Foreclosures | Mortgages | Financing
The U.S. Department of Housing and Urban Development Secretary Ben Carson hosted a Facebook live event in which he held a question and answer session on the value of homeownership and his plans for the department. Carson explained some of the greatest hindrances to homeownership today, and what the government can do about it. …read more
From:: Real Estate Wire
Shares of Tintri Inc. were trading above the company’s $7 issue price Friday morning as the stock made its debut on the Nasdaq. Tintri priced its offering at the low end of its $7 to $8 range Thursday, after seeing its price range slashed from the $10.50 to $12.50 it previously expected. Tintri raised about $60 million in the offering. Morgan Stanley & Co., Bank of America Merrill Lynch and Pacific Crest Securities were the lead underwriters on the offering.
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
Nike Inc.’s stock sprinted 8.5% higher Friday morning toward a 3 1/2-month high, pacing the S&P 500 gainers, as it was on track to post the biggest one-day gain since September 2015. The price gain of $4.50 was adding about 32 points to the price of the Dow Jones Industrial Average , which was up 77 points in morning trade. The rally comes after the athletic apparel and accessories maker reported better-than-expected fiscal fourth-quarter results, and confirmed a deal to sell its wares through Amazon.com Inc. . The magnitude of the rally was a surprise to options traders, which had priced in a one-day post-earnings move of about 5.1%. Nike’s stock has climbed 13% year to date, while the Dow has gained 8.1%.
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
A regional index of business conditions in the Chicago area rose in June to the highest level in more than three years, suggesting steady growth in the U.S. economy. The Chicago Business Barometer rose to 65.7 in June from 59.4 in May. That’s the highest level since May 2014. New orders climbed to the highest level in three years and backlogs for orders reached a 23-year high, potentially reflecting large bookings for Boeing jets. An employment gauge fell slightly but still remained quite healthy. Companies were worried about a scarcity of skilled workers, an increasingly frequent complaint.
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 Blue Apron Holdings were slumping 4% Friday morning to trade below the company’s IPO price in the stock’s second day of trading. Blue Apron priced its offering at $10 a share and opened and closed at $10 Thursday after oscillating between $10 and $11 throughout the day. Blue Apron shares were trading around $9.74 Friday morning. The average first-day return for IPOs so far this year has been 8% to 9%, according to Renaissance Capital, a manager of IPO-focused ETFs. In the second quarter of the year, 25.5% of IPOs had a negative first-day return, higher than the first quarter which saw 20% of deals with a negative first-day return. IPOs in the fourth-quarter of 2016 fared worse, with 36.7% bringing in a first-day negative return. Overall returns were strong for the second-quarter, with 68.1% trading above issue price at the end of the quarter.
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
U.S. stocks on Friday climbed and a selloff in bonds subsided somewhat, as a report on inflation and spending came in weaker than expected. The Dow Jones Industrial Average rose 0.5% at 21,371, the S&P 500 index gained 0.4% at 2,429, while the Nasdaq Composite Index climbed 0.3% at 6,165. Friday’s moves follow a downdraft for equities in the previous session, underpinned by selling in technology shares , more than offsetting gains in the financial sector . Among corporate news, shares of Nike Inc. climbed and was buoying the Dow, after the sportswear giant late Thursday posted better-than-expected quarterly profit and sales. Meanwhile, government bond-yields looked to stabilize in early trade after spiking throughout the week on investor fears that global central bankers would put an end to easy-money policies, which have supported bond prices and pushed yields to record lows. The 10-year Treasury note was at 2.27% in recent trade. Prices move inversely to yields. On the data front, a consumer report early Friday showed the Federal Reserve’s preferred inflation gauge, the price index for personal-consumption expenditures, fell 0.1% in May from the prior month while personal consumption expenditures increased a seasonally adjusted 0.1% in May from the prior month, the Commerce Department said. Friday’s action caps a bumpy week for equities and closes out the month, quarter and first half of 2017.
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
Kraft Heinz Co. said Friday that it will sell its cheese plant in Campbell, NY to the Upstate Niagara Cooperative, but will invest in improvements and maintain 125 jobs at the facility. The food company has entered into a co-packing agreement with the cooperative. The deal is expected to close in the next 30 to 60 days. Kraft Heinz will invest $3 million to $5 million for upgrades to the plant and Kraft Heinz says the staff roster could grow to 150. Kraft Heinz shares are up 0.2% in premarket trading, but are down 3.1% for the past year. The S&P 500 index is up 15.3% for the last 12 months.
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 Cara Therapeutics Inc. plunged 27% in premarket trade Friday, after mixed results from a phase 2b trial of the biotechnology company’s pain medication prompted a downgrade at Janney Montgomery Scott. Analyst Ken Trbovich cut his rating to neutral from buy, saying the results of the trial weren’t strong enough to achieve statistical significance at the highest dose and did not show an effect at lower doses. The result of the trial “gives us less confidence in the outlook for a positive outcome for the phase 3 than we had previously,” Trbovich wrote in a note to clients. The stock had nearly tripled year to date through Thursday, while the iShares Nasdaq Biotechnology ETF had rallied 18% and the S&P 500 had gained 8.1%.
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
Flash storage company Tintri, Inc. priced its initial public offering at $7 a share late Thursday, the low end of its already slashed price range, to raise about $60 million. The company had cut its range to $7 to $8 a share earlier on Thursday, down from its previously expected range of $10.50 to $12.50. The $7 share price gives the company a public market capitalization of $215 million, a deep cut from the $785 million private valuation reported by the Silicon Valley Business Journal. This week Blue Apron Holdings also saw its price range cut to $10 to $11 from its previous range of $15 to $17. Blue Apron priced at $10 and opened and closed Thursday at 410. Tintri shares are expected to start trading Friday on the Nasdaq under the symbol “TNTR.” Morgan Stanley & Co., Bank of America Merrill Lynch and Pacific Crest Securities were the lead underwriters on the offering.
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
Parkway Inc. announced Friday a deal to be acquired by Canada Pension Plan Investment Board (CPPIB) for $1.2 billion. Under terms of the deal, Parkway shareholders will receive $23.05 for each of the real estate investment trust’s shares they own, a 13% premium to Thursday’s closing price of $20.38. CPPIB’s bid per share consists of $19.05 plus a $4.00 special dividend to be paid prior to the closing of the deal, which is expected to take place during the fourth quarter of 2017. Parkway’s stock was inactive prior to a trading halt for news. It has lost 8.4% year to date, while the SPDR Real Estate Select Sector ETF has gained 4.8% and the S&P 500 has climbed 8.1%.
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