HelloFresh buys U.S. meal-kit company Green Chef

HelloFresh SE shares rose 6.6% at the open on Wednesday after the German company late Tuesday said it has acquired privately-held U.S. organic meal-kit startup Green Chef. HelloFresh did not disclose the financial terms of the deal, but said the acquistion will drive synergies for operations, logistics and procurement. The company said it will add Green Chef’s organic and gluten-free menus into its offering.

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From:: Stock Market News

Steve Bannon oversaw Cambridge Analytica’s 2014 mining of Facebook data: report

Former Trump strategist Steve Bannon oversaw the early collection of Facebook user data for Cambridge Analytica in 2014, the Washington Post reported late Tuesday. The 2014 effort apparently tested various anti-establishment messages that later appeared in the Trump camp’s lexicon, including “drain the swamp” and “deep state,” the Post said. Bannon helped launch Cambridge Analytica in 2013 with the financial backing of conservative mega-donor Robert Mercer. Bannon was a top executive for the company until he joined the Trump campaign in August 2016. In an interview with the Post, whistleblower Chris Wylie, a former Cambridge Analytica employee, said Bannon was deeply involved with the company’s data-gathering efforts. “We had to get Bannon to approve everything at this point. Bannon was Alexander Nix’s boss,” Wylie said of the company’s CEO, who was suspended earlier Tuesday. Cambridge Analytica allegedly mined data from 50 million Facebook users without their consent for use during the 2016 presidential campaign. Facebook Inc. shares have tumbled almost 10% this week.

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Authorities say latest Austin explosion appears unrelated to serial bomber

Authorities in Austin, Texas, were responding to another explosion Tuesday night. According to a tweet from the Austin-Travis County EMS, fire and police units are responding to a “reported explosion with reports of one patient injured.” The severity of the victim’s injuries are not yet known. The ATF later tweeted that the incident was related to an incendiary device, not a package bomb, and was not believed related to the string of recent bombings. The city has been on edge over a serial bomber, who has killed two people and injured several in five incidents over the past month, including a blast early Tuesday at a FedEx facility in San Antonio.

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From:: Stock Market News

Another explosion reported in Austin, at least one injured

Authorities in Austin, Texas, were responding to another explosion Tuesday night. According to a tweet from the Austin-Travis County EMS, fire and police units are responding to a “reported explosion with reports of one patient injured.” The severity of the victim’s injuries are not yet known. While the cause is yet unknown, officials fear it may be the work of a serial bomber, who has killed two people and injured several in five bombings over the past month, including a blast early Tuesday at a FedEx facility in San Antonio.

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From:: Stock Market News

FHA Biz and Delinquency Improve, HECM Biz Spikes

Monthly residential production picked up at the Federal Housing Administration, with reverse mortgage endorsements spiking. Single-family delinquency was down, and commercial mortgage endorsements jumped.

As of Jan. 31, FHA insurance was in force on 8,614,126 residential loans for $1.3183 trillion, according to an analysis of data reported by the Department of Housing and Urban Development.

The total included $1.1699 trillion in single-family loans, $0.1474 trillion in home-equity conversion mortgages and $0.0001 trillion in Title I loans.


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From:: Financing

Nordstrom rejects acquisition bid from members of the Nordstrom family

Nordstrom Inc. said late Tuesday the special committee of the board has terminated talks with several Nordstrom family members who wanted to acquire the company and take it private. Nordstrom stock was down nearly 5% in late trading, after closing down a fraction to $49.35. The company said it couldn’t agree with the family on a price. Nordstrom stock has gained 4.2% this year, as the benchmark S&P 500 index rose 1.5%.

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From:: Stock Market News

GrafTech files for IPO

GrafTech International Ltd. filed documents late Tuesday signalling it planned to list its initial public offering on the New York Stock Exchange. The Ohio-based graphite manufacturer banked net income of $7.9 million in 2017, compared with losses of $235.8 million in the year-earlier period. Net sales were $550.8 million for 2017 up from $328 million, in the year-ago period. In the Securities and Exchange Commission filing, the company said it plans to raise $100 million, which is often a placeholder amount which it will update. J.P. Morgan and Credit Suisse acting as joint book running managers for the deal. The company plans to list under the ticker EAF.

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Mortgage Bankers Cut Q2 Purchase Forecast

Mortgage bankers have lowered their outlook for the second-quarter volume of loans made to finance a home purchase, though there was a slight bump in projected refinances.

Overall mortgage originations, including purchase financing and refinancing, is expected to work out to $346 billion during the first quarter of this year.

Production by all U.S. home lenders is then projected to reach $444 billion three months later and ascend further — to $450 billion — during the third quarter.


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From:: Financing

Take Your Branding up a Notch

By Susanne Dwyer

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From:: Real Estate News

Prothena shares surge on Celgene collaboration

Prothena Corp. shares rallied in the extended session Tuesday after the biotech company said Celgene Corp. was investing and partnering with the company on treatments for neurodegenerative diseases. Prothena shares surged 20% after hours, following a 2.1% gain to close at $33.85 in the regular session. The company said Celgene will provide it with a $100 million upfront payment and a $50 million equity investment, plus future milestone payments and royalties, to collaborate on treatments concerning three proteins, and get exclusive U.S. licensing rights to resulting drugs with an option for international rights. Celgene shares were up 0.8% after hours, following a 0.3% decline to close at $88.27 in the regular session.

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From:: Stock Market News