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Energy stocks pulled a sudden intraday U-turn to trade broadly higher in afternoon trade Monday, as crude oil prices spiked higher in response to data showing reduced production in the U.S. and after OPEC expressed concerns over low prices. The SPDR Energy ETF jumped 1%, after being down as much as 2.5% earlier in the session. The Market Vectors Oil Services ETF shot up 29%, reversing a 2.6% loss at its intraday low. Meanwhile, October crude oil futures soared 7.6% to a one-month high of $48.66 a barrel, after being down 3.6% at an earlier low of $43.60. Among the shares of some of the more-active energy companies, Chevron Corp. and Exxon Mobil Corp. were little changed, after being down 3.1% and 2.4%, respectively, earlier in the session. Shares of Schlumberger climbed 2.2%, Transocean gained 2% and Halliburton advanced 2.2%.

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

Commodity-linked currencies like the Canadian dollar, Russian ruble and Norwegian krone turned higher against the dollar Monday as crude-oil prices rallied. The Canadian dollar reversed earlier declines to trade 0.1% higher on the day at 75.85 cents. The ruble was up 2.3% at 64 to the dollar. The krone was up 0.1% at 8.3 to the dollar. West Texas Intermediate crude, the U.S. benchmark, was up 7.5% to $48.64 in recent trade, while Brent crude, the international benchmark, was up 7% to $53.55 a barrel. All three currencies weakened against the dollar over the past month as crude prices fell to levels not seen since 2009.

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

United Technologies Corp.’s stock slid 1% in midday trade Monday, after Barclays downgraded the industrial conglomerate to equal weight from overweight, citing mounting pressures in its aerospace and Otis China businesses. Analyst Carter Copeland slashed his stock price target to $100 from $120. That’s the lowest target he’s had on the stock since March 2013. Copeland said the fact that the company’s Otis China business faces growing volume pressures has already been known, but now currency headwinds “will pressure the few pockets of growth that helped partially offset declines.” He remains concerned about the 2015 margin performance at its aerospace systems business, expects further cuts to earnings expectations for 2016 and is worried about the uncertainty of earnings growth in 2017. The stock has tumbled 20% year to date, while the Dow Jones Industrial Average has lost 6.9%.

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

The Organization of the Petroleum Exporting Countries on Monday expressed concern about the drop in oil prices and said it stands “ready to talk” to other producers. In an article in its monthly bulletin, OPEC expressed concern that sustained low prices could take a toll on projects aimed at expanding capacity, but also sounded an optimistic note on forecasts for oil demand. The organization said it would continue to do “all in its power” to create an enviroment that would allow the oil market to achieve “equilibrium with fair and reasonable prices.” OPEC said it “stands ready to talk to all other producers. But this has to be on a level playing field.” The organization said it would “protect its own interests” but that cooperation “is and will always remain the key to oil’s future and that is why dialogue among the main stakeholders is so important going forward.” Nymex October crude-oil futures were up more than 6% at $47.98 a barrel.

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

J.C. Penney Co. Inc.’s stock surged 3.6% in midday trade, after the department store was upgraded to buy from hold at Deutsche Bank. The stock has run up 12% over the past month, while the S&P 500 has declined about 5.7%. The firm credits J.C. Penney for having a solid merchandising team, the right brands and the appropriate inventory levels for key items. Deutsche Bank made the upgrade based on Chief Executive Marvin Ellison’s moves towards optimizing pricing, the supply chain, IT, and reducing corporate redundancies. In-store features, such as a new footwear presentation and the continued success of the Sephora offering were also encouraging. The firm also raised J.C. Penney’s price target to $12 from $10.

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

Oil futures spiked sharply higher Monday after the U.S. Energy Information Administration reported a decline in monthly domestic crude production. It pegged June output at 9.3 million barrels a day compared with 9.4 million barrels a day in May. A separate report released earlier Monday by the EIA had already hinted at the production decline but the full report detailed information on state output. October oil traded at $47.44 a barrel on the New York Mercantile Exchange, up $2.22, or 4.9%, rebounding from lows under $44 a barrel.

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

A federal judge will decide later this week whether the National Football League can suspend New England Patriots quarterback Tom Brady for four games over “Deflategate”. The two sides said Monday they hadn’t reached a settlement in the dispute over underinflated footballs used in the AFC Championship Game earlier this year. U.S. District Court Judge Richard Berman said he could issue his ruling in the next day or two, and “certainly before Friday,” the New York Daily News reported.

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From:: Stock Market News

By Brian Bandell

Priderock Capital Partners’ strategy of buying the Villas at Lauderhill out of foreclosure and renovating the property paid off big as the 405-unit apartment community was sold for $44.75 million.

CP-PRCP Lauderhill I LLC, an affiliate of West Palm Beach-based Priderock Capital Partners, acquired the property at 2360 N.W. 56th Ave. in 2008 after purchasing a $20.9 million foreclosure judgment at a discount. It extensively renovated the property, which had been damaged so badly by Hurricane Wilma… …read more

From:: biz journal foreclosures

Shares of Goldman Sachs Group Inc. climbed 0.7% and Morgan Stanley jumped 1.7% in morning trade Monday, bucking the selloff in the broader market, after Evercore ISI upgraded the brokers, saying the recent selloff in the stock have made their valuations attractive. The S&P 500 was down 0.6%. Analyst Glenn Schorr raised his ratings on both brokers to buy from hold, bringing their ratings in line with the other banks/brokers he covers. “When you feel like crying, it’s time to start buying,” Schorr wrote in a note to clients. Over the past three months, Goldman’s stock has lost 7.9% and Morgan Stanley’s has dropped 11%, while the SPDR Financial ETF has declined 6.9% and the S&P 500 has shed 6.2%. “While the third quarter could be a tough one given the beat down in global equity markets, wider credit spreads, lower oil prices and seasonality in underwriting, it ain’t over yet as the bright side to the recent pick up in volatility has been higher trading volumes in fixed income and equities and even retail got a boost in what is typically…the slowest summer month,” Schorr wrote. Separately, Schorr had upgraded J.P. Morgan Chase and Bank of America to buys in January 2015, and placed a buy rating on Citigroup in October 2014.

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

Shares of Sunrun Inc. got a buy rating from Credit Suisse on Monday, with analysts at the bank setting a $20 price target for the residential solar installer’s stock. San Francisco-based Sunrun is “well positioned to outgrow (the residential solar leasing market) and generate above-peer returns in the long term,” thanks to its capital-efficient growth, multi-channel strategy, and broad reach, the analysts said. Shares of Sunrun rose 1.9% on Monday to trade at $11.84, 15% below its Aug. 5 IPO price of $14 a share.

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