Foreclosures | Mortgages | Financing
A San Diego businessman will spend the next nine months in prison after being convicted for his role in a fraudulent mortgage loan modification business that presented itself as a “law firm” in order to con more than 1,000 struggling homeowners out of more than $3 million total. …read more
From:: Real Estate Wire
Incenter will acquire assets of a mortgage company in order to offer a broader array of services to their clients. IMA’s main focus will continue to be as a mortgage servicing rights brokerage and asset valuation firm. …read more
From:: Real Estate Wire
Bill Ackman’s hedge fund Pershing Square Holdings Ltd. fell 8.2% so far in February, bringing its year-to-date return to negative 18.6%. The fund’s dismal performance is mostly due to its sizable stake in Valeant Pharmaceuticals International Inc. which is down 15% in 2016. Pershing has posted double-digit negative returns since the middle of September.
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
Strains in the energy industry did not hinder the housing market as January 2016’s sales were 2% off the January record. …read more
From:: Real Estate Wire
The owner of the Publix-anchored Fountains of Boynton shopping center in Palm Beach County filed Chapter 11 to halt a foreclosure lawsuit.
The debtor is owned and managed by John B. Kennelly, who put eight real estate companies into Chapter 11 in 2015 and is still trying to resolve those cases.
Fountains of Boynton Associates filed for Chapter 11 reorganization in U.S. Bankruptcy Court in West Palm Beach on Feb. 5. That automatically stays the $23.7 million foreclosure lawsuit that Hanover Acquisition… …read more
From:: biz journal foreclosures
Twitter shares dropped 12% Wednesday after the company beat expectations but reported flat user growth and reported a lower than expected guidance. Twitter reported a net loss of $90.2 million, or a loss of 13 cents per share, compared to a loss of $125 million, or a loss of 20 cents per share in the year-earlier period. Twitter reported adjusted earnings per share of 16 cents, above the FactSet consensus of 12 cents. Twitter reported sales of $710.5 million up from $479.1 million in the year-earlier period and above the FactSet consensus of $710.1 million. It reported 320 million monthly active users, flat with the previous quarter’s numbers. Twitter issued a first quarter revenue outlook of $595 to $610 million, below the FactSet consensus of $633.3 million.
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
Whole Foods Market Inc. announced first-quarter earnings that beat estimates and issued an upbeat outlook for fiscal 2016 on Wednesday. The company said it had net income of $157 million, down from $167 million last year. Earnings were 46 cents per share, flat with last year. The FactSet consensus was 40 cents per share. Sales totaled $4.8 billion, meeting the FactSet consensus and a record for the company, according to Walter Robb, co-chief executive for Whole Foods. Sales were up from $4.7 billion last year. Same-store sales decreased 1.8% on a constant currency basis. The FactSet consensus was a 2.1% decline. The company expects sales growth between 3% and 5% in fiscal 2016 and plans to open 30 new stores, including three 365 stores, increasing square footage by 7% or more. Whole Foods said it recently signed six new leases, one for Whole Foods Market in San Diego and five for 365 by Whole Foods Market stores in Claremont, CA; Concord, CA; Los Alamitos, CA; Gainesville, FL and Evergreen Park, IL. Whole Foods shares are down .6% in after-hours trading and are down 45.6% for the past 12 months. The S&P 500 is down 10.5% for the past year.
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
Tesla Motors Inc. shares seesawed in late-trading Tuesday after the electric-car maker reported a surprise loss in the fourth quarter and lower-than-expected revenue for the quarter. The company maintained it is on track to become profitable, on an adjusted basis, this year, and said that beginning in March it expects to become net cash flow positive. Tesla said it lost $114 million in the quarter, or 87 cents a share, adjusted for one-time items. That compares with an adjusted loss of $16.2 million, or 13 cents a share, in the fourth quarter of 2014. Revenue reached $1.75 billion in the quarter, up 59% from $1.1 billion in the year-ago period. Analysts polled by FactSet had expected Tesla to report earnings of 16 cents a share on sales of $1.85 billion in 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
Mylan N.V. announced Wednesday a deal to buy Swedish specialty pharmaceutical company Meda Aktiebolag in a cash and stock deal valued at the U.S. dollar equivalent of $7.2 billion, or $9.9 billion including debt. Mylan expects the deal to add to earnings immediately after it is completed, with an opportunity to increase earnings per share by 35 cents to 40 cents in 2017. Mylan expects synergies of about $350 million, to be achieved in the fourth year following completion, which is expected to be in the third quarter of 2016. “Our acquisition of Meda will allow us to accelerate and deliver on the clear and compelling vision and strategy we have continuously communicated to our shareholders, and once again deliver a transaction that will create significant value,” said Mylan Chief Executive Robert Coury. “We structured this transaction in a way that optimizes our balance sheet and still leaves us ample financial flexibility to continue to complement our business with additional attractive opportunities.” Separately, Mylan reported full-year 2015 adjusted earnings per share and revenue that fell short of FactSet consensus estimates. The stock slumped 7% in after-hours trade.
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
The average American who opts to spend on Valentine’s Day purchases will part with $191.80 on gifts, activities and other items, according to the International Council of Shopping Centers. Spending will reach $29 billion. Of those celebrating Valentine’s Day, technology will be the largest expenditure with an average spend of $215.50. Jewelry is second with $191.00. Nearly a quarter, 22%, say they’ll spend more than last year while 54% said they’ll spend about the same. Millennials will spend $218.60, more than Gen X ($186.40) and Baby Boomers ($70.50). The ICSC polled 1.022 adults for this survey.
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