Foreclosures | Mortgages | Financing
More than two years after announcing the first round of Promise Zones, high-poverty areas of a city that will receive economic help, the Obama administration announced its last round of communities. Find out where they are located, how they were chosen and what this will mean for the future. …read more
From:: Real Estate Wire
An upcoming acquisition planned by Guild Mortgage Co. is expected to make it one of largest independent home lenders in Texas.
The San Diego-based firm had already been on a stellar pace of growth, with originations nearly doubling last year to $13.8 billion.
Staffing, meanwhile, has expanded from fewer than 2,000 employees in 2013 to nearly 2,800 people as of the first-quarter 2016.
From:: Financing
Wal-Mart Stores Inc. was upgraded on Monday to buy from hold at Jefferies based on channel checks that indicate the retail giant’s store improvements are yielding sales results. Jefferies raised Wal-Mart’s price target to $82 from $60. Jefferies analysts conducted channel checks and surveys to determine that the company’s staff investments, price cutting, inventory management, grocery sourcing, and other efforts will produce long-lasting results and “should lead to upside in sales and an upward earnings per share revision cycle,” Jefferies wrote in a note. The bank also believes that online grocery will improve market share and lead to e-commerce sales growth. “Our Google consumer surveys showed those customers that were aware that Walmart is about to make incremental price investments were also those that expressed a willingness to shop Walmart more in the next year, suggesting that these actions should improve traffic,” bank analysts said. Wal-Mart shares are up 0.5% in Monday trading, and 16.2% for the year so far. The S&P 500 is up 3% in the year to date.
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
U.S. stocks opened slightly higher Monday as investors braced for a speech by Federal Reserve Chair Janet Yellen, which could shed light on monetary policy in the wake of Friday’s dismal jobs report. The disappointing employment data was viewed as likely to prevent the Fed from delivering a rate increase this month. Meanwhile, strong gains in crude-oil futures also boosted risk appetite. The S&P 500 gained less than a point to 2,099. The Dow Jones Industrial Average added 24 points, or 0.1%, to 17,831 at the open. Meanwhile, the Nasdaq Composite began the session up 5 points, or 0.1%, at 4,948.
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
Uber riders will have to pay if their drivers have to wait more than two minutes to pick them up, the ride-hailing company said Monday. The late fee is already in place in select U.S. cities and the company said it would be rolling out the feature to 12 more cities this month. Uber did not disclose the cost of the fee. Additionally, the company announced the expansion of a driver destinations button, which will alert drivers to pickups that are already on their designated route, and the pilot of a pause button that allows drivers to pause the app, rather than declining rider.
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
Uber riders will have to pay if their drivers have to wait more than two minutes to pick them up, the ride-hailing company said Monday. The late fee is already in place in select U.S. cities and the company said it would be rolling out the feature to 12 more cities this month. Uber did not disclose the cost of the fee. Additionally, the company announced the expansion of a driver destinations button, which will alert drivers to pickups that are already on their designated route, and the pilot of a pause button that allows drivers to pause the app, rather than declining rider.
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
Hertz Global Holdings Inc. said its plan to separate its car-rental and equipment-rental businesses into two public companies was formally approved by its board of directors. The rental-car business, currently named Hertz Rental Car Holding Co., will be named Hertz Global Holdings Inc., while the equipment-rental business will be called Herc Holdings Inc. The separation will be completed through a dividend distribution, in which shareholders of record on June 22 will receive one share of Hertz Rental Car Holding for each five shares they currently own. Each current share of Hertz will represent one share of Herc Holdings, but those shares will be adjusted for a 1-for-15 reverse stock split. The new Hertz Global Holdings will begin trading on July 1, 2016, under the current symbol of “HTZ” on the NYSE, while Herc Holdings will trade on the NYSE with the symbol “HRI.” Hertz’s stock, which was up 3% in premarket trade, has tumbled 29% in 2016 through Friday, while shares of rival Avis Budget Group Inc. have slumped 16% and the S&P 500 has gained 2.7%.
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From:: Stock Market News
ProNAi Therapeutics Inc.’s stock lost more than half its value toward a record low in premarket trade Monday, after the drug development company said it would discontinue development of its lymphoma treatment following disappointing Phase 2 trial results. The company said that while “modest efficacy” was observed, the trial results were not robust enough to justify continued development of the drug. “We continue to maintain a strong balance sheet and will focus our resources and activities on advancing our newly licensed Cdc7 inhibitor, PNT141, as well as on securing additional assets to build a broad and diverse pipeline of oncology drugs under our development,” said Chief Executive Nick Glover. The stock, which went public on July 16, 2015 at an IPO price of $17, traded as high as $33.75 intraday on its first day. The stock was down 60% ahead of the open at $2.55.
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From:: Stock Market News
Exelixis Inc.’s stock surged 8.5% in premarket trade Monday, after the biopharmaceutical company, and its partner Ipsen , announced positive data an analysis of trial results of its treatment for advanced kidney cancer. The company said it plans to present its data at the American Society of Clinical Oncology annual meeting in Chicago, that runs through Tuesday. “Patients whose kidney cancer has spread to their bones traditionally have a poorer prognosis and worse treatment outcomes compared with those who do not have bone involvement,” said Bernard Escudier, M.D., chair, Genitourinary Oncology Committee, Institut Gustave Roussy. “CABOMETYX demonstrated a clinically meaningful benefit for those with bone metastases, which is encouraging for physicians and patients who are seeking additional therapeutic options.” Exelixis’s stock had run up 17% year to date through Friday, while the SPDR S&P Biotech ETF had tumbled 17%.
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
Shares of Hercules Offshore Inc. tumbled 19% in premarket trade Monday, after the oil services company said it has filed for bankruptcy, as it puts all of its assets up for sale. The filing comes after the company said 99.7% of its first lien debt holders accepted the prepackaged Chapter 11 plan disclosed last month. Hercules continues to solicit votes from shareholders, which it urges to vote in favor of the bankruptcy plan. The company plans to operate its rigs and vessels through the sale process. The stock had tumbled 35% year to date through Friday, while the VanEck Vectors Oil Services ETF had gained 5.4% and the S&P 500 was up 2.7%.
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