Foreclosures | Mortgages | Financing
For at least the second time this year, the CEO of a white-hot Silicon Valley startup is stepping down amid controversy. Earlier this year, Uber CEO Travis Kalanick stepped down as the company fought back against months of bad publicity and complaints about the company’s culture. And late Monday, San Francisco-based Social Finance, better known as SoFi, announced that its CEO and co-founder, Mike Cagney, plans to step down by the end of the year. …read more
From:: Real Estate Wire
The rate of serious mortgage delinquency continued to hover around the lowest level in a decade. It was the same story for the nation’s foreclosures.
Single-family loans that were either at least 30 days past due or in the foreclosure inventory accounted for 4.5 percent of all loans as of mid-2017.
Mortgage delinquency was the same as previously reported for May. But the rate of late payments improved from 5.3 percent as of June 2016.
From:: Financing
Shares of Perrigo Co. surged Tuesday after Jeff Smith, chief executive officer of Starboard Value, singled out the pharmaceutical company as a good investment. Perrigo has more potential to boost sales through online vendors such as Amazon.com Inc. and the stock is undervalued due to the pricing pressure in its generics business, he said. Perrigo shares jumped 5.1% to $89.37. Altaba Inc. , another of Smith’s best ideas presented at the Delivering Alpha conference, also rose 0.5%. Altaba was formed after Verizon Communications Inc. bought Yahoo’s internet business.
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.
From:: Stock Market News
Shares of McDonald’s Corp. pulled back sharply from record highs in morning trade Tuesday, enough to pace the decliners within the Dow Jones Industrial Average , after reports of a downbeat note regarding the fast-food giant’s sales from research and analytics firm M Science. The stock had closed at a record of $161.53 on Monday. M Science and McDonald’s didn’t immediately respond to a requests for comment. The stock was down $5.27, or 3.3%, making it the biggest price and percentage decliner within the Dow. The price decline was shaving about 36 points off the Dow’s price, which was up 56 points at 22,114, just below its Aug. 7 record close of 22,118.42. McDonald’s shares have rallied 5.3% over the past three months, while the Dow has gained 4.2%.
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.
From:: Stock Market News
Mortgage delinquency rates continued to slip in June, and the foreclosure inventory rate fell to its lowest level since mid-2007. CoreLogic explained its Home Price Index increased 6% and payroll employment grew by 2.2 million jobs in the year ending June 2017, supporting further declines in delinquency rates. …read more
From:: Real Estate Wire
Shares of Travelers Companies Inc. fell 0.5% in morning trade Tuesday, after the insurer said it would suspend its share repurchase program as it assesses losses from Hurricanes Harvey and Irma. Late Monday, the company said it estimated catastrophe pre-tax losses relating to Harvey, including recoveries from reinsurance, in the range of $375 million to $750 million. Before temporarily suspending the share repurchase program, the company said it had spent $328 million to buy back 2.6 million shares in the current quarter. MKM Partners analyst Harry Fong reiterated his neutral rating and $130 fair value estimate on the stock, but slashed his third-quarter earnings-per-share estimate to 25 cents from $2.27 and his 2017 EPS outlook to $6.80 from $8.80. “We added in the full $750 million of [catastrophe] losses into our third-quarter estimate; that may be conservative for Harvey, but we know the company will likely have a loss as big if not bigger for Hurricane Irma,” Fong wrote in a note to clients. Travelers’ stock has lost 2.8% over the past three months, while the SPDR S&P Insurance ETF has edged up 0.2% and the Dow Jones Industrial Average has tacked on 2.6%.
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.
From:: Stock Market News
The former chief of subprime trading at Deutsche Bank has been sued by the government for allegedly misleading investors about the quality of subprime residential mortgage-backed securities.
Paul L. Mangione joined Deutsche Bank in 2000. By 2006, he had worked his way up to managing director at Deutsche Bank Securities Inc. and head of subprime loan trading at Deutsche Bank.
His compensation at the German financial institution was based, in large part. on the profitability of the subprime trading desk that he was in charge of, according to a complaint filed by the Department of Justice.
From:: Financing
Four stocks specifically mentioned by Omega Advisors’ Leon Cooperman at an investing conference on Tuesday are putting in a mixed performance. WPX Energy Inc. rallied 2.3% and Hess Corp. added 1.2% after Cooperman pointed out that the two oil producers have net asset values above their current stock prices. Oil for October delivery gained 0.2% to $48.18 a barrel on the Nymex. His other picks, Shire PLC and United Continental Holdings fell, underperforming the broader market. The S&P 500 and the Dow Jones Industrial Average were both up about 0.2%.
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.
From:: Stock Market News
If Gary Cohn, a top economic adviser to President Donald Trump, were to leave the White House it would likely be “terrible” for financial markets, billionaire hedge-fund manager Ray Dalio said Tuesday at the Delivering Alpha conference in New York. “It would undermine future economic progress, in terms of reforms, and it would present a challenge in putting together the administration,” said Dalio, the founder of Bridgewater Associates, the world’s largest hedge fund. News reports have said Cohn, the former Goldman Sachs chief operating officer who was appointed to head up Trump’s National Economic Council, has fallen out of favor with Trump. Cohn, along with Treasury Secretary Steven Mnuchin, is spearheading the administration’s push for a corporate tax overhaul.
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.
From:: Stock Market News
The Dow Jones Industrial Average was powering higher in early trade, despite a drag produced by McDonald’s Corp. The fast-food behemoth was cutting approximately 30 points from the price-weighted Dow in morning trade, with its stock down $4.65, or 3%–putting it on track for the worst performance among the benchmark’s 30 components. A decline at this level would represent the worst one-day decline for the company since July 26, 2016, according to FactSet data. A $1 move in any one of the Dow components equates to a 6.89-point swing in the equity average. Despite the headwind, the Dow was trading near a closing peak, with shares of Goldman Sachs Group Inc. more than offsetting McDonald’s drop. The reason for shares of McD’s decline weren’t entirely clear. Other benchmarks, were in trading in positive territory, with the S&P 500 index setting a fresh intraday all-time high at the ope and the Nasdaq Composite Index trying to climb to around its own record level. The Dow, meanwhile, was up 46 points, or 0.2%, at 21,102, off its best levels of the session.
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.
From:: Stock Market News