Foreclosures | Mortgages | Financing
A former real estate developer received a four-year prison sentence for committing fraud with millions of dollars from more than 250 investors. The developer solicited money from investors outside the U.S. using the EB-5 immigrant investor programs, which allows investors to immigrate to the U.S. if they spend more than half a million in job-generating investments. …read more
From:: Real Estate Wire
Berkshire Hathaway Inc. reported late Friday second-quarter net earnings of $4.26 billion, compared with $5 billion in the year-ago quarter. Operating earnings fell to $4.12 billion, from $4.61 billion a year ago. The conglomerate reported earnings of $2,592 per Class A shares, compared with $3,042 a share a year ago. Revenue reached $57.5 billion, from $54.2 billion a year ago. Analysts polled by FactSet had expected earnings of $2,932.29 a share on sales of $57.6 billion for the quarter. Shares were flat in late trading after ending the regular session up 0.6%.
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
Despite the harsh rhetoric he had for the legitimacy of the Obama administration’s employment numbers, President Donald J. Trump’s administration has actually made revisions that improved Obama’s numbers.
While he campaigned during the last year of the Obama administration, Trump suggested employment data that was being reported by the government was fake.
In the last employment report issued by the Bureau of Labor Statistics during the Obama administration on Jan. 6, 2017, the data indicated that nonfarm payroll employment had increased by 2.157 million jobs during all of 2016.
From:: Financing
Cherry Hill Mortgage Investment and RoundPoint Mortgage Servicing announced a new agreement this week that ties the two companies together on the mortgage servicing on as much as $2 billion per month. Here are the details. …read more
From:: Real Estate Wire
The Dow closed at a record for the eight session in a row on Friday as the broader market gained following a robust jobs report. The U.S. economy created 209,000 new jobs in July, significantly above the 175,000 jobs forecast by economists in a MarketWatch survey. The latest data underscored the view that the U.S. economic expansion remains on track, ensuring that the positive fundamentals that fueled the stock market’s recent gains remain intact. The Dow Jones Industrial Average rose 64 points, or 0.3%, to close at 22,090, adding 1.2% for the week. The S&P 500 climbed 4 points, or 0.2%, to end at 2,476 for a weekly gain of 0.2%. The Nasdaq Composite Index adavnced 11 points, or 0.2%, to close at 6,351 but fell 0.4% for the week.
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
DuPont & Co. and Dow Chemical Co. said Friday that their planned “merger of equals” will be completed on Aug. 31, after the stock market closes. Shares of the new entity, DowDuPont, will begin trading on the New York Stock Exchange on Sept. 1, under the ticker symbol “DWDP.” The chemical companies said the intended spinoffs is still expected to occur within 18 months of the closing. DuPont’s stock, currently a component of the Dow Jones Industrial Average , rose 0.7%, while Dow Chemical shares were up 0.9%. Year to date, DuPont’s stock has climbed 11.6%, Dow Chemical’s stock has rallied 11.9% and the Dow has run up 11.7%.
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.
From:: Stock Market News
Shares of struggling car rental companies rallied Friday, after J.P. Morgan initiated coverage of the industry, saying some of the headwinds have been “over-appreciated” by investors. Analyst Samik Chatterjee started coverage of Avis Budget Group Inc. with an overweight rating and stock price target of $39, which is 21% above current levels. “Margin progression and strong free cash flow delivered by Avis historically, while contending with industry headwinds, speak to solid execution by an experienced management team, in our view,” Chatterjee wrote in a note to clients. Hertz Global Holdings Inc. was started at neutral with a $15 stock price target, which was 4.8% above current levels. Chatterjee said Hertz should benefit from “improving execution and correction of recent missteps,” but sees revenue growth lagging that of rival Avis. Hertz’s stock surged 10.3% in afternoon trade and Avis shares rose 4.0%. Year to date, shares of Hertz have tumbled 33.4% and Avis have dropped 12.4%, while the S&P 500 has climbed 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.
From:: Stock Market News
In a new study, LendingTree looked at the newest generation of homebuyers, Millennials, and the difference between men and women when it comes to their finances. While women tend to have higher credit scores than men, they also hold more debt, which might explain their lower rate of homeownership. …read more
From:: Real Estate Wire
Biotech investor Martin Shkreli was convicted Friday on federal charges that he deceived investors in two failed hedge funds, the Associated Press reported. Shkreli was found guilty on three of eight counts, including securities fraud and conspiracy to commit securities fraud. A Brooklyn, New York jury deliberated for five days. Prosecutors charged Shkreli with misleading investors by using funds from a drug company he founded to pay investors in his hedge funds. Shkreli first came to fame in the U.S. for buying the rights to a life-saving drug and then immediately raising the price to $750 a pill from $13.50.
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
The sensitive personal information of employees and former employees of U.S. Residential Group may have been stolen after a company email account was taken over in a phishing attack. According to the company, the unauthorized individual may have been able to access certain employee information including: names, Social Security numbers, driver’s license numbers, and more. …read more
From:: Real Estate Wire