A California real estate agent is under arrest in Arkansas after state police found more than 250 pounds of “high grade” marijuana hidden in a trailer attached to the truck she was driving last week. …read more
From:: Real Estate Wire
WTI oil settles back under $30 a barrel
Oil futures fell Monday to settle below $30 a barrel, pressured by ongoing fears about the global oversupply of crude and a lack of action among major producers to cut output. March West Texas Intermediate crude finished at $29.69 a barrel on the New York Mercantile Exchange, down $1.20, or 3.9%. That was the lowest finish since Jan. 21.
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From:: Stock Market News
Quicken Loans Super Bowl ad strikes wrong nerve with Twitteratti and journalists
By jgaffney@housingwire.com In its first-ever Super Bowl commercial, Detroit-based Quicken Loans created a 60-second TV spot, which showcases Rocket Mortgage, its fully online mortgage. It aired to the massive audience, many of whom then promptly proceeded to fuel bombastic panic on Twitter, claiming that Rocket Mortgage will lead to the housing crisis redux. …read more
From:: Real Estate Wire
Gold futures mark highest settlement since June
Gold futures jumped 3.5% on Monday to settle at their highest level since June as sharp losses in the U.S. stock market helped to lift the metal’s investment appeal. April gold rose $40.20 to settle at $1,197.90 an ounce on Comex, after tapping an intraday high of $1,201.40. The settlement was the highest since June 19, 2015, when prices settled above $1,201.90.
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From:: Stock Market News
Yelp fourth-quarter earnings beat, CFO announces departure
Yelp. Inc. said it had a fourth quarter net loss of $22.2 million, or 29 cents per share, after income of $32.7 million, or 42 cents per share for the same period last year. Adjusted earnings were 11 cents per share. The FactSet consensus expected a loss of 3 cents per share. Revenue for the quarter was $153.7 million, up from $109.9 million last year. The FactSet consensus was for $152 million. The company said it had a 38% increase in the number of unique mobile devices accessing the Yelp app, to 20 million. The company also announced that its chief financial officer, Rob Krolik, will leave the company. He will stay on until a replacement is found, or until Dec. 15, 2016, whichever is earlier. He has been with the company since 2011. Yelp says it expects first-quarter revenue between $154 million and $157 million within range of the $154.3 million FactSet consensus. For the full year, the company expects revenue between $685 million and $700 million, also within range of the $687.5 million FactSet consensus. Yelp shares are down 6.4% in Monday trading, and down 59.2% for the past 12 months. The S&P 500 is down 10.6% for the past year.
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From:: Stock Market News
Wells Fargo settles mortgage kickback class action lawsuit for $16.2 million
Wells Fargo will pay more than $16 million to settle a class action lawsuit brought against the megabank by more than 9,000 customers of Genuine Title, who accused the bank of accepting kickbacks from Genuine Title in in exchange for business referrals. …read more
From:: Real Estate Wire
GoPro stock soars despite huge market selloff
Shares of GoPro Inc. soared as much as 16% on Monday, bucking a huge market selloff. The rally is extended from news late Friday that the company struck a patent licensing agreement with Microsoft Corp. . The two were very secretive about the details of the partnership, saying only that the deal includes “certain file storage and other system technologies.” The rest of it has been deemed confidential. Shares of GoPro are still down 55% over the last three months and 76% on the year. They traded around $11.44 in early-afternoon trade. Shares of Microsoft fell 2.1% to $49.07 in afternoon trade. The Dow Jones Industrial Average was down 300 points.
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From:: Stock Market News
Chesapeake says not planning bankruptcy as shares halted down 50.7%
Chesapeake Energy Corp. sought to reassure investors Monday with a short statement clarifying that it is not planning to pursue bankruptcy. The statement came as the stock was halted down 50.7% at $1.51. The company said Kirkland & Ellis LLP is advising it on ways to strengthen its balance sheet, but added that the firm has acted as counsel since 2010 and is not a new hire. “Chesapeake currently has no plans to pursue bankruptcy and is aggressively seeking to maximize value for all shareholders,” said the statement. The second-largest producer of natural gas and 12th largest producer of oil and natural gas liquids in the U.S. has been battered by the falling oil price. Its shares have fallen 92% in the last 12 months, while the S&P 500 is down 10.5%.
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From:: Stock Market News
U.S. stocks open sharply lower; Dow drops 185 points
U.S. stocks opened sharply lower on Monday, led by losses in technology and consumer discretionary sectors. The Nasdaq Composite began the day with sharp losses, down 82 points, or 1.9%, at 4,530. Meanwhile, weaker oil prices put pressure on energy companies. The S&P 500 opened 22 points, or 1.2%, lower at 1,857. The Dow Jones Industrial Average was down 185 points, or 1.2%, at 16,014 at the open.
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From:: Stock Market News
Cisco stock upgraded ahead of earnings
Cisco Systems Inc. was upgraded to neutral from sell at Macquarie Research on Monday ahead of the company’s quarterly earnings results on Thursday. While the bank said it still has long-term fundamental concerns about the industry and the impact to Cisco’s routing and datacenter switching business, it said it’s “hard to see significant further downside from a financial perspective,” given the recent sell-off in Cisco’s shares, and believes the company has an adequate free cash flow cushion to maintain and grow its dividend. Macquarie maintained a $26 12-month price target on the stock. Shares of Cisco fell 2.3% to $22.37 in premarket trade. They have declined 20% over the last three months, versus a 10% decline for the Dow Jones Industrial Average.
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From:: Stock Market News