Foreclosures | Mortgages | Financing
Freddie Mac was out front of a month-over-month ascension in the issuance of agency mortgage-backed securities. It was a different story for Ginnie Mae.
Between Fannie Mae, Freddie Mac and Ginnie Mae, issuance of fixed-rate MBS came to $114.059 billion during November.
Activity accelerated versus one month previous, when $110.907 billion in MBS were issued on behalf of the trio of government-controlled companies.
From:: Financing
Shares of General Motors Co. slumped 1.2% in morning trade, after the auto maker said November U.S. vehicle deliveries fell 2.9% from a year ago to 245,387 units, as all brands declined. Chevrolet sales fell 1.1% to 167,777 units, while GMC sales declined 5.8%, Buick sales fell 3.0% and Cadillac sales were down 12.8%. Retail sales slipped 0.1% to 197,340 units, as declines in GMC, Buick and Cadillac retail sales offset an increase in Chevrolet sales. GM said Chevrolet retail sales rose 1.9% to 128,485 units, the best retail November performance since 2004. Total fleet sales fell 13%, as daily rental deliveries dropped 24%. GM’s stock has rallied 14% over the past three months, while the S&P 500 has gained 6.8%.
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From:: Stock Market News
Stock index futures posted a mixed open Friday, with the Dow industrials edging lower a day after powering above the 24,000 milestone for the first time. The Nasdaq lost ground amid weakness for tech shares. The S&P 500 fell less than 0.1% to 2,647.46, while the Dow was off 15 points, or 0.1%, after flipping between small gains and losses. The Nasdaq Composite shed 0.3% to 6,857.
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From:: Stock Market News
BlackBerry Ltd. said Friday the International Chamber of Commerce’s court of arbitration ruled against it in its contract dispute with Nokia Corp. . The dispute related to whether certain payments that Nokia alleged were owed to Nokia under a patent license contract between the companies. BlackBerry said the ICC’s arbitration panel awarded Nokia $137 million, which it will record as a one-time charge to earnings. “BlackBerry is disappointed that the Court of Arbitration did not agree with our arguments in the case but we accept their decision,” the cybersecurity software and handheld device maker said in a statement. BlackBerry said it would continue to pursue patent infringement claims against Nokia in suits filed in both Germany and the U.S. The stock was up 0.6% in morning trade. It has rallied 18% over the past three months, while Nokia shares have tumbled 20% and the S&P 500 has gained 6.9%.
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From:: Stock Market News
Former National Security Adviser Michael Flynn “willfully and knowingly” made false statements, according to a lawsuit by Special Counsel Robert Mueller. According to reports, Flynn will plead guilty. According to the lawsuit, Flynn falsely stated to the FBI that he didn’t ask the Russian ambassador to refrain from escalating the situation in response to sanctions the U.S. had imposed against the country, and that he didn’t recall the ambassador subsequently telling him Russia had chosen to moderate its response to those sanctions. Flynn also was charged with falsely stating he didn’t ask the Russian ambassador to delay the vote on or defeat a pending United Nations Security Council resolution and that the ambassador subsequently never described Russia’s response.
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From:: Stock Market News
Fiat Chrysler Automobiles N.V. said Friday total U.S. vehicle sales in November declined 4% from a year ago to 154,919 units, as declines in Jeep, Dodge and Ram truck sales offset a increase in Chrysler sales. Jeep sales fell 2% to 66,001 units, as drops in Patriot and Renegade model sales outweighed increases in Compass, Wrangler and Cherokee sales. Dodge sales dropped 15%, as declines in Charger, Journey and Dart sales offset increases in Caravan and Durango sales, while Ram sales fell 5% as weakness in ProMaster Van sales offset strength in ProMaster City sales. Meanwhile, Fiat sales fell 28% to 1,733 units, while Alfa Romeo sales surged to 1,440 units from 23 unit. Fiat Chrysler’s stock ticked up 0.3% in premarket trade. The stock has soared 88% year to date through Thursday, while shares of rival General Motors Co. have climbed 24% and the S&P 500 has gained 18%.
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From:: Stock Market News
The best way to avoid a possible inversion of the bond market yield curve would be for the Federal Reserve to be cautious about raising the policy rate during 2018, St. Louis Fed President James Bullard said Friday in a speech in Little Rock, Ark. The yield curve has gotten considerably flatter under Fed Chairwoman Janet Yellen’s tenure. Bullard said the yield curve is on track to invert in late 2018 if the Fed stays on the pace of rate hikes suggested in the latest dot plot and longer-term Treasury yields remain near the average since 2012. Bullard said he thought the current positive slope in the yield curve is about right and suggests the current policy rate “is also about right.”
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From:: Stock Market News
Sen. Ron Johnson, one of half a dozen holdouts, will vote for the Senate Republican tax package after securing more favorable treatment for “pass-through” entities that pay taxes through the returns of individual owner, The Wall Street Journal reported, citing an aide.
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From:: Stock Market News
Shares of Macy’s Inc. rose 0.8% in premarket trade Friday, after the department store chain said it plans to hire an additional 7,000 seasonal employees for its Macy’s stores during the holiday season, following what it said was a “great start” to the season. Macy’s had previously said it would hire 80,000 seasonal workers, which was down from 83,000 a year ago. “Due to the strong traffic in our stores, we are adding associates in our stores across the country to ensure that customers continue to receive the high level of service they have come to expect from us,” said Chief Stores Officer John Harper. “We are excited to be further expanding our seasonal workforce.” Macy’s stock has tumbled 34% year to date through Thursday, but had climbed 11% over the past three months. In comparison, the SPDR S&P Retail ETF has rallied 10% over the past three months and the S&P 500 has gained 6.9%.
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From:: Stock Market News
Blank-check company Regalwood Global Energy Ltd. priced its initial public offering at $10 a share late Thursday, selling 30 million units to raise $300 million. The shares are expected to start trading on the New York Stock Exchange later Friday under the ticker symbol “RWGEU.” Citigroup and J.P. Morgan were lead underwriters on the deal.
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From:: Stock Market News