Foreclosures | Mortgages | Financing
Housing starts dropped in July, alongside building permits and housing completions. However, the majority of this decrease stems from a lack of multifamily construction. Single-family housing, while still down from last month, still showed only moderate decreases. …read more
From:: Real Estate Wire
U.S. stock benchmarks traded modestly higher on Wednesday, and within range of all-time highs, as investors awaited the latest Federal Reserve minutes, which could indicate whether more rate increases are ahead in 2017 The Dow Jones Industrial Average rose 0.2% at 22,042, the S&P 500 index rose 0.2% at 2,470, while the Nasdaq Composite Index advanced 0.3% at 6,349. The Fed is expected to release minutes from its July meeting at 2 p.m. Eastern Time, which could offer more details on its plan to unwind its $4.5 trillion asset portfolio. A reduction of that portfolio is being closely watched because it can serve as an additional monetary-tightening mechanism for the central bank, in addition to lifting interest rates. Ahead of the minutes, data on housing missed expectations. Housing starts fell 5.6% in July, compared with the year-ago period, and they were off 4.8% from June’s pace. In corporate news, shares of retail giant Target Corp. rose 1.8% after reporting an increase in same-store sales and lifting its 2017 outlook.
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From:: Stock Market News
Goldman Sachs added Biogen Inc. to its Americas Conviction List on Wednesday. Biogen shares surged as much as 1.4% in premarket trade Wednesday. Biogen was previously upgraded to buy in late July by Goldman. Goldman Sachs analyst Terence Flynn said there could be a 17% upside to his $338 price target, and that Biogen’s lead Alzheimer’s drug, aducanumab, “could be one of the first disease-modifying drugs to reach the market,” with a peak sales projection of $12 billion. “On BIIB’s base [multiple sclerosis] franchise, we view investor concerns on competition and pricing as overblown,” Flynn said. “Finally, BIIB has a relatively under-leverage balance sheet, and we expect [free cash flow yield] and US cash to grow.” Biogen shares have surged 11.8% over the last three months, compared with a 2.7% rise in the S&P 500 .
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From:: Stock Market News
Shares of Home Depot Inc. gained 0.7% in premarket trade, after the home improvement retailer was upgraded at Raymond James, which cited “impressive” quarterly results and upbeat management commentary. Analyst Budd Bugatch raised his rating to outperform, after being at market perform for the past three years, and set a $165 stock price target. The company reported early Tuesday fiscal second-quarter profit, revenue and same-store sales that beat expectations, and raised its outlook, but the stock fell 2.7%, after running up 6.7% in the three weeks leading up to the report. Bugatch said investors are concerned about the sustainability of the current economic recovery, given that it has lasted for so many years. “That said, underlying industry indicators, as well as comments form key industry suppliers, remain positive,” Bugatch wrote in a note to clients. “Positive trends in housing turnover, housing starts, overall home affordability and the emergence of first-time homebuyers (typically owners of older homes) during the second quarter all point to an ongoing favorable domestic housing environment.” The stock has climbed 12% year to date, while the SPDR S&P Homebuilders ETF has rallied 13% and the Dow Jones Industrial Average has advanced 11%.
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From:: Stock Market News
UnitedHealth Group Inc.’s leadership transition, with the company’s new chief executive announced on Wednesday, was praised by two Wall Street analysts that same day. Under the announcement, President David Wichmann will become CEO starting September 1 and current CEO Stephen Hemsley will become executive chairman of the board of directors. “Management is the single most important factor in our view of UNH – and with Hemsley staying in a very important operating/strategic role, we are very comfortable with this change,” said Mizuho analyst Sheryl Skolnick. “That’s critical to us – that Steve, who made the transition from ‘the guy who makes the trains run on time’ to the single most visionary health care executive we know who is one superb ‘operator,’ is staying on in that strategic role… the guardians of the UNH galaxy are firmly in place.” Wichmann taking over as CEO is also crucial, said Skolnick, describing him as “the keeper of keys – having done practically every acquisition over the last 20 years, no one knows better where the jewels are hidden in the organization, nor how to run the still-important health plan.” Though the transition news comes sooner than expected and “while Stephen Hemsley has been an iconic CEO and these are big shoes to fill, in our view the company will continue successfully along its game-changing path of shaping health care in America and beyond its borders, with no change expected in the strategy,” said Leerink Partners analyst Ana Gupte. Hemsley’s continued involvement as executive chairman will also likely ease the transition, Gupte said. UnitedHealth shares have surged 15.7% over the last three months, compared with a 2.7% rise in the S&P 500 .
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From:: Stock Market News
Pinnacle Foods Inc. said Wednesday it’s raising its quarterly cash dividend by 14% to 32.50 cents a share. The new payment will be made Oct. 9 to shareholders of record as of Aug. 29. Shares were not active premarket, but have gained 12% in 2017, while the S&P 500 has gained 10%.
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From:: Stock Market News
Denbury Resources Inc. said that it cut 15% of its workforce on Aug. 10, consisting primarily at jobs at the oil and gas company’s headquarters in Plano, Texas. Speaking late Tuesday at the EnerCom Oil & Gas Conference, Chief Executive Christian Kendall said he believed for Denbury to be profitable in the long term, the company needs to be positioned for oil prices at $50 a barrel, and were working toward that goal. “In fact, as recently as last week, we had to make a significant head count reduction in our company staff,” Kendall said, according to a transcript provided by FactSet. The company disclosed Wednesday that it expects to incur an $8 million one-time charge in the third quarter in connection with the job cuts, which were implemented on Aug. 10. Crude oil futures were recently up 0.3% at $47.70 a barrel. Denbury’s stock, which was still inactive in premarket trade, has plummeted 63% year to date, while the SPDR Energy Select Sector ETF has lost 16% and the S&P 500 has gained 10%.
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From:: Stock Market News
Tyson Foods Inc. said Wednesday that it will create more than 300 jobs in Tennessee, as it invests $84 million to expand its poultry operation in Union City. The food company expects the expansion to be completed by mid-2019. “Customer and consumer demand for protein, especially chicken, is increasing so we’re investing in projects that build on our strengths, expand our capabilities and increase our capacity,” said Doug Ramsey, group president of poultry. The stock, which was still inactive in premarket trade, has gained 6.9% year to date, while the S&P 500 has climbed 10%.
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From:: Stock Market News
UnitedHealth Group Inc. said Wednesday that David Wichmann, who has been president since 2014, will become chief executive on Sept. 1. Current CEO Stephen Hemsley will become executive chairman of the board, while current board chairman, Richard Burke, will become the company’s lead independent director. Wichmann joined UnitedHealth in 1998 and served as chief financial officer from 2011 until mid-2016. Shares rose 1.2% in premarket trade, and have gained 21.5% in 2017, while the S&P 500 has gained 10%.
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From:: Stock Market News
Mortgage applications were mostly stagnant in the latest application report from the Mortgage Bankers Association. Most notably, the refinance share of mortgage activity reached its highest level since February 2017. …read more
From:: Real Estate Wire