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Oil prices cut gains as data show U.S. oil-rig count up 23 consecutive weeks

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil climbed by 11 to 758 rigs this week. That marked a 23nd weekly rise in a row. The total active U.S. rig count, which includes oil and natural-gas rigs, rose by eight to 941, according to Baker Hughes. Oil prices pared earlier gains following the data, with August West Texas Intermediate crude up 9 cents, or 0.2%, at $42.83 a barrel on the New York Mercantile Exchange for the session. It was trading at $43.07 before the data.

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

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Quicken Loans Founder Wealthiest in Michigan

The founder and owner of Detroit-based Quicken Loans Inc. has been ranked as the richest person in the state of Michigan.

Dan Gilbert has an estimated net worth of nearly $6 billion, according to Forbes.com’s latest rankings of the richest individuals in every state.

In addition to Quicken — Gilbert is the majority owner of the Cleveland Cavaliers, has over 100 business and real estate ventures, and owns more than 90 Detroit properties.

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From:: Financing

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South, West Drive Up U.S. Home Sales

A surge in new home sales in the South and the West was enough to offset a plunge in residential sales in the Northeast and Midwest.

On a preliminary basis, the sale of 58,000 new, privately owned, single-family houses were completed during all of May 2017.

New home sales edged up from an upwardly revised 57,000 the one month prior and an upwardly revised 53,000 one year prior.

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Forestar preparing to spurn Starwood Capital after D.R. Horton improves its offer

Thanks to a bidding war between two real estate giants, Forestar Group and its shareholders find themselves squarely in the catbird’s seat. As recently as one day ago, Forestar said that it still planned to sell itself to Starwood Capital Group for $15.50 per share despite D.R. Horton attempting to swoop in and buy 75% of the company for a higher price, $16.25 per share. But things can change quite a bit in 24 hours.

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From:: Real Estate Wire

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Top Latino Mortgage Originator Is At PrimeLending

The latest ranking of Latino mortgage originators is out, and PrimeLending is the employer of the No. 1 producer. The overall group nudged up annual lending.

Production for the country’s 250 top-producing Latino loan originators amounted to 33,345 loans with an aggregate principal balance of $8.19 billion in 2016.

That was stronger than during the preceding year, when the top-250 Latino originators generated 32,783 in single-family loan closings for $8.107 billion.

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Initial manufacturing PMI falls to 9-month low in June

A “flash” reading of manufacturing purchasing managers index fell to a nine-month low in June. The IHS Markit manufacturing index fell to a reading of 52.1 in June from 52.7 in May, a reading that still shows improving conditions as it’s above the 50 mark. The flash services PMI slowed to a 3-month low of 53 from 53.6 in May. The flash readings are based on 85% to 90% of responses.

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

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Top Ships’s stock plunges below $1 mark after 1-for-15 reverse split is enacted

Shares of Top Ships Inc. plummeted 60% in morning trade Friday, to below the $1 mark, even after the company enacted a 1-for-15 reverse stock split. After the tanker ship operator’s stock closed Thursday at a pre-split price of 16 cents after company announced that it was enacting a reverse 1-for-15 split effective Friday, which increases the price to $2.40. The reverse split comes just six weeks after the company enacted a 1-for-20 reverse split, meaning the company has engineered an increase in its stock price by a factor of 300 in less than two months. The stock has plunged 99.9% year to date. The company had enacted a 1-for-10 reverse split in February 2016, a 1-for-7 reverse split in April 2014 and a 1-for-10 reverse split in June 2011. On Thursday, fellow tanker operator DryShips Inc. enacted a 1-for-5 reverse split.

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

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AVEO Pharma surges 48% on recommendation for European approval of its cancer drug

AVEO Pharmaceuticals Inc. shares surged as much as 48% in extremely heavy morning trade Friday after the company’s cancer drug was recommended for approval in Europe. The decision was made by a scientific committee of the European Medicines Agency and will be considered by the European Commission, with a decision expected in about 67 days, the company said. The drug, tivozanib, is being licensed in Europe by EUSA Pharma Inc. Tivozanib is intended for advanced renal cell carcinoma, which is the most common type of kidney cancer and is expected to be one of the fastest growing cancers in the next decade. AVEO failed to receive Food and Drug Administration approval for tivozanib back in 2013. The company has an ongoing phase 3 trial in third-line renal cell carcinoma, which is expected to read out in the first quarter of 2018. European approval of tivozanib would “add significant resources to our balance sheet as we work toward the anticipated readout,” AVEO Chief Executive Michael Bailey said, including a $4 million research and development reimbursement payment and up to $12 million in additional milestone payments from EUSA Pharma. AVEO shares have surged 51.1% over the last three months to $1.08 per share, compared with a 3.7% rise in the S&P 500 .

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