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Lowe’s quarterly earnings, sales below Wall Street’s forecasts

Lowe’s Cos. on Wednesday posted quarterly revenue and adjusted earnings that fell short of Wall Street’s targets. The home-improvement retailer said second-quarter net earnings came in at $1.42 billion, or $1.68 a share, compared with $1.17 billion, or $1.31 a share, a year ago. Adjusted earnings were $1.57 a share for the most recent period, missing the FactSet consensus estimate of $1.62 a share. Sales at Lowe’s rose to $19.49 billion from $18.26 billion in the year-earlier quarter, but that was below the $19.55 billion forecast from analysts. Lowe’s shares were down 6% in premarket trade following the results.

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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Hong Kong braces for severe typhoon; stock market closed

Hong Kong’s Hang Seng stock exchange was closed for trade on Wednesday, as a severe typhoon slammed into the area, with wind gusts of around 130 miles an hour. Typhoon Hato, the first category 10 storm to hit the island state since 2012, forced schools, government offices and businesses to shut down, while also leaving more than 400 flights cancelled out of Hong Kong airport. The category 10 warning signal for typhoons has only been used 14 other times since 1946, according to media reports. Hato came within 37 miles of Hong Kong, but a direct hit to the main island was not expected. The typhoon is expected to make landfall in China’s Guangdong province.

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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Hong Kong stock market closed as severe typhoon hits

Hong Kong’s stock exchange was closed for trade on Wednesday, as a severe typhoon slammed into the area, wind gusts of around 130 miles. Typhoon Hato, the first category 10 storm to hit the island state since 2012, forced schools, government offices and businesses to shut down, while also leaving more than 400 flights cancelled out of Hong Kong airport. The category 10 warning signal for typhoons has only been used 14 other times since 1946, according to media reports. Hato came within 37 miles of Hong Kong, but a direct hit to the main island was not expected. The typhoon is expected to make landfall in China’s Guangdong province.

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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Apple focusing on self-driving technology, not building cars: report

Apple Inc. is scaling back its plans to build self-driving cars, focusing instead on the software and technology for autonomous vehicles, according to a New York Times report late Tuesday. In June, Apple Chief Executive Tim Cook told Bloomberg News the company was “focusing on autonomous systems” but didn’t go into details. The Times said Apple’s pivot after years of work on the so-called Project Titan came after complications caused by the sheer size of the self-driving-car project and lack of a clear vision for the end product. After longtime Apple hardware executive Bob Mansfield took over the Titan project last year, he shifted its focus from building a car to the technology behind it, the Times said. Apple plans to test its technology with a self-driving shuttle van between its Silicon Valley campuses, the Times reported.

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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Boston Celtics acquire Kyrie Irving from Cleveland for Isaiah Thomas: reports

The Cleveland Cavaliers and Boston Celtics are exchanging stars, with Kyrie Irving going to Boston in exchange for Isaiah Thomas, Jae Crowder and a 2018 first-round draft pick, according to reports from ESPN and the Associated Press late Tuesday. The blockbuster NBA trade came weeks after Irving requested to be dealt, despite his team making the NBA Finals three years in a row, because he was reportedly tired of playing second fiddle to LeBron James. He’ll join prized free-agent acquisition Gordon Hayward in Boston, which will likely join the Cavaliers as the two dominant teams in the Eastern Conference. Last season, Irving averaged a career-high 25.2 points per game; Thomas averaged 28.9 points per game, third-best in the league. The trade is another step in the trend toward superstar-heavy lineups that teams are creating to compete with the two-time champion Golden State Warriors. Los Angeles Clippers executive Jerry West said this week that “everyone’s playing for second place right now.”

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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Mortgage Bankers Predict 3 Quarters of Declines

After peaking in the second quarter, the nation’s mortgage bankers predict that loan originations will decline each of the following three quarters.

Industry-wide mortgage production is expected to fall from $463 billion in the second quarter to $455 billion in the current three-month period.

Home lending is then projected to continue dropping, to $348 billion in the final quarter of this year and $345 billion in the first-three months of next year.

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From:: Financing

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Senior execs at Vanguard Funding accused of embezzling $8.9 million

Three senior executives at a New York mortgage lender were arrested Tuesday morning and charged with misappropriating $9 million from warehouse lines of credit meant to be used to fund mortgages. The three men, who are senior executives at Vanguard Funding, stand charged with conspiracy to commit wire and bank fraud for allegedly misusing the warehouse funds to pay for personal expenses and compensation. …read more

From:: Real Estate Wire

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US Bank Adding 100s of St. Louis Mortgage Jobs

After recently adding more than a hundred jobs in its mortgage division in St. Louis, U.S. Bank, N.A., plans to add hundreds more.

While U.S. Bank Home Mortgage is based in Minneapolis, it operates offices in the St. Louis area, where its president, Tom Wind, is based.

Thanks to 6.1 percent year-over-year growth in residential mortgages, the division has added more than 150 St. Louis-area jobs over the past year.

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EXCLUSIVE: CoreLogic’s preview of HMDA data shows how good 2016 was for mortgages

It probably won’t shock any readers of HousingWire that 2016 was a good year for mortgages. Driven by low interest rates, a wave of refinances pushed originations up to levels not seen in several years. But just how good was 2016? Here’s an exclusive look at a new report from CoreLogic, which tracks very closely with the HMDA data that won’t be released until sometime next month. …read more

From:: Real Estate Wire

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CoreLogic’s preview of HMDA data shows how good 2016 was for mortgages

It probably won’t shock any readers of HousingWire that 2016 was a good year for mortgages. Driven by low interest rates, a wave of refinances pushed originations up to levels not seen in several years. But just how good was 2016? Here’s a look at a new report from CoreLogic, which tracks very closely with the HMDA data that won’t be released until sometime next month. …read more

From:: Real Estate Wire