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Hawaii judge loosens travel ban to allow grandparents, other relatives

A federal judge in Hawaii ordered a loosening of President Donald Trump’s travel ban late Thursday, ruling that the Trump administration’s interpretation of the recent U.S. Supreme Court ruling is too narrow. Judge Derrick K. Watson said grandparents and other close relatives — such as in-laws, aunts and uncles — traveling from the six affected countries, all of them predominantly Muslim, are exempt from the ban, for now. Last month, the Supreme Court reinstated most of the travel ban, allowing only those with “bona fide” family ties to enter the U.S. By the administration’s interpretation of that, only travelers with a parent, spouse, child, adult son or daughter, son- or daughter-in-law or sibling in the U.S would be admitted.

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Bank Mortgage Delinquency Down, Foreclosures Up

The performance of residential loans that are serviced by the nation’s financial institutions improved on a quarter-over-quarter basis. But the number of foreclosures started and finished worsened.

As of the first quarter of this year, 4.4 percent of all closed-end first-lien mortgages and home-equity loans serviced by banks were delinquent at least 30 days or in the foreclosure process.

The non-current rate for such bank-serviced assets improved compared to the final quarter of last year, when the rate was 5.3 percent, and the same quarter last year, when it stood at 5.1 percent.

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Higher Mortgage Rates Likely to Hold

An increase in fixed rates on residential loans this past week is likely to be followed by little movement in mortgage rates over the upcoming week.

In the Primary Mortgage Market Survey from Freddie Mac for the week that ended on July 13, thirty-year fixed rates averaged 4.03 percent.

Long-term rates worsened compared to the previous week, when the average was 3.96 percent. They were also higher than 3.42 percent in the same week last year.

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Akcea Therapeutics prices IPO below expected range

Akcea Therapeutics Inc. priced its initial public offering well below the expected range late Thursday, with shares expected to trade Friday. Akcea priced its 15.6 million share offering at $8 a share, according to IPO Boutique. In late June, the biotech drug developer had forecast an IPO pricing range of $12 to $14 a share for an offering of 9.6 million shares. Akcea shares begin trade on Friday on the Nasdaq under the ticker symbol “AKCA”.

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Mylan shares rise as FDA advisors recommend breast-cancer drug approval

Mylan NV shares rose in the extended session Thursday after the drug maker said a Food and Drug Administration advisory committee recommended approval of its generic version of Roche’s breast-cancer drug Herceptin. Mylan shares rose 1.3% to $39.55 after hours. The FDA’s Oncologic Drugs Advisory Committee voted 16 to 0 recommending that the agency approve trastuzumab, a biologically similar version of Roche’s breast-cancer drug Herceptin, Mylan said. Mylan and partner Biocon Ltd., based in Bengaluru, India, developed the drug. The FDA is not obligated to follow the recommendations of its advisory committees but generally does.

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A10 Networks tanks on disappointing second-quarter results

Shares of A10 Networks Inc. tanked in Thursday’s extended session after the data network company posted weak quarterly results. A10 Networks reported a preliminary second-quarter loss per share of 12 cents to 13 cents. On an adjusted basis, it lost 5 cents a share to 6 cents a share, compared with the 2 cents a share profit projected by analysts in a FactSet survey. Revenue came in between $52.5 million to $53.5 million, falling short of its own guidance and analysts’ average estimate of $62.8 million. A10 Networks shares slumped 18% after hours.

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From:: Stock Market News