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Wells Fargo finally wrapped up its settlement with the federal government to resolve claims related to its Federal Housing Administration lending program. The lawsuit was originally filed in 2012 but hit a roadblock back in November 2014 when both sides’ talks of negotiating a settlement started to slow down. Click the headline to read more. …read more
From:: Real Estate Wire
Editas Medicine Inc. , a genome editing company, opened at $18 in its debut on the Nasdaq Thursday. Editas sold 5.9 million shares at an issue price of $16, to raise $94.4 million. Shares were trading at $16.57 after the stock started trading. The company initially set a price range between $16 and $18 a share. Morgan Stanley and J.P. Morgan acted as the lead underwriters.
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
BeiGene, Ltd. , a drug company developing immuno-oncology drugs for cancer treatments, opened at $28.97 Thursday, above its initial public offering issue price of $24 and marked the first IPO of 2016. Shares were trading at $28.38. BeiGene sold 6.6 million shares at an issue price of $24, to raise about $158 million. The company initially set a price range between $22 and $24. Goldman, Sachs & Co., Morgan Stanley and Cowen and Company were the underwriters for the offering.
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From:: Stock Market News
The U.S. Energy Information Administration reported on Wednesday that crude inventories rose by 7.8 million barrels for the week ended Jan. 29. The American Petroleum Institute on Tuesday reported a 3.8 million-barrel increase, according to sources. Citi Futures forecast a rise of between 5 million and 6 million barrels. Gasoline supplies rose by 5.9 million barrels, while distillate stockpiles fell by 800,000 barrels last week, according to the EIA. March crude was at $29.83 a barrel on the New York Mercantile Exchange, down 5 cents. Prices traded at $30.33 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.
From:: Stock Market News
Chipotle Mexican Grill Inc. was upgraded to neutral from underperform at Bank of America based on the results of the bank’s survey, which found consumer willingness to return to the embattled restaurant chain. Bank of America surveyed 1,000 people and found high awareness about the E. coli issues the company has faced (85% said they were aware) and the norovirus outbreak (62% said they were aware). The number of respondents who view Chipotle as a healthy food option fell to 32% from 44%. But of the more than 600 who were aware of the Chipotle brand, aware of either health issues and had eaten at a Chipotle in the last year, 32% said they continue to eat there as frequently as before, 12% said they’re going, but less often and 46% said they stopped but would go back. Only 11% said they stopped eating there and wouldn’t return. Bank of America analysts believe there are risks to Chipotle stock, including long-term brand damage, but believe there’s sales potential, based on informal channel checks. The CDC declared the E. coli outbreaks over on Monday. Chipotle shares are down 7% in Wednesday trading and down 39% for the past 12 months. The S&P is down 8% for the past year.
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From:: Stock Market News
U.S. stocks opened higher on Wednesday, taking their cue from a rebound in oil prices. The S&P 500 opened 9 points, or 0.5%, higher at 1,913. The Dow Jones Industrial Average gained 92 points, or 0.6%, to 16,245 at the open. Meanwhile, the Nasdaq Composite began the day up 28 points, or 0.6%, at 4,543.
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From:: Stock Market News
WASHINGTON (MarketWatch) – Financial conditions are much tighter now than they were when the Federal Reserve hiked rates in December, and if they persist into March, the U.S. central bank will have to take that into account, said New York Fed President William Dudley on Wednesday. “One thing I think we can say with more confidence is that financial conditions are considerably tighter than they were at the time of the December meeting,” Dudley said in an interview with Market News International. He said he thought the Fed’s statement after its last meeting was an acknowledgment that “things have happened in financial markets and in the flow of economic data that may be in the process of altering the outlook for growth and the risk to the outlook for growth going forward.” He added it was still “a little soon to draw any firm conclusions from what we’ve seen.”
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From:: Stock Market News
Autodesk Inc. said Wednesday it will terminate 925 employees, or about 10% of its workforce, as part of a corporate restructuring disclosed in a regulatory filing. The design software company said it expects to complete the job cuts by the end of January 2017. Restructuring charges are expected to be $85 million to $95 million, of which $77 million to $85 million would be for employee termination benefits. “The company is taking these actions to accelerate its move to the cloud and its transition to a subscription-based business model,” the company stated in the filing. The company said it expects fiscal fourth-quarter adjusted earnings per share to be at the high end or exceed its previously-provided expected range of 8 cents to 12 cents, compared with the FactSet EPS consensus of 10 cents. The stock, which was still inactive in premarket trade, has tumbled 21% over the past three months, while the S&P 500 has lost 9.8%.
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From:: Stock Market News
WASHINGTON (MarketWatch) — Sen. Rand Paul will drop out of the race for president, Politico reported, citing three sources close to the campaign. CNN also said Paul is suspending his campaign. The Kentucky Republican with libertarian leanings has struggled in polls and finished fifth in the Iowa caucus.
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From:: Stock Market News
WASHINGTON (MarketWatch) – The Treasury Department said Wednesday it will “modestly reduce” the size of note and bond offerings over the next three months in order to ramp up sales of Treasury bills. Treasury said it will reduce its coupon offerings by $12 billion over the upcoming quarter. Treasury said it also will trim the offering sizes of its inflation-protected securities over the next quarter. The announcement came as the department laid out details of its quarterly refunding auctions. Treasury will sell $62 billion in notes and bonds next week. The department will auction $24 billion in 3-year notes on Feb. 9 and $23 billion in 10-year notes on Feb. 10. The government will also sell $15 billion in 30-year bonds on Feb. 11. The offering will refund $54.4 billion in maturing securities and raise approximately $7.6 billion.
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From:: Stock Market News