Argentine cement maker Loma Negra files for IPO

Argentine cement maker Loma Negra Corp. has filed for an initial public offering, according to a SEC filing late Tuesday. “We believe that the economic recovery of Argentina represents one of the most attractive opportunities in global emerging markets today,” the company said in the filing. “Cement consumption is highly correlated to economic activity and we expect demand for cement to grow significantly within the next five years in Argentina.” Risks included cement-industry cycles and political and economic conditions in Argentina and Paraguay, it said. The company listed net revenue of $401.8 million for the six months ended July 2017 and of $594.9 million for the year ended December 2016, and net profit of $41.7 million to June and $30.2 million for all of 2016. Loma Negra’s American Depositary shares are expected to trade on the New York Stock Exchange under the symbol LOMA. Underwriters include Bank of America Merrill Lynch, Citigroup, and the investment banking unit of Brazilian bank Bradesco.

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From:: Stock Market News

Electronics For Imaging shares rally on accounting update

Electronics For Imaging Inc. shares rallied in the extended session Tuesday after the digital imaging company said it does not expect an accounting review to require a restatement of its previous results. Electronics For Imaging shares rose 8.3% to $38.20 after hours. The company said it expects third-quarter adjusted earnings of 55 cents to 60 cents a share on revenue of $255 million to $260 million. Analysts surveyed by FactSet expect earnings of 63 cents a share on revenue of $261.2 million. Shares of Electronics For Imaging tumbled earlier after the company said it was reviewing its accounting practices.

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From:: Stock Market News

Dave & Buster’s shares fall after second-quarter sales miss

Shares of Dave & Buster’s Entertainment Inc. fell more than 9% late Tuesday after the company reported second-quarter sales below Wall Street expectations and trimmed its fiscal-year forecast. Dave & Buster’s said it earned $30.4 million, or 71 cents a share, in the second quarter, compared with $21.5 million, or 50 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 59 cents a share. Revenue rose 14.9% to $280.8 million, from $244.3 million a year ago. Comparable-store sales increased 1.1%, the company said. Analysts polled by FactSet had expected earnings of 55 cents a share on sales of $282 million. The company said it expects a comparable-store sales increase of 1% to 2% in fiscal 2017, compared with previous guidance of 2% to 3%. It forecast fiscal 2017 EBITDA of $270 million to $276 million for the year, compared with $276 million to $282 million previously. Shares ended the regular trading day up 0.5%.

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From:: Stock Market News

Hewlett Packard Enterprise beats on earnings after spin-off, shares gain

Hewlett Packard Enterprise Co. beat quarterly earnings expectations after spinning off some software assets, and shares received a boost in late trading Tuesday. The enterprise-focused arm of the split-apart Hewlett-Packard Co. revealed fiscal third-quarter earnings of 15 cents per share for continuing operations, down from $1.43 a share a year ago, on revenue of $8.2 billion. After adjusting for the charges related to HPE’s long restructuring process and other factors, the company claimed adjusted earnings of 31 cents a share. Analysts on average expected earnings of 26 cents a share on revenue of $7.5 billion, according to FactSet. HPE also adjusted its full-year forecast with the software spin-off completed, projecting that it will end the fiscal year with a GAAP loss of 7 to 11 cents a share and an adjusted profit of $1.36 to $1.40 a share, with the large discrepancy coming from separation costs, restructuring charges and other costs. HPE shares gained about 4% in immediate late trading after the announcement, topping $14.50 after closing the session with a 1.9% decline at $14.04.

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From:: Stock Market News

Bank stocks log worst one-day slide in more than 3 months

Financial shares on Tuesday registered their worst single-session slump in months as benchmark yields declined amid elevated geopolitical worries swirling in the market. A popular exchange-traded fund used to bet on financial performance, the Financial Select Sector SPDR ETF , closed off 2.1%, marking its steepest one-day slide since May 17, when it fell 3.2%, according to FactSet data. The decline in financials, highlighted by a 3.6% fall in shares of Goldman Sachs Group Inc. , came as the yield for the 10-year benchmark Treasury slipped to its lowest level, around 2.08%, since Nov. 10, just after President Donald Trump was elected. Global unrest centered on rising military tensions between North Korea and the rest of the globe after the Hermit Kingdom tested a hydrogen bomb over the weekend has underpinned a flight to assets perceived as safe, like government paper, which has pushed yields to lows. Bond prices and yields move inversely. More broadly, the financial sector was the worst performer among the S&P 500’s 11, off 2.2%. The broad-market gauge closed down 0.8% at 2,457, the Dow Jones Industrial Average ended off 1.1% at 21,753, with Goldman’s shares exacting the biggest toll on the price-weighted benchmark, about 55 points. The Nasdaq Composite Index closed 0.9% lower at 6,375.

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From:: Stock Market News

Compliance Services for HMDA, ATR, Day 1 Certainty

New and upgraded offerings recently unveiled by service providers promise to help lenders comply with the Home Mortgage Disclosure Act, the Ability to Repay rule and Fannie Mae’s Day 1 Certainty initiative.

A module created for NetOxygen has been released to help lenders comply with existing and new HMDA reporting requirements, an Aug. 29 statement from Wipro Gallagher Solutions indicated.

Wipro said the module automates the process of completing the Loan Application Register. It also helps lenders ensure data integrity by automatically validating all necessary demographic information prior to submission.


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From:: Financing

U.S. stocks suffer worst daily loss in 3 weeks on policy uncertainty, North Korea

Stock-index benchmarks closed sharply lower on Tuesday as fears over North Korea and worries about a lack of policy progress in Washington stoked a flight to assets perceived as safe and out of stocks. The S&P 500 fell 0.8%, or 19 points, to end the day at 2,457, while the Dow Jones Industrial Average fell 234 points, or 1.1%, to 21,753. The tech-laden Nasdaq Composite Index registered a 0.9%, or roughly 60 point, loss at 6,375. Both the S&P 500 and Nasdaq halted multiday win streaks. All three benchmarks registered their worst one-day drop since Aug. 17, according to FactSet data. In individual stocks, United Technologies Corp. tumbled d 6% following the news that it agreed to buy Rockwell Collins Inc for $23 billion. Biotech business Insmed Inc jumped 121% as the company announced that it is moving in to the reviewing and approval process for its treatment for NTM lung disease.

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From:: Stock Market News

Affordability in question: The National Flood Insurance Program needs $1.4 billion more to function

As the expiration date of the National Flood Insurance Program looms closer, the Congressional Budget Office, a nonpartisan analysis for the U.S. Congress, calculated the financial soundness of the program. Turns out, the program is extremely in the red and has an expected one-year shortfall of $1.4 billion. But with the impact of Hurricane Harvey still fresh on everyone’s mind, the urgency to do something is growing. …read more

From:: Real Estate Wire