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Builder Confidence Deteriorates Again, South Most

For the second month in a row, confidence among the country’s home builders weakened. Leading the latest decline were builders in the South.

A barometer of U.S. single-family home builder confidence, the Housing Market Index, was 64 as of July 2017 — the lowest it’s been since November 2016.

Although an index above 50 means more builders see conditions as good than those who see them as poor, the index fell for the second consecutive month from a downwardly revised 66 in June.

From:: Financing

Federal judge rules Quicken Loans tampered with home appraisals

A judge slapped Quicken Loans with nearly an $11 million penalty after it found the nonbank guilty of tampering with home appraisal values during the time leading up to the financial crisis. But Quicken Loans is quick to fight back, saying it will appeal the ruling. By the looks of things, the case is far from over. …read more

From:: Real Estate Wire

Serious Mortgage Delinquency Declines

A month-over-month improvement in serious mortgage delinquency was recorded for junior- and senior-lien assets. First mortgage lates also fell from a year earlier.

A measure of 90-day consumer credit delinquency, the Composite Consumer Credit Default Index, was 0.82 percent in June.

The index — which reflects performance on bank cards, car loans and first and second mortgages — declined from 0.86 percent the preceding month.

From:: Financing

Goldman Sachs earnings reveal little on recent mortgage endeavors

Goldman Sachs performed well in the second quarter, beating earnings expectations. But the new earnings release, once again, did little to shed any extra light on the mega banks private mortgage endeavors. Given the bank’s small footprint in residential mortgages, it’s no surprise the release barely mentioned mortgages. But this doesn’t mean the bank does nothing in the mortgage world. …read more

From:: Real Estate Wire

Goldman’s slumping stock cuts 40 points from Dow

The Dow Jones Industrial Average opened modestly lower on Tuesday, weighed by a sharp drop in shares of Goldman Sachs Group Inc. and
UnitedHealth Group Inc. . Goldman was in decline after the investment bank reported second-quarter earnings that showed a 40% drop in its bread-and-butter trading business, while UnitedHealth shares slid as Republicans scrapped a bill to overhaul the Affordable Care Act, or ACA. The price-weighted Dow was seeing Goldman exact a roughly 40-point toll on the Dow by itself, with UNH contributing another 10 points to the gauge’s drop. Overall, the Dow was down 0.5% at 21,528, the S&P 500 index was slumping 0.1% at 2,456, while the Nasdaq Composite Index was 0.1% higher at at 6,320.

Editor’s note: This article has been updated from an earlier version.

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

Netflix stock rally puts Nasdaq on pace for longest win streak in 2 years

The Nasdaq Composite Index on Tuesday was on pace to book its longest streak of gains in more than two years, highlighting a steady climb for the tech-centric benchmark, and popular trades like Netflix, as it nears a fresh record. Most recently, the Nasdaq was bouncing around but if it closes in the green, it will mark its longest string of gains, at eight sessions in a row, since the 10-session period ended Feb. 24, 2015, according to the WSJ Market Data Group. The gauge had been wrestling with an extended downturn in technology shares since June 8, when the sector began a monthlong slump amid fears the high-flying group, including names like Facebook Inc. , Amazon.com Inc., Apple Inc. , Netflix Inc. , and Alphabet-parent Google Inc. , were rising too far, too fast. However, those companies and the tech benchmark has been recently rebounding from its June lows, with a recent batch of second-quarter earnings from Netflix helping to bolster sentiment in those growth stocks. Overall, the Nasdaq Composite was trading flat but has an all-time closing high above 6,321 in sight, while the Dow Jones Industrial Average was down about 0.5%, pressured by a slump in shares of Goldman Sachs and UnitedHealth Group Inc. , while the S&P 500 index also was off 0.2%. The popular tech-focused, exchange-traded Technology Select Sector SPDR ETF also was trending higher and facing its own eight-session streak, as were the PowerShares QQQ Trust Series 1 , which is designed to mimic the performance of the large-cap Nasdaq-100 index .

