Interpublic raises dividend, sets new stock buyback program

Interpublic Group of Companies said Friday it raised its quarterly dividend by 25% to 15 cents a share, from 12 cents a share. The new dividend will be payable March 15 to shareholders of record on March 1. The advertising company announced a new $300 million share repurchase program, with no expiration date. “These actions build on a sustained capital return program that IPG initiated in 2011,” said Chief Executive Michael Roth. “Since that time, we have returned a total of $2.5 billion to shareholders through a combination of dividends and share repurchase, and reduced our outstanding shares eligible for dilution by over 25%.” The stock, which was still inactive in premarket trade, has dropped 11% over the past three months, matching the decline in the S&P 500.

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From:: Stock Market News

Greece slides back in recession as protests break out in Athens

The Greek economy slipped back into recession in the fourth quarter of last year, capping a tumultuous year that almost saw the country leave the eurozone. Greece’s gross domestic product shrank 0.6% in the last quarter of 2015, building on a 1.4% contraction in the third quarter. This comes as the country narrowly escaped recession in the second quarter, as the economy grew 0.2%. “It’s hard to imagine how the sense of deja-vu could be any stronger. The confirmation that Greece has slumped back into recession came as rioters stalked the streets of Athens to protest against government austerity,” said David Lamb, head of dealing at FEXCO, in a note. Clashes broke out in the Greek capital earlier on Friday, as thousands of farmers protested against tax increases and pension reforms. The yield on 10-year Greek government bonds rose 32 basis points to 11.42%.

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From:: Stock Market News

Gold prices slip as investors embrace risk assets

Gold prices slipped Friday, with the safe-haven metal out of favor as so-called risk assets rallied. Gold for April delivery was down $8.20, or 0.7%, to $1,239.70 an ounce, trailing a jump in European equities and advances for U.S. stock futures. On Thursday as global equities melted down, gold futures surged by $53.20, or 4.5%, marking their largest one-day dollar and percentage gain since Sept. 19, 2013. Stocks had been hit after U.S. Federal Reserve Chairwoman Janet Yellen on Wednesday acknowledged that volatility in international financial markets and the global economy could impact the outlook for the U.S. For the week, gold prices were on track for a 7.1% rise.

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From:: Stock Market News

BOJ may hold emergency meeting, says Abe adviser: WSJ

The Bank of Japan may call an emergency policy meeting to consider additional monetary easing if the market turmoil persists, an adviser to Prime Minister Shinzo Abe has told The Wall Street Journal. The central bank is currently scheduled to meet on Mar. 14. Etsuro Honda, a former finance ministry bureaucrat, said in comments published Friday that it is now out of the question for the government to go ahead with its plan to increase sales tax next year, and instead “it should be made a priority to stimulate demand through both fiscal and monetary policies.” Honda emphasized that he has no advance knowledge of the BOJ’s intentions.

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From:: Stock Market News

Japan will ‘act appropriately’ over yen: finance minister

After a week that has seen the yen soar against rivals, specifically the dollar, the country’s finance minister on Friday sent a warning to investors. “We have seen quite rough movements in the exchange rate recently. We will continue to watch the foreign- exchange market with a sense of tension, and we will act appropriately if that becomes necessary,” Finance Minister Taro Aso said in a press conference on Friday, according to a report in The Wall Street Journal. The dollar last traded at ¥111.92, from ¥112.27 late Thursday in New York. During Asian trading on Thursday, the dollar hit a fresh 15-month low of ¥110.98. The Nikkei 225 index closed down 4.8% to 14,952.61 on Friday. Other Japanese officials were also commenting on Friday. An advisor to Prime Minister Shinzo Abe, Etsuro Honda, said the Bank of Japan may call an emergency meeting if financial markets upheaval continues.

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From:: Stock Market News

Get used to the FHA mortgage insurance life-of-the-loan premium

Despite recent calls to eliminate it, the Federal Housing Administration said it is not considering any changes to the mortgage insurance life-of-the-loan policy. However, the explicit rejection of a life-of-loan pricing policy change is a positive for the private mortgage insurance industry since the ability to cancel mortgage insurance has a direct impact on borrow decision-making. …read more

From:: Real Estate Wire

Move/News Corp legal battle drags down Zillow Group earnings in 2015

The Zillow Group family of websites, which includes Zillow and Trulia, announced its 2015 financial results on Thursday, with the company reporting a pro forma net loss of $91.1 million in 2015. According to Zillow, a large portion of the net loss was driven by the legal fees associated with Zillow’s legal battle with Move, which is now owned by News Corp, over claims of allegations of trade secret theft involving Errol Samuelson, who was once Move’s chief strategy officer. Click the headline to read more. …read more

From:: Real Estate Wire

CalAtlantic Group OKs $200 million share buyback

Homebuilder CalAtlantic Group Inc. said Thursday its board of directors authorized a $200 million share buyback program, replacing a previous $100 million authorization from October 2014. Shares of CalAtlantic were flat in late Thursday trading after ending the regular session down 3.4%.

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From:: Stock Market News