4%. With 1.35 million vehicles sold during the first half of the year, Ford said it had its best first-half performance since 2006. The stock is down 9.1% year to date, while the S&P 500 has gained 3%.
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
Stocks tip lower, struggle to push post-Brexit gains to a 4th session
U.S. stocks retreated in early trade Friday after Wall Street erased the worst of its ugly losses over the past three sessions in the aftermath of the U.K.’s surprising vote to leave Europe’s 28-member trade bloc. Lingering concerns about the so-called Brexit, or British exit from the European Union, and anxieties about anemic global growth also pushed government-bond yields, including those for benchmark 10-year and 30-year U.S. Treasurys to fresh lows. The Dow Jones Industrial Average slipped 11 points, or less than 0.1%, to 17,929, the S&P 500 index was little-changed at 2,098 and the Nasdaq Composite Index fell 3 points, or less than 0.1%, at 4,839. Car sales were in focus early, with Ford Motor reporting a 6.4% rise in vehicle sales in June. Trading could be volatile Friday ahead of the July 4th holiday. U.S. markets will be closed on Monday in observance of the holiday.
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From:: Stock Market News
Mobileye, Intel to build fully autonomous BMW cars
Mobileye NV , Intel Corp. and BMW Group announced a partnership on Friday to bring fully autonomous cars to streets by 2021. The companies said the driverless cars will be able to go on highways as well as be used in clustered urban areas for ridesharing services. Their goal is to make cars completely autonomous, meaning a driver would not only be able to take their eyes off the road, but also focus their attention elsewhere and let the system take over complete control. This announcement comes despite recent criticism that some people have become too reliant on the functionality of semi-autonomous cars, which led to the fatal crash of a Florida man in a Tesla Motors Inc. Model S last month. Shares of Mobileye, which provides technologies that enable autonomous driving, fell 1.4% in premarket trade, though they soared 10% on Thursday when the companies announced the press conference. Shares of Intel ticked 0.3% lower in premarket trade after closing up 3% on Thursday.
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From:: Stock Market News
ECB not weighing revamp of bond-buying formula: report
The European Central Bank isn’t debating whether to change the rules governing purchases of government debt under its quantitative-easing plan, Reuters reported Friday. A Bloomberg report on Thursday said officials had discussed moving away from the current rules, which require the ECB to buy government debt in proportion to each country’s size due to worries about a shortage of eligible German debt. The Reuters report, citing unnamed sources, said several other changes would be considered before making such a move due to worries about potential political objections, particularly from Germany. The ECB declined to comment, the report said.
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From:: Stock Market News
U.S. Treasury yields hit all-time lows
Yields on 10-year and 30-year U.S. Treasury bonds fell to all-time lows Friday as investors sought out the safety of U.S. government debt. The yield on the 10-year note fell 11.4 basis points to 1.378%, while the 30-year yield fell 11.1 basis points to 2.187%. Yields have crept higher since reaching their lows earlier this morning, with the 10-year rising to 1.424% in recent trade, and the 30-year rising to 2.215%. On Thursday, yields notched their second straight quarterly decline, as worries about the repercussions of the U.K.’s vote to leave the European Union drove up government-bond prices. Bond prices move inversely to yields. Negative-yielding debt in Europe and Japan has also helped stoke demand for Treasurys as foreign investors seek out the relatively high yields in the U.S. Finally, the expectation that the Federal Reserve might wait until next year to raise interest rates again has also helped support Treasurys.
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From:: Stock Market News
OraSure’s stock drops after co-promotion pact with AbbVie ends early
Shares of OraSure Technologies Inc. dropped 6.1% in premarket trade Friday, after the diagnostic device maker said it agreed to an early termination of its co-promotion agreement with AbbVie Inc. . The pact was for the co-promotion of OraSure’s OraQuick HCV rapid antibody test in the U.S. It was as originally scheduled to end on Dec. 31, 2019, but will now end Dec. 31, 2016. OraSure said it has been ratably recognizing $75 million in aggregate exclusivity payments resulting from the agreement over the original 5 1/2-year term, beginning June 2014. Given the early termination of the agreement, OraSure said only a portion of the $75 million will be received. AbbVie’s stock tacked on 1.4% in premarket trade. OraSure shares had fallen 8.2% year to date through Thursday, while AbbVie’s stock had gained 4.5% and the S&P 500 had advanced 2.7%.
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From:: Stock Market News
Allergan’s ‘double-chin’ treatment gets positive opinion in Sweden
Allergan PLC said Friday belkyra, a treatment for submental fullness, or double chins, received a “positive opinion” from the Swedish Medical Products Agency. The Ireland-based drugmaker said it belkyra will be the first prescription treatment for the treatment of double chins in adults, when it has a psychological impact on the patient. Belkyra is currently licensed in Canada and in the U.S. as Kybella. “We look forward to our continued work with the 20 EU member states, Norway and Iceland to secure marketing authorizations to make this important new treatment option available to customers and patients,” said Chief R&D Officer David Nicholson. The stock, which was still inactive in premarket trade, has tumbled 26% year to date, while the SPDR Health Care Select Sector ETF has lost 0.5% and the S&P 500 has gained 2.7%.
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From:: Stock Market News
KaloBios emerges from bankruptcy, with rights to a new rare disease treatment
KaloBios Pharmaceuticals Inc., the drug maker formerly run by Martin Shkreli, said Friday it emerged from bankruptcy. The company emerged with exit equity financing of $11 million, which is in addition to the $3 million debtor-in-possession financing it received in May. KaloBios said it acquired the rights to develop benznidazole for the treatment of Chagas disease from Savant Neglected Diseases LLC for an upfront payment of $3 million, and warrants for Savant to buy 200,000 KaloBios common shares. “The Company has risen from the ashes with a great deal of hard work and new thinking on how a biopharmaceutical company can operate and a clear vision to move forward as a successful, positive leader in our industry,” said Chief Executive Cameron Durrant. Shkreli was ousted as CEO earlier this year after less than a month in the position. Shkreli had gained notoriety last year by raising the price of by 5,000%, before being arrested for fraud charges unrelated to KaloBios.
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From:: Stock Market News
Fitch: Brexit to bring another tough round of earnings
Remember this year’s rough first-quarter earnings season thanks to historically low interest rates? Well, according to a new report from Fitch, the market might experience it all over again. This time Brexit is to blame. It’s not bad for everyone though. Fitch pinpointed that this group will get hit the worst. …read more
From:: Real Estate Wire