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

Chipotle’s stock tumbles on reports of customer illnesses, but company says restaurants are ‘safe’

Shares of Chipotle Mexican Grill Inc. turned sharply lower in morning trade Tuesday, as the company confirmed there were some reported illnesses by customers who ate at a restaurant in Virginia. The company said it was “safe” to eat at Chipotle, and planned to reopen the restaurant Tuesday. The stock had gained as much as 0.8% minutes after the open on the heels of an analyst upgrade before pulling back, to be down about 0.4% at around 10:30 a.m. ET. The stock then tumbled as much as 7.6% to a low of $362.40, the lowest level seen since Nov. 2, 2016, before paring some losses. “We are aware of a small number of reported illnesses isolated to a single restaurant in Sterling, Virginia on Tripleseven Road, and have notified local health department officials,” Chipotle said in an emailed statement to MarketWatch. “The reported symptoms are consistent with norovirus. Norovirus does not come from our food supply, and it is safe to eat at Chipotle.” The stock was recently down 5.1% on volume of 2.7 million shares, which was already nearly triple the full-day average. The stock has plummeted 21% over the past three months, while the S&P 500 has gained 4.8%.

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

Visa and PayPal extend their partnership to Europe

Visa Inc. and PayPal Holdings Inc. said Tuesday they are extending their U.S. and Asia partnership to Europe. PayPal will use its banking license in Europe to join the Visa network of financial institutions and offer Visa accounts in Europe for consumers to use wherever Visa is accepted around the world. PayPal will also have access to the Visa Digital Enablement Program, which provides partners with access to tokenisation technology, to make secure payment on mobile phones or other connected devices. Visa shares were up 0.3% in early trade, while PayPal was up 1%. The S&P 500 was 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

Goldman, UnitedHealth’s slumping stocks cut 50 points from Dow in early trade

The Dow Jones Industrial Average opened modestly lower on Tuesday, weighed by a sharp drop in shares of UnitedHealth Group Inc. and Goldman Sachs Group Inc. . UnitedHealth shares slid as Republicans scrapped a bill to overhaul the Affordable Care Act, or ACA, while Goldman was in decline after the investment bank reported second-quarter earnings that showed a 40% drop in its bread-and-butter trading business. The price-weighted Dow was seeing UnitedHealth and Goldman exact a roughly 50-point toll. Overall, the Dow was down 0.6% at 21,487, the S&P 500 index was slumping 0.3% at 2,451, while the Nasdaq Composite Index was 0.1% lower at at 6,303.

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

Wal-Mart’s new Florida fulfillment center will bring more than 1,500 new jobs

Wal-Mart Stores Inc. said Tuesday that it has opened an e-commerce fulfillment center in Davenport, FL that will bring more than 1,500 jobs to the area. The campus is the sixth in Wal-Mart’s network and the first in Florida. The new 50-acre campus is part of a $450 million investment the company is making in Florida between 2017 and 2018. For this period, Wal-Mart plans to open nine new stores across Florida, creating 800 jobs; remodel more than 40 locations; and break ground on a distribution center for perishable goods. Wal-Mart shares are nearly unchanged in Tuesday trading, but are up 10.4% for the year to date. The S&P 500 index is up 9.7% for 2017 so far.

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

Synnex shares fall as earnings outlook misses Street view

Synnex Corp. shares fell in the extended session Thursday after the business process services company’s earnings outlook fell short of Wall Street estimates. Synnex shares fell 8% after hours, following a 3.5% gain to close at $118.40 in the regular session. For the second fiscal quarter, Synnex estimates adjusted earnings of $2.25 to $2.35 a share on revenue of $4.58 billion to $4.78 billion. Analysts expect earnings of $2.41 a share on revenue of $4.75 billion. The company reported fiscal first-quarter net income of $24.4 million, or 61 cents a share, compared with $61.8 million, or $1.54 a share, in the year-ago period. Adjusted earnings were $2.14 a share. Revenue rose to $4.55 billion from $3.52 billion in the year-ago period. Analysts surveyed by FactSet had estimated $2.11 a share on revenue of $4.47 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.

From:: Stock Market News