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Nina Garcia named editor of Elle, replacing Robbie Myers

One day after announcing the departure of longtime editor-in-chief Robbie Myers, Hearst Corp. announced Tuesday that Nina Garcia would take over Elle magazine. Garcia has been the creative director at Hearst’s Marie Claire since 2012, and is a longtime judge on the fashion reality show “Project Runway.” Myers, who had led Elle since 2000, shocked the fashion world when she announced her departure Monday. Her last day will be Friday, and Garcia will start Monday. “Nina embodies all the qualities of a modern editor-in-chief,” Hearst Magazines President David Carey said in a statement. “She’s an important authority in fashion, respected by her peers for her personal style, her ability to spot talent and her deep relationships across the industry.”

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Time magazine editor-in-chief Nancy Gibbs stepping down

Time Inc. announced Tuesday that Nancy Gibbs is stepping down as editor-in-chief of Time magazine at the end of the year. A successor is expected to be named soon, Time said. Gibbs has spent 32 years working at Time, including four as the magazine’s first female editor-in-chief. Gibbs is credited with revamping Time’s digital operations that has doubled the magazine’s overall audience under her tenure. “Nancy successfully ushered Time into a new era,” the company said in a statement. “She is leaving Time in a strong position, with the biggest audience in its history and more innovations ahead.” Gibbs said she’s “grateful for every single day I’ve spent at Time, but it’s time for another chapter.” Time shares are down 4% in the past three months, and down 25% year to date, compared to the S&P 500’s gains of 3% and 12%, respectively.

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Mortgage Hirings Slow, But Continue

Although mortgage-related hirings have been recently declining, several thousand veterans have been hired by a bank, and one firm is adding a thousand jobs in the Grand Canyon State.

Each month, Mortgage Daily estimates total mortgage industry employment based on non-bank data from the Bureau of Labor Statistics. The latest estimate was 740,100 jobs as of July.

Mortgage job count declined from an estimated 741,200 in June. It was the first drop in mortgage staffing since February, when the estimated total was calculated to be 720,400.

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Gundlach says 10-year Treasury yield is too low

Bond guru Jeffrey Gundlach, founder of DoubleLine Capital, said the 10-year Treasury yield was too low in a Tuesday webcast. He attributed his bearish stance to the current state of the U.S. economy and the Federal Reserve’s plans to raise rates. “I just don’t like 10-year Treasurys at this level, they don’t have any business being down here,” he said. Bond yields move inversely to prices. Gundlach said it was no surprise that the 10-year yield bounced off the psychologically significant 2% level this week, rising to 2.17% on Tuesday.

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Apple issues another $5 billion in debt after iPhone event

Apple Inc. said it is issuing $5 billion in new debt following its iPhone event, according to a Securities and Exchange Commission filing late Tuesday. Apple said it was issuing $1 billion in 1.50% notes due 2019, $1 billion in 2.10% notes due 2022, $2 billion in 2.90% notes due 2027, and $1 billion in 3.75% notes due 2047. Apple listed Goldman Sachs, Deutsche Bank, and Merrill Lynch among underwriters. Back in June, Apple issued $1 billion in debt, and in May the company issued $7 billion in debt. The issuance comes just hours after Apple introduced its new line of iPhones at its event in Cupertino, Calif. Apple has raised its debt load from zero in 2012 to nearly $90 billion by the end of the last quarter to offer dividends and share repurchases without paying a 35% corporate tax on overseas profit.

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Centene Corp. agrees to buy Fidelis Care assets in New York state

Shares of Centene Corp. jumped 11% late Tuesday after the company said it has signed an agreement in which Fidelis Care will become Centene’s health plan in the state of New York. Under the terms of deal, Centene will acquire all assets of Fidelis Care for $3.75 billion, subject to adjustments. “The addition of Fidelis Care will expand Centene’s national leadership in government sponsored healthcare with a leadership position in New York, the country’s second largest managed care state by membership,” leaving Centene with “a leadership position” in the country’s four largest managed-care states by membership: California, Florida, New York, and Texas, Centene said in a statement. Centene expects to generate 2018 pro-forma total revenue of more than $60 billion, assuming a Jan. 1, 2018 closing date, the company added. Combined, Centene and Fidelis Care serve about 13.8 million members as of June 30. Shares of Centene ended the regular trading day up 0.4%.

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