Foreclosures | Mortgages | Financing
The successful resolution of commercial real estate loans securitized in 2006 was behind a drop in delinquency. But hotel loans didn’t participate in the improvement.
On loans that are included in commercial mortgage-backed securities, delinquency of at least 60 days concluded November at 6.30 percent.
CMBS loan performance improved compared to the preceding month, with the 60-day delinquency rate retreated 4 basis points.
From:: Financing
Gold futures finished higher on Wednesday, logging a fifth-straight day of gains while metals and commodities overall attracted bids. February gold rose $3.90, or 0.3%, at $1,291.40 an ounce, adding to its previous session gains when it hit a 2 1/2-year high. The move was supported partly by weakness in the greenback, with the ICE U.S. Dollar Index down about 0.3%. Because many commodities are priced in dollars, a weaker greenback can be supportive to a climb in metals’ prices. Meanwhile, industrial metals also enjoyed gains, highlighted by high-grade copper for March delivery adding to its more than four-year high, on the back of reports of increased demand from China, the world’s second-largest economy.
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From:: Stock Market News
United Parcel Service Inc. says National Returns Day is expected to take place on Jan. 3, when returns will hit a peak of 1.4 million packages, a fifth consecutive annual record, up 8% from last year. E-commerce sales on Black Friday and through the following week set the holiday returns season in motion, and in Dec. 2017, shoppers returned more than 1 million packages daily. Those returns are part of a total 750 million packages UPS expects to deliver between Thanksgiving and New Year’s Eve. UPS shares are up 2.4% for the past year while the S&P 500 index is up 18.2% for the period.
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From:: Stock Market News
Shares of biotech Celgene Corp. slid 2% Wednesday, after Bernstein downgraded them to market perform and said pipeline setbacks have crushed much of the stock’s potential upside. Celgene said last week a trial of cancer treatment Revlimid as a treatment for follicular lymphoma failed to meet its main goals. The drug, which currently accounts for $8.2 billion of Celgene’s sales, was expected to grow to $13.8 billion by 2023, partly because of its use in treating that condition. “We were quite bullish on this potential, modeling $16B by 2022 (of which $3-$4B were for follicular lymphoma),” Bernstein analysts wrote in a note. The news comes after Celgene announced plans to abandon 3 clinical trials for its GED-0301 therapy in Crohn’s disease, shedding a part of its inflammation and immunology portfolio that was viewed as having strong potential. Celgene paid $710 million upfront for GED-0301 in 2014 – making the decision a major blow. “Part of the excitement around Celgene is the ‘bet on innovation’- CELG focuses on identifying promising targets early and is not afraid to invest heavily to obtain them,” wrote Bernstein analysts. “However, some of that shine has eroded recently.” Celgene shares have fallen 9% in 2017, while the S&P 500 has gained about 20%.
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From:: Stock Market News
The founder of Stearns Lending LLC has sold his home located in a wealthy Orange County, California, enclave for nearly $20 million.
Before founding the Santa Ana, California-based firm in 1989, Glenn B. Stearns says he was dyslexic, failed fourth grade, fathered a child at age 14, had a drinking problem and wound up in jail.
But Stearns — who along with his wife Mindy has repeatedly been honored for community service and philanthropy — overcame those obstacles and founded Stearns Lending at the age of 25.
From:: Financing
Multiple home price indices indicate that monthly values continued to rise in October. The strongest increases are no longer limited to the West. But one estimate has a decline for November.
At 203.84, the Case-Shiller 20-City Composite Home Price Index for the month of October turned out to be 0.2 percent higher than one month previous.
In addition, the index — a snapshot of U.S. home values that is based on a value-weighted average in 20 metropolitan areas — has risen 6.4 percent from the same month last year.
