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Grocery retail stocks battered after Amazon-Whole Foods announcement

Grocery retailer shares are all negative after Amazon.com Inc. and Whole Foods Market Inc. announced changes starting Monday, when Amazon’s acquisition of the organic and natural grocer is slated to be complete. Kroger Co. shares are down nearly 4%, Sprouts Farmers Market’s and Costco Wholesale Corp.’s stocks are down 3.1%, and Wal-Mart Stores Inc. is down 2%. Amazon and Whole Foods announced that, starting Monday, the prices on some items, such as organic avocados, organic salmon and baby lettuce will come down. The company will also begin integrating Amazon Prime into Whole Foods’ system. The PowerShares Dynamic Food & Beverage Portfolio is down 4.2% for the year so far, while the S&P 500 index is up 9% for the period.

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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Northeast, Midwest Drive Down Existing Home Sales

Inventory shortages were a factor in a slowdown of existing home sales last month. The decline was driven by the Midwest and the Northeast.

July 2017 saw a preliminary 513,000 existing residential properties sold. That brought sales to 3.204 million during the seven months ended July 31.

The activity that was reported is reflective of the sales of single-family homes, townhomes, condominiums and co-operatives.

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From:: Financing

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HBO renews Duplass brothers’ anthology series ‘Room 104’ for second season

Time Warner Inc.-owned HBO said on Thursday it’s decided to renew its brand new anthology series “Room 104” for a second season. “Room 104,” from brothers Jay and Mark Duplass, tells a different story each week from different eras of the people who pass through a single room of a motel. The episodes range from comedy to drama to horror. “Jay and Mark Duplass are gifted storytellers who have brilliantly reinvented the anthology series for the modern era,” said Amy Gravitt, executive vice president of HBO programming. “The format of ‘Room 104’ offers endless possibilities and opportunities for new talent to experiment, and I look forward to seeing where the series takes us.” The show has been critically praised so far in its first season. Shares of Time Warner have gained 5% in the year to date, while the S&P 500 index is up 9%.

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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Amazon and Whole Foods will lower prices on organic items like avocados and baby kale on Monday

Amazon.com Inc.’s acquisition of Whole Foods Market Inc. will close on Monday, August 28, and prices on items including organic avocados, bananas, organic baby kale and organic salmon will come down on that day. The goal, according to a Thursday release from both companies, is to “make organic food more affordable for everyone.” The companies will also start to integrate Amazon Prime into Whole Foods’ point-of-sale system on Monday. “[W]e will make Amazon Prime the customer rewards program at Whole Foods Market and continuously lower prices as we invent together,” said Jeff Wilke, CEO of Amazon worldwide consumer, in a statement. Also in the future, Whole Foods private label products like 365 Everyday Value and Whole Paws will be available through Amazon, AmazonFresh, Prime Pantry and Prime Now. And Amazon lockers will be available at select Whole Foods stores. The companies say they will hire additional staff as new stores open, and Whole Foods will continue to operate beneath that brand. John Mackey will stay on as chief executive and the Whole Foods headquarters will remain in Austin, TX. Amazon shares are up nearly 27% for the year so far, Whole Foods shares are up 36.5% for the period, and the S&P 500 index is up 9.1% for 2017 to date.

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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Foreclosures at 10-Year Low, Delinquency Up

Although there was month-over-month deterioration in residential loan delinquency, the number of mortgages in foreclosure retreated to a level not seen in a decade.

Single-family mortgages that were at least 30 days past due or in the foreclosure process numbered 2.384 million as of the end of July.

The total was comprised of 1.986 million mortgages past due at least 30 days and 398,000 loans in the foreclosure pre-sale inventory — the first time it has been less than 400,000 since February 2007.

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CFPB warns about dangers of taking out a reverse mortgage to delay Social Security

The Consumer Financial Protection Bureau issued a warning to seniors this week, cautioning them that taking out a reverse mortgage in order to delay claiming Social Security benefits could be a financially harmful decision. In its report, the CFPB said it investigated this practice and found that the costs and risks of obtaining a reverse mortgage could exceed the increased amount of a senior’s lifetime Social Security benefits should the person wait to claim their benefits. …read more

From:: Real Estate Wire

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Wal-Mart launches first of two Express Money Services platforms

Wal-Mart Stores Inc. said Thursday that it is launching Express Money Services in West Virginia, the first of two such “experiences” rolling out this year. Express Money Services is a new feature on the Walmart app that is combined with Express Lanes available in stores to help expedite transactions. Express Lanes are available at the majority of Walmart stores, the company says. Walmart is waiving fees on Walmart2Walmart domestic money transfers that start on the app through September 30 to celebrate the launch. The service is available for domestic and international money transfers to start, and will expand to include bill payments and check cashing. Wal-Mart says this express service is similar to one that will be available for pharmacy customers later this year. Wal-Mart shares are down 0.2% in Thursday trading, but up 15.5% for the year so far. The S&P 500 index is up 9% for 2017 to date, and the Dow Jones Industrial Average is up 10.4% for the period.

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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Perry Ellis shares jump after earnings beat

Perry Ellis International Inc. joins a slew of other retailers whose shares jumped in Thursday trading after reporting second-quarter results that beat expectations. Perry Ellis shares are up 11%. Its portfolio of brands includes its namesake, Laundry by Shelli Segal and Jantzen, . The company also has licensing deals for Nike Inc. , PGA Tour, and other labels. The clothing, accessories and fragrance company reported net income of $979,000, or 6 cents per share, after a loss of $3.57 million, or 24 cents per share, for the same period last year. Adjusted EPS of 16 cents beat the FactSet consensus of 10 cents per share. Revenue totaled $206.6 million, up from $201.7 million last year and ahead of the $204.0 million FactSet consensus. Perry Ellis reiterated its fiscal 2018 guidance for revenue in the range of $870 million to $880 million, and EPS in the range of $2.07 to $2.17. The FactSet consensus is for revenue of $878.5 million and EPS of $2.13. Perry Ellis shares are up 4.3% for the last three months, but down 23.1% for the year so far. The S&P 500 index is up 9.3% for 2017 to date.

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