Weekly ARM, FHA Business Climbs, Jumbo Sinks

As new adjustable-rate and government-insured business moved higher, jumbo activity retreated. Overall mortgage business, however, was little changed.

At 179 for the week ended May 20, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily slipped 1 percent from a week earlier.

But compared to the same week last year, the index — which reflects average per-user rate locks pulled by OpenClose clients — ascended 23 percent.


…read more

From:: Financing

Viamet Pharmaceuticals pulls plans for IPO

Viamet Pharmaceuticals Holdings LLC pulled its plans for an initial public offering, according to a filing with the Securities and Exchange Commission late Friday. In a statement, Viamet said it “has determined not to pursue at this time” an IPO, nor has it sold any securities. The biotech company initially filed for an IPO in April, and in May said it was pricing 5.7 million shares at $14 to $16 apiece.

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.

…read more

From:: Stock Market News

Valeant’s senior VP Brian Stolz resigns

Brian Stolz, senior vice president of neurology, dentistry, and genetics at Valeant Pharmaceuticals International Inc. , has resigned, the company said in a late Friday filing. Stolz left to “pursue other opportunities” and the resignation is effective May 30, the company said. Shares of Valeant rose 0.2% in late trading Friday after ending the regular session up 4.6%. Valeant got a new CEO last month when Joseph Papa resigned as CEO of Perrigo Company plc to take on the job at Valeant. Valeant has been under fire over its accounting practices and drug pricing strategy, and shares are down 73% so far this year and 88% in the past 12 months.

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.

…read more

From:: Stock Market News