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Vanguard CEO McNabb to step down in 2018, CIO Buckley named as successor

Vanguard Group said late Thursday that Chief Executive Bill McNabb will step down at the beginning of 2018, and be succeeded by Chief Investment Officer Tim Buckley. McNabb, who has been CEO since 2008, will continue to serve as chairman of the board, Vanguard said. Privately held Vanguard manages about $4.4 trillion in assets worldwide.

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Retail ETF has best day since November on raised Target outlook

The largest exchange-traded fund to track the retail sector rallied on Thursday, posting its biggest one-day advance since November after one of its largest components raised its outlook. The SPDR S&P Retail ETF closed 2.3% higher, its biggest one-day move since Nov. 22. More than 9.2 million shares exchanged hands, twice its 4.1 million 30-day average. The move came after Target Corp. forecast a surprise “modest increase” in same-store sales for the fiscal second quarter, citing improved traffic and sales trends. The stock rose 4.8% and boosted a number of brick-and-mortar retail stocks, which have been under pressure this year. Among other notable retailers, Wal-Mart Stores Inc. gained 1.5% and Macy’s Inc. was up 4.1%. Despite the move on the day, the ETF remains down 9.4% on the year.

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Fortress shareholders approve $3.3 billion acquisition by SoftBank

SoftBank Group’s $3.3 billion acquisition of Fortress Investment Group is one step closer to being finalized after Fortress’ shareholders approved the deal. Fortress is the parent company for New Residential Investment, which buys up mortgage servicing rights by the truckload. Fortress is also the majority shareholder in Nationstar Mortgage, soon to be known as Mr. Cooper. …read more

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CyberArk shares down 15% as company lowers guidance

Shares of CyberArk Software Ltd. fell more than 15% late Thursday after the company predicted smaller sales and profits in the second quarter. CyberArk said it expects total revenue in the range of $57 million to $57.5 million, compared with previous guidance $61 million to $62 million. The company forecast GAAP operating income in the range of $700,000 to $1.1 million, and non-GAAP operating income in the range of $8.5 million to $8.9 million, compared to a prior forecast of between $10.9 million and $11.7 million. CyberArk said it will provide full financial results and updated guidance on Aug. 8. CyberArk is “disappointed that our results for the second quarter will be below the guidance we provided in May,” CyberArk CEO Udi Mokady said in a statement. The primary reason for the revenue shortfall was the company’s performance in the Africa and Middle East region, “where certain deals that we anticipated would close did not close by the end of the quarter,” the company said. Shares ended the regular session up 1.1%.

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Are You Adapting Fast Enough? Your Questions Answered at RISMedia’s 2017 CEO Exchange

By Susanne Dwyer

Over 225 of the most powerful and successful real estate leaders will take to New York City this September for RISMedia’s 2017 Real Estate CEO Exchange, “Growing Your Business in Unpredictable Times.” The exclusive, day-and-a-half-long event, taking place Sept. 12-13 at the prestigious Harvard Club, will share strategies for increasing business and operating a profitable company despite headwinds such as changing regulations, low inventory and student loan debt.

The event will offer insight from several of the industry’s most influential leaders, including an opening address from keynote speaker Ron Peltier, chairman and CEO of HomeServices of America, Inc.; a fireside chat with John Peyton, president and CEO of Realogy Franchise Group; expertise on the power of predictive analytics from Jeremy Sicklick, co-founder and CEO of HouseCanary; risk management tactics from Katie Johnson, general counsel at the National Association of REALTORS® (NAR); and more.

Special sessions include:

What Keeps You Up at Night? Overcoming Hurdles to Profitability
Running a brokerage in today’s market is no easy task. From pressure on commissions to a shortage of inventory, company dollars are being squeezed.

In this session, panelists Tom Tognoli, president/CEO, Intero Real Estate; Candace Adams, president/CEO, Berkshire Hathaway HomeServices New England, New York and Westchester Properties; and Pam O’Connor, president/CEO, Leading Real Estate Companies of the World®, will share what’s foremost on their minds and how they’re preparing their firms to overcome challenges.

The Evolution of the Real Estate Model: Are You Adapting Fast Enough?
As brokers continue to refresh and revamp the tried and true approach to the real estate business, will your firm be able to keep up and compete?

In this session, find out from panelists David Tedesco, founder/managing partner/CEO, True North Companies/Realty Executives; Matt Widdows, founder/CEO, HomeSmart; Rob Lehman, chief revenue officer, Compass; Mark Stark, broker/owner/CEO, Berkshire Hathaway HomeServices Nevada Properties and Arizona Properties; Errol Samuelson, chief industry development officer, Zillow Group; and Richard “Rick” Haase, president, Latter & Blum, Inc., how and why some firms are succeeding with a new approach to the standard real estate model, and whether or not your firm is at risk of being disrupted.

