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WASHINGTON (MarketWatch) — Russia hacked the Pentagon’s Joint Staff unclassified email system, which has been shut down and taken off line for nearly two weeks, NBC News reported, citing unnamed U.S. officials.
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From:: Stock Market News
Oil futures extended their slump Thursday, with the U.S. benchmark settling below $45 a barrel for the first time since March. Nymex WTI futures for September delivery lost 49 cents to end at $44.66 a barrel, pressured by a worldwide supply glut and concerns about global economic growth. Gasoline futures also declined, with the September contract on Nymex falling around 2 cents to $1.65 a gallon, the lowest close since February.
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From:: Stock Market News
The S&P 500 energy sector bucked the broader market trend to rally on Thursday, bolstered by Transocean Ltd. which reported better-than-projected second-quarter earnings late Wednesday. Several notable energy companies, including Diamond Offshore Drilling Inc. , Newfield Exploration Co. , and Pioneer Natural Resources Co. , also turned in results which beat expectations, defying concerns that weak energy earnings will weigh on the S&P 500. “Upside earnings surprises reported by companies in multiple sectors–led by the energy sector–accounted for the decrease in the [earnings] decline this past week,” John Butters, senior earnings analyst at FactSet, said in a report. Other big energy gainers include Chesapeake Energy Corp. which announced a lower rig count and cost reductions and Ensco PLC which posted stronger-than expected earnings recently.
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From:: Stock Market News
Gold futures finished higher Thursday as stocks tumbled a day ahead of a highly anticipated jobs report. Gold futures for August delivery settled up $4.50, or 0.4%, to 1,090.10 an ounce, after closing at $1,085.60 in the prior session. The yellow metal enjoyed some haven buying from investors as U.S. stocks, weighed down by losses in big media companies, fell sharply.
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From:: Stock Market News
Biotechnology stocks are taking a beating Thursday, as a selloff in the broad market sends investors scurrying from riskier sectors. Some chart watchers see warning signs that the sector’s long run of outperformance may finally be near an end. The SPDR S&P Biotech ETF dropped $13.52, or 5.3%, to put it on track to suffer the biggest one-day price drop in its 9 1/2-year history. Only five of the ETF’s 103 components were trading higher. Among the shares of the largest components by market capitalization, Gilead Sciences Inc. slid 2.8%, Amgen Inc. shed 4.1%, Celgene Corp. slumped 3.3%, Biogen Inc. dropped 4.9% and Regeneron Pharmaceuticals fell 1.3%. “Biotech remains a top performer–not only for 2015, but over several years at this point,” said Dan Wantrobski, technical analyst at Janney Capital Markets. “This issue on a short-term basis is the loss of momentum on the relative strength charts, where lower highs may be pointing to a topping formation ahead.” The XBI is still up 30% year to date, while the S&P 500 has edged up 1.1%. Since the end of 2009, the XBI has soared more than four fold, while the S&P 500 hasn’t quite doubled.
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From:: Stock Market News
Job-creation continued to be “anemic” in July, said Bill Dunkelberg, the chief economist for the National Federation for Independent Business on Thursday. According to a monthly survey, plans to hire improved 3 points to a net 12% on a seasonally adjusted basis in July. Job creation plans remained weakest on the East Coast. “July’s anemic jobs reading offers little to no support for a lower unemployment rate,” Dunkelberg said. The survey found 25% of all owners reported job openings in July up 1 point from the prior month, but 4 points below the highest reading for the year.
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From:: Stock Market News
In an effort to curb water usage in drought-stricken California, the California affordable housing nonprofit Chinatown Community Development Center (CDC) is going straight to the source: residents. Because capital improvements only go so far, they set up an educational program to teach residents about water conservation and started a little friendly competition.
on Mulifamily Executive
From:: Property Management
The Commodity Futures Trading Commission fined Morgan Stanley $300,000 for violating the customer protection rule for cleared swaps. The CFTC says the firm failed to maintain sufficient U.S. dollars in segregated accounts on behalf of customers in the U.S. The CFTC said the firm’s deficits ranged from approximately $5 million to approximately $265 million, at times representing more than 10% of the amount that the firm was obligated to maintain. The firm was ordered also to bolster procedures required to comply with the currency denomination requirements for cleared swaps customer collateral and to boost training and supervision of its personnel to ensure future compliance.
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From:: Stock Market News
Fitbit Inc. is poised for its worst daily percentage drop Thursday since its debut in June despite robust quarterly earnings as the maker of wearable fitness-tracking devices posted second-quarter gross margin that missed expectations. Fitbit reported gross margin of 47% when Wall Street had expected 48%, according to analyst Steven Wardell at Leerink Partners who attributed it to a mix of new products. “While a lower gross margin adversely affects earnings, we believe that at this stage of the company’s life, investors should focus primarily on topline growth instead of earnings,” he said. Wardell also pointed out that the company did not release any details on users with “at least one connection on the Fitbit social network.” Shares of Fitbit slumped 14% to $44.32.
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From:: Stock Market News
Central Florida was home to the largest share of distressed sales in May, according to the latest report from CoreLogic.
Distressed sales, which include bank repossessions and short sales, accounted for 24.6 percent of total homes sales for the Orlando-Kissimmee-Sanford area in May — the highest amont the 25 largest core-based metropolitan statistical areas.
Metro Orlando was followed by Miami-Miami Beach-Kendall with 23.3 percent, Tampa-St. Petersburg-Clearwater with 22.9 percent, Chicago-Naperville-Arlington… …read more
From:: biz journal foreclosures