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Mortgage Biz Up, ARM Share Widest in 20 Months

Driven primarily by refinances, weekly new mortgage business moved up from the holiday week. The share of adjustable-rate mortgage activity reached the highest level in 20 months.

During the week ended Sept. 15, the U.S. Mortgage Market Index from Mortgage Daily — an indication of upcoming loan originations based on per-user rate-lock volume at OpenClose — was 143.

The index climbed 8 percent from the prior week. No adjustments were made to the index for the Labor Day holiday. Compared to the same week last year, the index fell 14 percent.

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From:: Financing

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U.S. stocks end higher, close out strong week of gains

U.S. stocks closed higher on Friday, with technology, financials, and telecommunication shares leading the way higher. The Dow Jones Industrial Average rose 64.86 points, or 0.3%, to 22,268.34. The S&P 500 index gained 4.61 points to 2,500.23, up 0.2%. The Nasdaq Composite Index rose 19.38 points, or 0.3%, to 6,448.47. The S&P 500 and the Dow finished at records, while the Nasdaq Composite missed its all-time high, last achieved Sept. 13, by about 12 points. For the week, the Dow rose 2.2%, the S&P advanced 1.6%, and the Nasdaq climbed 1.4%. Semiconductors were among the strongest of the day, with the sector up 1.8%. Among the notable movers, Nvidia Corp. rose 6.3% while Advanced Micro Devices was up 2.1%.

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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Heads roll at Equifax: Chief information officer, chief security officer “retire” immediately

Heads have officially started rolling at Equifax. Last week, the credit reporting agency revealed a massive data breach that exposed the personal information of 143 million U.S. consumers to hackers. And now, two of the executives charged with the security of Equifax’s credit data are no longer employed by the company. Click the headline to read more. …read more

From:: Real Estate Wire

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Cloudera announces follow-on offering of shares

Cloudera Inc. said late Friday it plans a follow-on offering of its shares, according to a filing with the Securities and Exchange Commission. The open-source software company started trading publicly in late April. Cloudera said it does not yet know how many shares will be available in the offering, but said a portion will be sold by existing shareholders and a portion will be sold by the company. Proceeds received by Cloudera will be used to pay taxes on stock awards, the company said. Shares of Cloudera declined 0.7% to $18.25 after hours.

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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CarGurus seeks up to $100 million in initial public offering

CarGurus Inc. hopes to raise up to $100 million in an initial public offering, according to a Securities and Exchange Commission filing late Friday. The search company uses algorithms and data analytics to find its users deals on new and used cars. The company reported full-year revenue of $198.1 million and a per-share loss of 58 cents a share in 2016. Goldman Sachs, Allen & Co. and RBC Capital Markets are listed among the underwriters. The company plans to list on the Nasdaq under the ticker symbol “CARG.”

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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Neos Therapeutics shares fall after FDA approves new formulation of ADHD drug

Shares of Neos Therapeutics Inc. fell more than 5% late Friday after the pharmaceutical company said the U.S. Food and Drug Administration has approved one of its extended-release drugs for Attention Deficit Hyperactive Disorder in an oral-suspension form. “This FDA approval unlocks yet another treatment option for ADHD patients and their caregivers who are seeking a liquid extended-release amphetamine product and provides a different dosage form of our already-approved Adzenys XR-ODT,” Neos Therapeutics Chief Vipin K. Garg said in a statement. The FDA has aproved three ADHD drugs by Neos in two years, which “speaks to the strength of our technology platform,” he said. The new formulation is expected to be commercially launched in early 2018, the company said. The shares ended the regular trading day up 2.2%.

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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S&P raises Portugal credit rating to investment-grade

S&P Global Ratings hiked Portugal’s credit rating one notch to BBB-, returning it to “investment-grade” status. Large institutional investors like pension funds may be required to abstain from buying bonds ranked below investment-grade. The ratings company boosted the country’s growth forecast to an annual 2% between 2017 and 2020. The rating change also reflects “solid progress [Portugal] has made in reducing its budget deficit.”

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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AVMs, Appraisal Tools Among New Valuation Offerings

Several new appraisal products include an automated valuation model, an appraisal ordering tool and a service that compares multiple appraisals.

Value Report is now being offered by Pittsburgh-based Independent Settlement Services, according to an Aug 8 news release.

The AVM provides instant property valuation, market risk assessment and real estate market data for a single property or entire portfolios.

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From:: Financing