Foreclosures | Mortgages | Financing
The Consumer Financial Protection Bureau shed a little more light on what compliance with its controversial 2015 updates to the Home Mortgage Disclosure Act rule looks like in a training session last week. With 2017 more than halfway over, the industry’s deadline to become compliant with the updates is coming up quick. Here’s the latest update on how to stay compliant from the bureau. …read more
From:: Real Estate Wire
While quarterly earnings were solidly higher at Regions Financial Corp., mortgage income receded. Servicing grew with the acquisition of mortgage servicing rights during the quarter.
Prior to income taxes, earnings from continuing operations climbed to $450 million during the three months ended June 30 from just $387 million the same quarter in 2016.
The Birmingham, Alabama-based bank-holding company revealed its latest earnings, as well as other operational and financial results, in its second-quarter 2017 earnings report.
From:: Financing
Shares of Teva Pharmaceutical Industries Ltd. tumbled 8% in morning trade Monday on heavy volume, putting them on track to close at a 14-year low, as Morgan Stanley turned bearish on the generic drug maker in the aftermath of disappointing results. Volume ballooned to 39.1 million shares, which was more than triple the full-day average, and enough to make it the most actively traded stock on the major U.S. exchanges. The stock was headed for an eighth straight loss to the lowest close since March 13, 2003, highlighted by 39% plunge the past three sessions after the company missed profit expectations and cut its outlook, citing accelerated price erosion and decreased volume in its U.S. generics business. On Monday, Morgan Stanley analyst David Risinger cut his rating to underweight from equal weight, and slashed his stock price target to $16 from $36, saying he had underappreciated the risk of generics pricing pressure to Teva’s earnings. The stock has plummeted 48% year to date, while the SPDR S&P Pharmaceuticals ETF has gained 5.9% and the S&P 500 has advanced 11%.
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From:: Stock Market News
MKM Partners raised its price targets on Facebook Inc. and Twitter Inc. Monday, as Twitter becomes more “interesting” and Facebook appears poised for more growth. Rob Sanderson, the lead analyst on both notes, raised his Facebook price target to $200 from $180, citing management’s softened tone on growth deceleration in the second half of the year, which makes Sanderson believe that company’s planned ad load deceleration will not have as big of an impact. The commentary around deceleration also likely lowered Facebook’s valuation, making the stock more attractive now, he said. Additionally, Facebook is facing a lower tax rate than expected at 13% rather than 19%, which should boost its earnings. Sanderson reiterated a buy rating. On Twitter, Sanderson said he believes user engagement is improving and the network remains “important and differentiated.” And with its falling stock price, Sanderson says now could be a good time to jump in, particularly if Twitter does successfully complete a turnaround. However, he notes that he is not “confident” in that turnaround. He reiterated a neutral rating on Twitter. Shares of Facebook were up 1.2% Monday, while Twitter shares were relatively flat.
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.
From:: Stock Market News
After hitting its all-time high in June, Fannie Mae’s Home Purchase Sentiment Index decreased in July as less Americans showed confidence in the housing market. Not only do they continue to say now is a bad time to buy a home, but now a higher share also answered that now is a bad time to sell. …read more
From:: Real Estate Wire
One of the largest origination costs for lenders is the appraisal product. Drive-by appraisals or interior appraisals are prohibitively expensive. Many lenders have determined that the “cost” of the valuation is not commensurate with the “value” of the information in the underwriting process. This is why AVMs are returning to dominance in the valuation space for home equity lending. …read more
From:: Real Estate Wire
Shares of Google parent Alphabet Inc. edged up 0.2% in morning trade Monday, after MKM Partners boosted its price target, as a higher revenue outlook offsets a slightly lower margin view. Analyst Rob Sanderson raised his target to $1,210, which is now tied for the second highest among the 44 analysts surveyed by FactSet, from $1,170. The new target is 28% above current levels. There are now five analysts with price targets of at least $1,200, with Deutsche Bank’s Lloyd Walmsley’s the highest at $1,220, according to FactSet. MKM’s Sanderson said his new target reflects higher estimates for 2017 and 2018 revenue, boosted by growth in Google Websites and Google Network. He said although traffic acquisition costs for Websites have increased, Google has been highlighting the mix shift to mobile search. The stock has lost 0.3% over the past three months, while the tech-heavy Nasdaq 100 Index has gained 4.9% and the S&P 500 has advanced 3.3%.
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From:: Stock Market News
Shares of Intrepid Potash Inc. plunged 9.9% in morning trade Monday, pulling back from a 21-month closing high in the previous session, after UBS downgraded the fertilizer maker on concerns over valuation and potash pricing. Analyst John Roberts cut his rating to sell from neutral. He said that although bankruptcy risk has been “significantly reduced,” current valuation are well above the 5-year average and above the historical peak. “We remain cautious on potash pricing, forecasting only a modest increase in 2018, but the stock has recently popped due to a de-risked balance sheet and optimism around a more diversified revenue stream,” Roberts wrote in a note to clients. “However, we are concerned about sustainability and lack of long-term growth in non-core income, and still depressed core potash related income.” The stock had closed Friday at the highest level since November 2015, which the stock running up 26% since the company reported better-than-expected results on Aug. 2. The stock has not soared 66% year to date, while the S&P 500 has gained 11%.
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From:: Stock Market News
Shares of National Oilwell Varco Inc. slumped 1.9% in morning trade Monday, after SunTrust RH turned bearish on the oil services company, citing concerns over valuation. Analyst Ken Sill cut his rating to sell from hold, and slashed his stock price target to $29, which is 10% below current levels, from $40. He said that while National Oilwell Varco (NOV) is a “great company,” with “great management” and a “great balance sheet,” he doesn’t believe past returns from its Rig Systems business will repeat in the next five or more years. “Expectations implied by NOV’s share price appear overly optimistic, in our opinion, based on our 12-to-18 month outlook,” Sill wrote in a note to clients. “NOV’s share price implies 2018 estimates will rise, we think they need to fall.” The stock has fallen 13% year to date, while the VanEck Vectors Oil Services ETF has tumbled 27% and the S&P 500 has gained 11%.
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From:: Stock Market News
Stocks kicked off trade near break-even levels on Monday as investors brace for a pair of Federal Reserve speakers. Earlier momentum, although mostly muted, was tipping into positive territory after Friday’s key employment report, which showed a better-than-expected gain of 209,000 employees added in July, pushing the unemployment rate to a 16-year low at 4.3%. Monday’s early trade put the Dow’s 9th straight record close in sight and a 10th straight session in positive territory. The S&P 500 tipped higher, while the Nasdaq Composite rose by less than 0.2%. In corporate news, Shares of NxStage Medical Inc. soared after Germany’s Fresenius Medical Care AG & Co. KGaA said it would acquire the medical-device firm for around $2 billion. Looking ahead, market participants awaited Fed speakers, highlighted by Minneapolis Fed President Neel Kashkari and St Louis. Fed President James Bullard.
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.
From:: Stock Market News