Posted on

Impac’s Year-Over-Year Lending, Earnings Tumble

Impac Mortgage Holdings Inc.’s servicing portfolio has more than doubled over the past year. But year-over-year deterioration was reported for quarterly earnings and originations.

Before the provision for income taxes, the Irvine, California-based firm earned $7 million during the three months ended mid-year 2017, according to its second-quarter earnings report.

An increase in earnings was made compared to the preceding period, when the total was $5 million. But results came up far short compared to $13 million earned in the same quarter last year.

…read more

From:: Financing

Posted on

Twinkies maker Hostess misses quarterly sales expectations

Hostess Brands Inc. shares fell 3% late Tuesday after the maker of Twinkies and Ding Dongs reported second-quarter per-share earnings in line with forecasts but missed on quarterly sales. Hostess said it earned $28.2 million, or 18 cents a share, in the quarter, compared with $21.9 million, or 15 cents a share, in the second quarter of 2016. Revenue reached $203.2 million, compared with $192.3 million a year ago. Hostess pinned the increase on new offerings such as Chocolate Cake Twinkies and White Fudge Ding Dongs. Analysts polled by FactSet had expected Hostess to report earnings of 18 cents a share on sales of $205.2 million.

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.

…read more

From:: Stock Market News

Posted on

U.S. crude supplies fall says API data, suggesting market rebalancing

The American Petroleum Institute reported Tuesday that U.S. crude inventories declined while gasoline inventories increased for the week ended Aug. 4. API data showed that crude inventories declined 7.8 million barrels, while gasoline inventories increased 1.5 million barrels, according to sources. “Another big draw on crude suggests that market rebalancing [is] well underway,” said Phil Flynn, senior market analyst at the Price Futures Group, in emailed comments. Supply data from the Energy Information Administration is scheduled for release Wednesday morning. On Tuesday, West Texas Intermediate futures slid 22 cents, or 0.5% to settle at $49.17 a barrel. Following the API report, crude traded at $49.07 a barrel.

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.

…read more

From:: Stock Market News

Posted on

Monster Beverage beats expectations, but mentions shortages

Monster Beverage Corp. shares fell nearly 6% late Tuesday after the company beat second-quarter earnings and sales expectations but spoke of production shortages. Monster reported a net income of $222.6 million, or 39 cents a share, compared with $184.2 million, or 30 cents a share, in the same period last year. Sales rose 10% to $907.1 million, from $827.5 million in the second quarter of 2016. Analysts polled by FactSet had expected earnings of 39 cents a share on sales of $903 million. “Our 2017 second quarter results continued to be adversely impacted by unfavorable currency exchange rates as well as production shortages of our Java Monster and Muscle Monster products,” Monster Chief Executive Rodney Sacks said in a statement.

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.

…read more

From:: Stock Market News

Posted on

Priceline shares plunge 6% on second-quarter results

Priceline Group Inc. shares hit a record intraday high Tuesday, but plunged 6.3% in after-hours trading on the online travel company’s second-quarter results. The company logged adjusted net income of $758 million, or earnings per share of $15.14. Analysts had modeled adjusted earnings per share of $14.20, according to FactSet. Bookings fell just short of analyst expectations, with Priceline reporting $20.8 billion, when analysts estimated $21.05 billion. Year-over-year sales rose 21% to $3 billion. Executives issued third quarter adjusted earnings guidance of $31.70 per share to $33.40 per share. Analysts modeled EPS of $34.21, according to FactSet. Priceline also estimated gross travel bookings would rise between 11% and 16% compared with the year-earlier quarter. Priceline shares have gained 39.8% year to date and hit an intraday high of $2063.70 on Tuesday. 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.

…read more

From:: Stock Market News

Posted on

Fossil shares tank on sizeable loss, departure of CFO

Shares of Fossil Group Inc. cratered in Tuesday’s extended session after the fashion accessory company posted a sizeable loss on the back of a steep drop in stock price. It also announced the departure of its finance chief. Fossil reported it swung to a second-quarter loss of $344.7 million, or $7.11 a share, from a profit of $6 million, or 12 cents a share, a year earlier. Excluding intangible asset impairment charges of $6.50, Fossil would have lost 61 cents a share. The charge was a result of “sustained compression of the company’s market capitalization that occurred throughout most of the latter part of the second quarter of fiscal 2017,” according to the company. Fossil shares have plummeted 54% year to date. Revenue fell to $596.8 million from $685.4 million. Analysts surveyed by FactSet had projected a loss of 33 cents a share on revenue of $618 million. The company projected sales to drop 8.5% to 4.5% and loss per share of $7.42 to $6.62 in the third quarter. Separately, Fossil said Chief Financial Officer Dennis Secor has resigned and will be replaced by Jeffrey Boyer. Shares skidded 23% 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.

…read more

From:: Stock Market News

Posted on

Disney details launch of ESPN and Disney streaming services, plans end of Netflix deal

The Walt Disney Co. announced along with quarterly earnings Tuesday that it will launch an ESPN streaming service in 2018 and a Disney direct-to-consumers offering in 2019, and end its distribution deal with Netflix Inc. after 2018. ESPN said it would buy another 42% of the BAMTech streaming platform for $1.58 billion, after buying a third of the company for $1 billion last year. “This acquisition and the launch of our direct-to-consumer services mark an entirely new growth strategy for the company, one that takes advantage of the incredible opportunity that changing technology provides us to leverage the strength of our great brands,” Chief Executive Robert Iger said in Disney’s earnings announcement. Disney announced net income of $2.37 billion, or $1.51 a share, on revenue of $14.24 billion. After adjustments, Disney claimed profit of $1.58 a share. Analysts on average expected adjusted earnings of $1.55 a share on revenue of $14.46 billion, according to FactSet. Disney shares fell about 3% in immediate after-hours action following the announcements, and Netflix stock also fell abotu 3%.

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.

…read more

From:: Stock Market News

Posted on

PHH Settles Allegations it Made Bad Agency Loans

A former employee of PHH Corp. will receive millions of dollars for her role in exposing allegedly bad lending practices that has resulted in a big settlement.

The Mount Laurel, New Jersey-based company disclosed Tuesday that it has reached a total of approximately $75 million in settlements with the Department of Justice.

According to the statement, the agreements resolve claims related to single-family loans insured or guaranteed by the government or acquired by the government-sponsored enterprises.

…read more

From:: Financing

Posted on

Oil futures fall for second session as investors await OPEC decision

Oil futures finished lower for a second session on Tuesday as investors awaited details from an OPEC meeting to discuss an agreement to limit crude oil production. Crude prices got a brief lift earlier on reports that Saudi Arabia is expected to cut sales of oil supplies to Asia by up to 10% next month but lingering worries over excess supply offset any positive impact. On the New York Mercantile Exchange, West Texas Intermediate for delivery in September shed 22 cents, or 0.5%, to settle at $49.17.

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.

…read more

From:: Stock Market News