The Verdict Is In: Agent Loyalty Is Out – Now What?
Your top producers are your prized commodity but is loyalty the end game? Are your retention efforts working and worth the investment?

In this session, hear from panelists Neil Cresswell, co-founder/president, Sellstate Realty Systems; Michael Mahon, president, First Team Real Estate; Penny Nathan, co-founder/president/CEO, Ascent Real Estate; Richard “Dicky” Mopper, broker/owner, Engel & Völkers Savannah; and Felicia Hengle, president, Ohio Operations, Coldwell Banker Hunter Realty, who are recruiting and maximizing their agent force to ensure profitability for all.

Visit the CEO Exchange event page to view the full agenda and speakers.

RISMedia will also be hosting a new networking opportunity for attendees: the CEO Exchange Welcome Dinner, a three-and-a-half-hour sunset tour around Lower Manhattan aboard the elite, private yacht Atlantica. Don’t miss this unforgettable experience with unparalleled views of New York City!

RISMedia’s Real Estate CEO Exchange is by exclusive invitation only. For more information, please contact Randi Vannucchi, randiv@rismedia.com …read more

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AMD’s stock reverses sharply lower on heavy volume, as ethereum prices extend selloff

Shares of Advanced Micro Devices erased earlier gains to turn sharply lower in active trade Thursday, bucking the gains in the broader tech sector. What may be weighing on the chip maker, the price of cryptocurrency ethereum was plunging 10% from Thursday’s close, and has plummeted 35% so far this month. AMD’s graphics chips are the “gold standard” for mining ethereum, according to RBC Capital analyst Mitch Steves, and rocketing ethereum prices through mid June had propelled AMD shares sharply higher this year. On Thursday, with ethereum prices rising early in the session before sinking, AMD’s stock was up as much as 1.4% within the first few minutes after the open, then declined steadily to be down as much as 6.0% in afternoon trade, before paring some losses. It was recently down 4.6% at $13.64. Volume reached 100 million shares about 30 minutes before the close, enough to make the stock the most actively traded on the major U.S. exchanges. AMD’s stock has now climbed 20.3% year to date, while rival Nvidia Corp. shares has shot up 50.5%, the PHLX Semiconductor Index has rallied 20.4% and the S&P 500 has gained 9.3%.

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Steel company stocks rally on reports Trump would consider quotas and tariffs on imports

Shares of steel companies spiked in afternoon trading on Thursday, after President Donald Trump reportedly said he would consider quotas and tariffs on steel imports into the United States. AK Steel Holding Corp. spiked 7.6%, sharply extending a gain it had had prior to the report. United States Steel Corp. gained 4.6%, while Nucor Corp. was up 2.5%. The VanEck Vectors Steel ETF , which has a heavy weighting toward foreign steel companies, was 0.5% higher. Despite the gains on the day, both U.S. Steel and AK Steel are down sharply for 2017, dropping more than 25%. In the broader market, the Dow Jones Industrial Average rose 0.1%, while both the S&P 500 and the Nasdaq Composite Index were up 0.2%.

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Oil prices tally fourth session rise to end above $46 a barrel

Oil prices rose for a fourth-straight session on Thursday, settling at their highest level in nearly two weeks. Prices continued to get a boost after data Wednesday from the Energy Information Administration showed a second-straight weekly drop in U.S. crude supplies, despite recent reports showing a rise in global production. August WTI crude rose 59 cents, or 1.3%, to settle $46.08 a barrel on the New York Mercantile Exchange.

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Occidental Petroleum raises dividend by a penny

Occidental Petroleum Corp. said Thursday it will raise its quarterly dividend by a penny, or 1.3%, to 77 cents share. The oil and gas exploration company said the new dividend will be payable Oct. 16 to shareholders of record on Sept. 11. At current stock prices, the new annual dividend rate of $3.08 a share implies a dividend yield of 5.20%, compared with the SPDR Energy Select Sector’s yield of 2.59% and the S&P 500’s implied yield of 1.99%. “The dividend increase reflects our commitment to growing Occidental’s dividend annually for our shareholders, and our confidence in the company’s financial strength and future performance,” said Occidental Chairman Eugene Batchelder. The stock, which inched up 0.1% in afternoon trade, has dropped 17% year to date, while the energy ETF has lost 14% and the S&P 500 has gained 9.3%.

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.

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From:: Stock Market News