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Varian to spin off imaging business into standalone, public company

Varian Medical Systems Inc. will spin off its imaging components business as a standalone, publicly traded company by the end of the year, the Palo Alto, Calif., medical equipment maker said in a statement late Monday. “The spin-off will create two strong, independent companies,” Chief Executive Dow Wilson said. “It will enable Varian to focus on expanding its position as a global cancer company with leading technology and services. It will empower the new company to grow as a global leader in components, software and services for expanded imaging applications and markets.” The new imaging components company is expected to have yearly sales of about $575 million and 1,300 employees worldwide. Shares of Variant were flat late Monday after ending the regular session down 0.8%.

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

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U.S. stocks moderately lower in range-bound trading

U.S. stocks ended moderately lower on Monday amid a lack of fresh incentives with major indexes moving within a narrow range all session. “The U.S. equity market remains in the grips of a correction, although a period of stabilization appears likely this week. Short-term momentum is weak,” said Katie Stockton, chief technical strategist at BTIG, in a note. The S&P 500 shed 4 points, or 0.2%, to close at 2,048 and the Dow Jones Industrial Average fell 7 points to finish at 17,494. The large-cap index stayed within a 9-point band while the blue chip index moved in a 70-point range. The Nasdaq slid 4 points to close at 4,765, moving less than 29 points during the day.

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

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U.S. stocks moderately lower in range-bound trading

U.S. stocks ended moderately lower on Monday amid a lack of fresh incentives with major indexes moving within a narrow range all session. “The U.S. equity market remains in the grips of a correction, although a period of stabilization appears likely this week. Short-term momentum is weak,” said Katie Stockton, chief technical strategist at BTIG, in a note. The S&P 500 shed 4 points, or 0.2%, to close at 2,048 and the Dow Jones Industrial Average fell 7 points to finish at 17,494. The large-cap index stayed within a 9-point band while the blue chip index moved in a 70-point range. The Nasdaq slid 4 points to close at 4,765, moving less than 29 points during the day.

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

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Appeals Court Rules for BofA in “Hustle” Case

A federal judge’s ruling requiring Bank of America Corp. to pay more than $1 billion in penalties over agency loans originated by Countrywide Financial Corp. in its “Hustle” program has been reversed on appeal.

In July 2014, U.S. District Court Judge Jed S. Rakoff ruled that BofA must pay $1.267 billion in penalties in a lawsuit that was filed in February 2012 under the whistleblower provision of the False Claims Act.

The case revolved around allegedly sub-par home loans that were originated by Countrywide through its “High Speed Swim Lane” — or “Hustle” — program and sold to Fannie Mae and Freddie Mac.

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From:: Financing

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Pandora upgraded to a buy at B. Riley due to ‘very low’ expectations

Pandora Media Inc. may be poised for some decent growth, according to B. Riley analyst Sameet Sinha. Sinha upgraded the stock to a buy rating from neutral on Monday, while also raising his 12-month price target to $15 from $10. He wrote in a note that expectations for Pandora are “very low,” indicated by its valuation — close to three-year lows — and estimates for listener metrics. “Even from a fundamental perspective, key revenue metrics, such as active listeners and listener hours are expected to grow by 1% and 4%,” he wrote. Sinha noted Pandora’s pricing power is growing, up 40% in the first quarter, compared with the previous year period. He also expects margins to grow, after negotiations over royalty rates with the Copyright Royalty Board drove up content costs in the first quarter. “Now the company has good visibility on content costs until 2020.”

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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Appeals Court overturns Bank of America’s $1.27 billion fine in ‘Hustle’ case

The United States Court of Appeals for the Second Circuit handed Bank of America a massive victory, and dealt the Department of Justice a major blow, on Monday when it overturned a $1.27 billion penalty against the megabank in a fraud case over defective mortgages sold by Countrywide. The case stems from the government suing Bank of America over Countrywide’s “Hustle” loan origination process. Click the headline for the full story. …read more

From:: Real Estate Wire

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Appeals Court overturns Bank of America’s $1.27 billion fine in ‘Hustle’ case

The United States Court of Appeals for the Second Circuit handed Bank of America a massive victory, and dealt the Department of Justice a major blow, on Monday when it overturned a $1.27 billion penalty against the megabank in a fraud case over defective mortgages sold by Countrywide. The case stems from the government suing Bank of America over Countrywide’s “Hustle” loan origination process. Click the headline for the full story. …read more

From:: Real Estate Wire

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Shanda Group buys 11.7% stake in Lending Club, sending shares sharply higher

Shanda Group has acquired an 11.7% stake in the online lender Lending Club Corp. , according to a filing with the Securities and Exchange Commission. The news sent shares of Lending Club up 6.6% in early trade Monday. Shanda Group is a Singapore-based investment company, headed by Chinese national Tianqiao Chen. The filing was dated May 11, before the news on May 16 of a Justice Department investigation of the company, which had forced its chief executive and founder to resign a week earlier. Renaud Laplanche was ousted after the company’s board uncovered improper activity in its lending process. The news sent the stock down sharply, causing it to shed about $700 million in market value in a single day. The stock has fallen 77% in the last 12 months, while the S&P 500 has lost 3.4%.

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

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Condo Financing Might Get FHA Boost

Industry consultants say that condominium homeowners associations have increasingly been seeking Federal Housing Administration certification recently.

The up tick in activity apparently in anticipation of reforms on condominiums initiated by the Department of Housing and Urban Development last November.

Last week, HUD Secretary Julian Castro said revisions to FHA rules on condos have been completed and only await final Obama administration approval.

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From:: Financing