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Mortgage Firms Acquired and Not Acquired

While some mortgage acquisitions have recently closed, one fell through just hours before it was supposed to be consummated. One company that was set to close down is back in business.

Back in April, Flagstar Bancorp Inc. disclosed that it agreed to acquire assets of Opes Advisors Inc., a Cupertino, California-based company with $3 billion in annual originations.

On May 15, Troy, Michigan-based Flagstar announced that it has completed the acquisition, expanding its retail origination business and significantly increasing its access to purchase-money business.

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From:: Financing

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Stericycle subpoenaed in federal anti-corruption probes

Stericycle Inc. said late Wednesday it is cooperating with federal anti-corruption probes into its business practices in Latin America. In a Securities and Exchange Commission filing, the medical-waste disposal company said the SEC subpoenaed company records on June 12 related to compliance with the Foreign Corrupt Practices Act, and the Department of Justice has launched a parallel probe. Stericycle said it is cooperating with the federal probes and conducting its own internal investigation. The company said it cannot, at this time, estimate any potential losses related to the outcome of the probes. Stericycle shares were down less than 0.1% at $75 after hours.

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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Tesla close to testing self-driving commercial truck: report

Tesla Inc. is developing an electric, commercial truck that can drive itself and move in “platoons” that follow a lead vehicle, and it is getting close to testing a prototype, according to a Reuters report Wednesday that cited emails between the Silicon Valley car maker and the Nevada DMV. Tesla has said it was working on the truck, and Chief Executive Elon Musk has tweeted about a reveal for September, calling the truck “seriously next level,” but details about autonomous driving capabilities haven’t been mentioned. A heavy-duty truck was also on a Tesla’s long-term plan Musk laid out in July 2016.

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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Masonite shares plunge after big earnings miss, lowered outlook

Masonite International Corp. shares dropped in the extended session Wednesday after the door maker fell well short of Wall Street estimates for the quarter and lowered its outlook for the year. Masonite shares plunged 15% to $61.95 after hours. The company reported second-quarter net income of $26.9 million, or 89 cents a share, compared to $33.4 million, or $1.06 a share, in the year-ago period. Revenue rose to $519.7 million from $514 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $1.11 a share on revenue of $547.1 million. In a statement, Masonite said it no longer expects its full-year adjusted earnings outlook to fall within its previously stated range of $4.10 to $4.60 a share. Analysts expect earnings of $4.21 a share.

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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Jack in the Box shares rise in after-hours trading on third-quarter earnings

Jack in the Box Inc. shares jumped 1.9% in after-hours trading Wednesday after the fast food chain reported third-quarter earnings results that missed expectations. The company logged adjusted earnings per share of $0.99 on sales of $357.8 million. Analysts surveyed by FactSet had modeled adjusted EPS of $1.05 and revenue of $360 million. Same store sales fell 0.2% at Jack in the Box company and franchise stores, while its Mexican unit Qboda rose 0.5% overall. Executives issued fiscal year EPS guidance of $4.00 to $4.15. Jack in the Box shares have fallen 15.6% this year, and the S&P 500 has gained 10.5%.

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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Live Nation shares rally as results top Street view

Live Nation Entertainment shares rallied in the extended session Wednesday after the Ticketmaster parent topped Wall Street estimates for the quarter. Live Nation shares surged 6.7% to $40 after hours. The company reported second-quarter net income of $81.5 million, or 29 cents a share, compared to $37.7 million, or 13 cents a share, in the year-ago period. Revenue rose to $2.82 billion from $2.18 billion in the year-ago period. Analysts surveyed by FactSet had estimated 19 cents a share on revenue of $2.37 billion.

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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Fox shares higher after adjusted EPS comes a penny above expectations

Shares of 21st Century Fox Inc. rose less than 0.1% late Wednesday after the media company reported adjusted quarterly per-share earnings a penny above expectations and revenue slightly under forecasts. Fox reported a net income of $476 million, or 26 cents a share, in the quarter, compared with $567 million, or 30 cents a share, in the year-ago quarter. Adjusted for one-time items, Fox reported earnings of 36 cents a share. Total quarterly revenues of $6.75 billion, a 2% increase from $6.65 billion in the prior-year quarter. Analysts polled by FactSet had expected the company to report GAAP as well as adjusted earnings of 35 cents a share on revenue of $6.80 billion. Fox pinned the revenue growth on higher affiliate and advertising revenue at its cable network programming segment, offset by lower content revenues at its filmed entertainment segment and lower advertising revenues at the television segment. Shares of Fox ended the regular trading session down 0.7%.

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