Foreclosures | Mortgages | Financing
An impressive improvement was reported for weekly mortgage rates. On a monthly basis, rates on residential loans for U.S. veterans were the lowest.
In June, thirty-year note rates on single-family loans averaged 4.27 percent, according to Ellie Mae Inc.’s June 2017 Origination Insight Report.
Mortgage rates deflated compared to the preceding month, when the average was 4.33 percent. But rates ascended from 3.97 percent the same month last year.
From:: Financing
PetIQ Inc. said late Thursday that it will price its initial public offering at the high end of its expected range for Friday trade. The distributor of pet medications had priced its IPO of nearly 6.3 million shares at $16 a share. In its filing with the Securities and Exchange Commission, the company had estimated it pricing at $14 and $16 a share. Shares will trade under the ticker “PETQ” on the Nasdaq on Friday.
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From:: Stock Market News
As expected, Senate Republicans on Thursday introduced a “resolution of disapproval” that begins the process of repealing the Consumer Financial Protection Bureau’s newly unveiled rule that bans companies from using mandatory arbitration clauses. The effort is led by a number of prominent Republicans, but one of the top Democrats in the Senate is pledging a serious fight over the CFPB arbitration rule. …read more
From:: Real Estate Wire
By cbasile@housingwire.com Novantas has announced Steve Wiggins has joined the company as a director of finance, treasury and risk. He will oversee the expansion of the company’s credit risk analytic capabilities. …read more
From:: Real Estate Wire
Russia’s state-owned Rosneft is in talks with Petroleos de Venezuela SA to swap Rosneft’s collateral stake in U.S.-based Citgo, which is owned by the Venezuelan oil and gas firm, for a fuel-supply deal and stakes in Venezuela-based oil and natural-gas fields, Reuters reported Thursday, citing people familiar with the negotiations. Rosneft received 49.9% of the equity in PDVSA subsidiary Citgo Petroleum Corp. late last year as collateral for a $1.5 billion loan to PDVSA. Reuters reported that two sources with knowledge of the negotiations said the move would avoid complications from U.S. sanctions.
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From:: Stock Market News
Department of Housing and Urban Development Secretary Ben Carson said in an interview this week that HUD will look to “reinterpret” a controversial fair housing rule issued by the Obama administration in 2015. Carson’s statement comes just days after nearly 20 Congressional Republicans asked Carson to repeal the Affirmatively Furthering Fair Housing rule entirely. …read more
From:: Real Estate Wire
Black Knight reported a drop of 43% in its net earnings, and earnigns per diluted share were nearly cut in half. However, the company still saw an increase of 3% in its revenues, and the company CEO explained the fundamentals of the business remain strong. …read more
From:: Real Estate Wire
Super Micro Computer Inc. fell more than 10% in late trading Thursday after disclosing that profit came up short of projections, partly due to the high cost of memory chips. The high-performance computing company said that adjusted profit will be 35 cents to 37 cents a share, lower than previous guidance of 40 cents to 50 cents a share. The announcement noted three causes for a nine-cent downfall per share: “expiring customer agreements with unfavorable DRAM and SSD pricing; urgent new projects with unanticipated R & D expense from major partners with NRE to be recovered in later quarters; and tax impact due to our global corporate tax structure.” The cost for dynamic random access memory, or DRAM, and solid-state drives, or SSDs, have spiked in the past year, harming profit for many computer companies. Super Micro said it would report revenue at or above the high end of its previous guidance range of $655 million to $715 million, with expectations for sales now at $712 million to $717 million. Chief Executive Charles Liang promised more details when the company fully reports earnings on Aug. 3. Super Micro stock declined to around $24.15 after closing with a 2.3% increase at $27.10.
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From:: Stock Market News
Skechers USA Inc. shares declined in the extended session Thursday after the shoe maker’s earnings and outlook fell short of Wall Street estimates. Skechers shares fell 4.2% to $27.13 after hours. The company reported second-quarter earnings of 38 cents a share on revenue of $1.03 billion. Analysts surveyed by FactSet had estimated earnings of 44 cents a share on revenue of $966.5 million. For the third quarter, Skechers forecast earning of 42 cents to 47 cents a share on revenue of $1.05 billion to $1.08 billion. Analysts had estimated 57 cents a share on revenue of $1.06 billion.
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From:: Stock Market News
Shares of eBay Inc. fell more than 4% late Thursday after the online auction company reported second-quarter earnings and sales in line with Wall Street expectations. EBay reported a net income from continuing operations of $27 million, or 2 cents a share, compared with $437 million, or 38 cents a share, in the year-ago period. Adjusted for one-time items, eBay earned $493 million, or 45 cents a share, compared with 43 cents a share a year ago. Revenue reached $2.3 billion, compared with $2.2 billion in the second quarter of 2016. The company said it expects third-quarter net revenue between $2.35 billion and $2.39 billion and adjusted per-share earnings from continuing operations in the range of 46 cents to 48 cents. The analysts surveyed by FactSet expect third-quarter per-share earnings of 48 cents a share on sales of $2.32 billion. EBay also said it expects net revenue between $9.3 billion and $9.5 billion for the year, with non-GAAP per-share earnings from continuing operations in the range of $1.98 to $2.03. The same analysts forecast per-share earnings of $2 on sales of $9.4 billion for 2017.
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From:: Stock Market News