Foreclosures | Mortgages | Financing
Morgan Stanley will hand out hundreds of millions of dollars in consumer relief and fork over hundreds of millions more to state governments as part of $3.2 billion settlement over its “deceptive” mortgage bond practices in the run-up to the financial crisis, the New York Attorney General’s Office said Thursday. Click the headline to read more. …read more
From:: Real Estate Wire
(Correcting typo in spelling of Proteostasis in headline)
Proteostasis Therapeutics Inc. said Thursday its initial public offering of 6.25 million shares priced at $8 a share, well below the expected per-share range of $12 to $14. The amount of shares the biopharmaceutical company sold was above the 3.85 million shares they had expected to sell, according to a regulatory filing out earlier this week. The company raised $50 million in its IPO, compared with expectations of $46.2 million to $53.9 million at the previously-expected number of shares and expected price range. Leerink Partners and RBC Capital Markets acted as joint book-running managers of the IPO. The stock is expected to being trading on Nasdaq Thursday, with the ticker symbol “PTI.”
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From:: Stock Market News
The downward trend in mortgage rates continued for the sixth consecutive week amid ongoing market volatility. As a result, the average 30-year fixed is now hovering just above its 2015 low of 3.59%. …read more
From:: Real Estate Wire
Tesla Motors Inc.’s stock surged 8.2% in active morning trade Thursday, after Chief Executive Elon Musk said reservations for the Model 3 can be made next month, and on the heels of the electric car maker’s fourth-quarter results. Volume of 3.3 million shares in the first 20 minutes of trade was already about two-thirds of the full-day average, according to FactSet. Musk tweeted early Thursday that reservations for the Model 3 can be made with $1,000 down, in stores on March 31 and online on April 1. He more details on the Model 3 will be unveiled in coming weeks. Late Wednesday, the company reported a wide, surprise loss and sales that missed expectations, but provided an upbeat outlook on profitability and that it expected to be cash flow positive next month. Before the results were released, the stock had closed Wednesday at the lowest level since January 2014.
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From:: Stock Market News
U.S. stocks opened sharply lower on Thursday as investors fled risky assets such as equities and oil, while piling into havens such as Treasurys and gold. The S&P 500 opened 22 points, or 1.2%, lower at 1,832. The Dow Jones Industrial Average was down 220 points, or 1.4%, at 15,695 shortly after the open. Meanwhile, the Nasdaq Composite began the day down 51 points, or 1.2%, at 4,231.
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From:: Stock Market News
Edward Lampert, the chief executive of Sears Holdings Corp. , now owns more than half of the outstanding shares of Sears Hometown & Outlet Stores Inc. , according to a regulatory filing released Thursday. The filing showed that Lampert and his hedge fund, ESL Partners L.P., now own 11.52 million shares of Sears Hometown, or 50.7% of the shares outstanding. A Jan. 5 filing showed that Lampert and ESL owned about 11.16 million Sears Hometown shares, or 49.1% of the shares outstanding, as of Dec. 31. Shares of Sears Hometown, which was separated from Sears Holdings in October 2012, have tumbled 34% year to date through Wednesday. In comparison, Sears Holdings’ stock has dropped 27% this year, while the S&P 500 has lost 9.4%.
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From:: Stock Market News
3D Systems Corp.’s stock shot up 6.7% in premarket trade Thursday, after the 3D digital design products company provided a fourth-quarter revenue outlook that was above expectations. The company said it expects revenue of $183 million, compared with the FactSet consensus of $160.2 million. Full results are scheduled to be released before the market opens on Feb. 29. The company said it expects to record a goodwill and intangibles impairment charge in the range of $510 million to $570 million in the fourth quarter. The charge isn’t expected to impact future business activities or cash flow, the company said in a statement. “Industry conditions remain challenging and demand may be uneven in the coming periods,” said Interim Chief Executive Andy Johnson. “We are prioritizing our resources around professional and industrial applications to foster sustainable growth and improve profitability.” The stock has dropped 11% over the past three months through Wednesday, in line with the S&P 500’s decline.
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From:: Stock Market News
The Wendy’s Co. was downgraded to neutral from overweight after analysts determined the company won’t lower its capital expenditures. The price target was lowered to $10.50 from $12. J.P. Morgan upgraded Wendy’s on Aug. 6, 2015 believing the company’s fiscal 2017 and 2018 capital expenditure guidance of $150 million was too high if there would be fewer than 400 company stores by the end of fiscal 2016. Analysts expected strong free cash flow. “We would have thought that capital expenditures could/should come down as we find it hard to articulate company operated U.S. unit expansion and more, so difficult to agree with $20-$25 million a year of company funding for franchisee capex in Canada,” J.P. Morgan wrote in a Thursday note. “However, this appears to be the plan of the well-respected and newly appointed Chief Executive Todd Penegor, so expecting a near-term change in a just-announced strategy is unlikely in our view.” Wendy’s shares are inactive in premarket trading, but down 12.7% for the past 12 months. The S&P 500 is down 10.5% for the same period.
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From:: Stock Market News
Kellogg Co. said it had a net loss of $41 million, or 12 cents per share, in the fourth quarter, up from a loss of $293 million, or 82 cents per share in the year earlier period. Adjusted earnings were 79 cents per share ahead of the FactSet consensus of 74 cents per share. Sales fell 10.6% to $3.1 billion for the quarter from $3.5 billion last year below the FactSet consensus of 3.2 billion. Currency exchange lowered earnings by 6 cents per share for the quarter. Kellogg said U.S. cereal trends continued to improve in the third quarter and each of the company’s international regions reported higher sales for the quarter. Kellogg shares are inactive in premarket trading, but up 6.9% for the past 12 months. The S&P 500 is down 10.5% for the past year.
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From:: Stock Market News
Sellers are off to an early start Thursday, as 26 of the 27 Dow Jones Industrial Average components seen premarket activity are declining. Among the biggest losers, shares of Goldman Sachs Group Inc. shed 2.7%, of J.P. Morgan Chase & Co. slid 2.5%, Visa Inc. slumped 2.4% and Boeing Co. gave up 2%. Apple Inc.’s stock , which was the most-active with over 184,000 shares traded; fell 1%. The lone gainer was Cisco Systems Inc.’s stock , which climbed 5.5%, after the company reported late Wednesday better-than-expected fiscal second-quarter results and raised its dividend.
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