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Walter Investment Files Bankruptcy

Walter Investment Management Corp. has filed for bankruptcy as expected. The company hopes to wipe out nearly $1 billion in outstanding debt.

On Thursday, the Fort Washington, Pennsylvania-based firm disclosed that it filed a voluntary chapter 11 petition in U.S. Bankruptcy Court for the Southern District of New York.

Walter had previously revealed in October that it had reached agreements with creditors to file bankruptcy and cut its outstanding corporate debt by $700 million.

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Gold prices finish higher, but still logs a second-straight weekly loss

Gold prices settled higher Friday, but still logged a loss for a second week in a row. Prices had climbed to highs above $1,292 after former U.S. national-security adviser, Michael Flynn, pleaded guilty to lying to the FBI. The news rattled investors’ nerves, raising demand for haven gold. February gold climbed $5.60, or 0.4%, to settle at $1,282.30 an ounce. The contract posted a weekly decline of 0.7%.

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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Lawmakers seek to block new restrictions on ‘payday’ lenders

A group of lawmakers in the House, including several prominent Democrats, introduced a bill to block a rule that would make it harder for Americans to obtain short-term loans from “payday lenders. These lenders make money available at high interest rates to millions of customers who typically are poor or have shaky credit. The Consumer Financial Protection Bureau adopted a controversial rule last month that could put many payday lenders out of business or sharply curtail their businesses. The CFPB contends payday loans take advantage of borrowers and put them into deeper debt. Yet critics, including some Democrats, say the new CFPB rules go too far. In many cases borrowers unable to procure loans or cash checks at traditional banks would have no where else to turn if they could not go to a payday lender, critics contend.

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

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Lannett shares jump 8% on news it will be exclusive distributor of beta-blocker Toprol-XL

Shares of generic drug maker Lannett Co. Inc. surged 8% Friday, after the company’s said it has reached an exclusive agreement with Aralez Pharmaceuticals Inc. to distribute that company’s authorized generic version of Toprol-XL tablets in 25 mg, 50 mg, 100 mg and 200 mg dosages Toprol is a beta-blocker used as a treatment for high blood pressure, angina and heart failure. “Metoprolol Succinate is a widely prescribed medication and will be an important addition to our cardiovascular product offering,” Lannett Chief Executive Arthur Bedrosian said in a statment. Raymond James analyst Elliot Wilbur said the company is continuing a winning streak. “Given the unique nature of the respective market, we believe there exists an upside scenario for Lannett than simply what’s currently on the paper,” Wilbur wrote in a note. “Management has been on a nothing-but-execution mode since it introduced slightly better-than-expected FY18 guidance framework in August.” Raymond James views Lannett stock as undervalued, given its strong position to benefit from “favorable product-specific dynamics in 2018”. Wilbur reiterated an outperform rating on the stock, which has gained 30% in 2017, while the S&P 500 has gained 18%.

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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Baker Hughes reports a second-straight rise in the weekly U.S. oil-rig count

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil was up 2 at 749 this week. The number of U.S. oil rigs climbed by 9 last week. The total active U.S. rig count, which includes oil and natural-gas rigs, added 6 to 929, according to Baker Hughes. January West Texas Intermediate crude was up 75 cents, or 1.3%, from Thursday, to $58.15 a barrel. Prices traded at $58.34 shortly before the rig data.

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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8-Year Low for CMBS Delinquency

A big drop in late payments on securitized commercial real estate loans left the rate at a more than eight-year low. Hotel loans had the largest decrease.

October 2017 concluded with a 30-day rate of delinquency on loans that are included commercial mortgage-backed securities of 2.68 percent.

It turns out that October’s rate was the lowest delinquency rate for securitized CRE loans since May 2009, when it was previously reported at 2.275 percent.

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Wells Fargo Could Face OCC Cease-and-Desist Order

Wells Fargo & Co. has reportedly been warned by the Office of the Comptroller of the Currency that it could face a cease-and-desist order for bad home and auto lending practices.

The San Francisco-based bank-holding company in October announced plans to issue refunds to consumers who paid fees for mortgage rate lock extensions but shouldn’t have.

Wells Fargo’s acknowledgment followed last year’s scandal in which it fired thousands of employees for creating new accounts without the knowledge of its customers.

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Treasurys extend rally after report Flynn will testify about Trump

Treasury prices extended their initial climb, pulling yields lower, on Friday after ABC News reported that former National Security Adviser Michael Flynn was prepared to testify about President Donald Trump. Bonds tend to attract safe-haven flows during bouts of market turmoil. The 10-year note yield fell 6.7 basis points to 2.343%. The 2-year note yield ticked down 2.4 basis points to 1.766%. The 30-year bond yield plummeted 8.8 basis points to 2.740%. Bond prices move in the opposite direction of yields.

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

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U.S. stocks turn lower following reports Flynn will testify about Trump

U.S. stocks fell sharply on Friday, turning lower in midday trading following reports that Michael Flynn will testify about President Donald Trump. The Dow Jones Industrial Average fell 162 points, or 0.7%, to 24,116. The S&P 500 lost 18 points to 2,630, a drop of 0.6%. The Nasdaq Composite Index was down 52 points, or 0.8%, to 6,821. Trading was extremely volatile following the results, and the decline represented a modest rebound off session lows hit in the immediate aftermath of the report. Prior to the news, stocks had traded in positive territory, with major indexes near records. The decline was broad based, with nine of the 11 primary S&P 500 sectors down on the day. Industrial stocks were the biggest decliners, off 1.1%, while technology fell 1%. ABC News reported that Flynn, the former national security adviser, would testify about Trump. Earlier, Flynn was charged with lying to the FBI about conversations he had with the Russian ambassador. According to reports, Flynn will plead guilty.

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