From:: Financing
Yum China Holdings Inc. announced that it is opening two new Taco Bell restaurants in Shanghai, one in Wu Jiao Chang, a premium shopping mall, and one in the coming days in Feng Sheng Li, a shopping district. The first Taco Bell opened in Shanghai earlier this year in the Lujiazui area. The company is introducing a new dinner menu exclusive to China that includes the ribeye steak and mushroom taco and beef kebab nachos, and the new restaurants will serve alcohol. The new restaurants will also have table service. Taco Bell has more than 7,000 restaurants around the world, with nearly 400 in 26 countries outside the U.S. Yum China shares are up more than 52% for the past year. Yum Brands Inc. , whose portfolio also include Pizza Hut and KFC, has seen shares rise nearly 28% for the last 12 months. The S&P 500 index is up 18.2% for the period.
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From:: Stock Market News
Stock indexes rose on Wednesday, but traded in a tight range without a fresh spark for driving shares either up or down. The Dow Jones Industrial Average advanced 4 points to 24751. The S&P 500 was up a point to 2682. The Nasdaq Composite Index was flat at 6935. The Dow is trying to avoid a three-day drop, which would represent its longest skid since Sep. 26. In corporate news, General Electric shares led blue-chip gainers, up 0.8%.
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From:: Stock Market News
Apple Inc. still commands the bulk of smartphone industry profits, though its share dwindled in the third quarter, according to analysts at Counterpoint Research. They wrote Wednesday that Apple garnered 60% of global smartphone-industry profits in the third quarter, down from 86% a year ago. The firm said the company’s lost profit share was mainly due to a growing portion of older iPhone models sold during the period. Cutting into Apple’s share was Samsung Electronics Co. , which fielded a stronger handset lineup than it did a year earlier. The Galaxy Note 8 line helped Samsung capture 26% of industry profits, according to Counterpoint. In 2017, Samsung didn’t capture any profit share after having to recall its Galaxy Note 7. Chinese handset makers Huawei Technologies Co., Oppo Electronics, and Vivo rounded out the top five in Counterpoint’s analysis, each with less than 5% share of handset profits. Apple shares are down 0.4% in Wednesday morning trading, but the stock is up 47% so far this year. The Dow Jones Industrial Average has gained 27% in 2017.
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From:: Stock Market News
Horizon Pharma Plc shares climbed more than 3% in premarket trade Wednesday, after the company said it has received U.S. Food and Drug Administration approval to expand the indication for its treatment for nephropathic cystinosis, a rare, life-threatening metabolic disorder. The approval means the company’s Procysbi delayed-release tablets can be prescribed for children as young as one year of age and older. Procysbi was previously approved for children as young as two years old. The approval was based on data from a new study involving 17 people living with the disease, including 15 chlidren aged from 1 to 5 years.
Press Release: Horizon Pharma plc Announces FDA Approval to Expand the Indication for PROCYSBI(R) (cysteamine bitartrate) Delayed-Release Capsules to Include Children One Year of Age and Older Living with Nephropathic Cystinosis
Horizon Pharma plc Announces FDA Approval to Expand the Indication for PROCYSBI(R) (cysteamine bitartrate) Delayed-Release Capsules to Include Children One Year of Age and Older Living with Nephropathic Cystinosis
DUBLIN, Ireland, Dec. 27, 2017 (GLOBE NEWSWIRE) — Horizon Pharma plc (NASDAQ:HZNP) today announced the U.S. Food and Drug Administration (FDA) has approved an expansion to the indication for PROCYSBI(R) (cysteamine bitartrate) delayed-release capsules to include children one year of age and older living with nephropathic cystinosis. With this update to the indication, the PROCYSBI prescribing information now includes revised guidance for physicians administering the medicine to pediatric patients, including new clinical evidence and dosing information for very young children. PROCYSBI was previously FDA-approved for adults and children as young as two years of age. Nephropathic cystinosis can cause multi-organ failure, including kideny failure, blindness and muscle wasting. Horizon Pharma shares have fallen about 8% in 2017 through Tuesday, while the S&P 500 has gained about 20%.
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From:: Stock Market News