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Apple Inc. shares fell almost 5% Tuesday after the Chinese government devalued the yuan which will make imports such as the iPhone more expensive. The stock’s price target was also lowered at Jefferies from $130 to $135 on worries about how the devaluation would affect Apple’s sales in China. Other companies with significant presence in China were also lower. Of the 20 stocks identified by Goldman Sachs as having big China exposure, 19 were trading in the red, including Skyworks Solutions Inc. , Wynn Resorts Ltd. , and Qualcomm Inc. . The three companies derive more than 60% of their sales from China.

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

Twitter Inc. received 52% more government requests for account information for the first half of 2015, marking the largest increase in requests since Twitter began releasing the numbers in 2012. The increased number of requests affected 78% more users, which includes users on Twitter, Periscope and Vine, than the previous reporting period, Twitter said. Most of the requests came from the United States, at 56% of total requests, followed by Japan, at 10% and Turkey at 9%. The United Kingdom had the fourth most requests with 7% of total requests. Content removal requests also increased 26%. Twitter said it notifies users about the account information requests unless it is prohibited or there’s an exception to its user notice policy.

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From:: Stock Market News

Etsy Inc. shares were up 7% in mid-day trade Tuesday, bringing the stock gains for the company to 14% this week. Shares of Etsy fell 22% last week after it missed earnings expectations, causing the stock to trade below its IPO price of $15.03. Etsy was trading at $15.20 Tuesday. Etsy shares have fallen 27% in the last three months compared with the S&P 500’s loss of 1%.

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From:: Stock Market News

The Chicago Sun-Times is reporting that Mayor Rahm Emanuel and the National Football League will announce within the hour that the league’s glitzy, multiday player draft is returning to Chicago for a second year. When the event was held in Chicago this spring, it marked the first time in more than a half-century that any city other than New York had played host. The 2016 spectacle is reportedly set to run April 28-30. The Chicago Tribune has reported that 200,000 visitors attended a free fan festival tied to the 2015 draft and noted that a university study pegged the draft’s direct economic impact on Chicago at nearly $44 million, including hotel and restaurant revenue, sales-tax revenue and temporary jobs created.

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

Apple Inc.’s price target was trimmed to $130 from $135 at Jefferies due to the company’s exposure to China, which moved to devalue its currency on Tuesday. Analyst Sundeep Bajikar, who maintained a hold rating on the stock, said the reduced target accounts for macro demand uncertainty for the iPhone, primarily in China, and incremental loss of investor confidence in Apple’s ability to grow. The stock fell 3.5% to $115.45 in recent trade, putting it on track for its third decline of more than 3% in the last month. Apple has the second-most exposure to China of the 30 components in the Dow Jones Industrial Average, with more than 16% of its revenue coming from the region, which recently surpassed the U.S. as the world’s largest iPhone market, according to Factset. While Bajikar said he remains optimistic about Apple’s ability to increase its iPhone share in China, he said industry watchers have become “somewhat concerned” by the recent stock-market headwinds in China. “Unless Apple can deliver meaningful progress in brand fortification through new product categories such as Watch, iPad Pro, Car, or Cloud Services, or further increase cash returns to investors, the stock would remain at the mercy of iPhone/China sentiment near-term,” he said in a note to clients. “A selloff would make the stock incrementally more attractive to us.”

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From:: Stock Market News

WASHINGTON (MarketWatch) — Wholesale inventories jumped a seasonally adjusted 0.9% in June, the Commerce Department said Tuesday, though May levels were revised lower by 0.2% to show a 0.6% gain. The gain in inventories during June was led by motor vehicle and motor vehicle parts and supplies, which rose 2%, and offset a 2.1% fall in computer and computer peripheral equipment and software. The June ratio of inventories to sales was 1.3.

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From:: Stock Market News

By Amanda Hoyle

Durham real estate investment firm The Dilweg Companies on Monday closed on its joint venture purchase of three bank-owned office buildings in Atlanta’s North Fulton submarket for a combined price of $85.25 million.

The seller of the three buildings in the Royal 400 office park, was an affiliate of Wells Fargo bank, which had taken ownership of the buildings through foreclosure in 2013.

According to The Dilweg Cos., the acquisition was completed in partnership with New York Life Real Estate Investors,… …read more

From:: biz journal foreclosures

WASHINGTON (MarketWatch) — The median existing single-family home price rose in 93% of 176 metropolitan areas during the second quarter, the National Association of Realtors reported Tuesday. That’s up from 85% of metro areas in the first quarter. The price rose 8.2% compared to the second-quarter of 2014 to $229,400. The five most expensive housing markets in the second quarter were the San Jose, Calif., metro area, where the median existing single-family price was $980,000; San Francisco, $841,600; Anaheim-Santa Ana, Calif., $685,700; Honolulu, $698,600; and San Diego, $547,800. The five lowest-cost metro areas in the second quarter were Cumberland, Md., where the median single-family home price was $82,400; Youngstown-Warren-Boardman, Ohio, $85,000; Rockford, Ill., $94,700; Decatur, Ill., $96,000; and Elmira, N.Y., $98,300.

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From:: Stock Market News

Stocks of luxury goods makers from handbags to shoes and accessories fell sharply Tuesday, as investors reacted to the news that China had devalued the yuan, a move expected to hurt those companies that make a large part of their revenue in China. Salvatore Ferragamo SpA shares led the rout, falling 5.3%. China is Ferragamo’s biggest market, accounting for 19.5% of overall revenue, according to FactSet data. Shoemaker Tod’s SpA , also listed in Milan, was down 3.8%. China is Tod’s second-biggest market after Italy, accounting for 21.6% of sales, according to FactSet. Gucci parent Kering SA [s:fr:ker] was down 3.3% in Paris. China is Kering’s second-biggest market after the U.S., accounting for 13.5% of overall sales, according to FactSet. LVMH shares were down 5%. China is that company’s second-biggest market with a 15.2% market share. Coach Inc. shares shed 1.6%. China is Coach’s third-biggest market, accounting for 7.3% of revenue, according to FactSet.

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From:: Stock Market News

After a lengthy round of talks, Greece and its international creditors on Tuesday agreed on the terms of a multi-billion-euro bailout to save the debt-laden country from bankruptcy. The aid package will be worth up to 85 billion euros ($94.14 billion) in fresh loans over the next three years, an official from the Greek Finance Ministry told Reuters. But before the first tranche of money can be disbursed, there are several hurdles that need to be overcome. Tuesday afternoon, European Commission president Jean-Claude Juncker is expected to speak with German chancellor Angela Merkel and French president François Hollande, while EU deputy finance ministers will discuss the deal on a conference call. On Thursday, the Greek parliament is expected to vote on the aid agreement, which is unpopular among many members of the anti-austerity Syriza party. The Eurogroup of eurozone finance ministers will meet Friday to approve the pact. And finally, several national parliaments also have to sign off on the aid package. Athens has to repay 3.2 billion euros in bond payments to the European Central Bank on Aug. 20 and is hoping to get the bailout money by then.

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From:: Stock Market News