Foreclosures | Mortgages | Financing
As concerns over falling oil prices start to plague housing, the Mortgage Bankers Association’s latest chart of the week examined the 2015 trend in employment in several states reliant on oil production to help put in perspective the potential impact to the housing market. …read more
From:: Real Estate Wire
Wells Fargo’s most recent hire brings 32 years of mortgage lending experience as an originator, manager and leader. Todd Johnson joins the company as Northeast Divisional Manager and will be based in Minneapolis …read more
From:: Real Estate Wire
The immediate impact of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule in October is quickly coming to light as existing-home sales bounce back after November’s steep drop. But before celebrating, NAR President Tom Salomone cautioned that data is still showing longer closing timeframes, which is a reminder that the near-term challenges they anticipated are still prevalent. …read more
From:: Real Estate Wire
WASHINGTON (MarketWatch) — A reading of manufacturing sentiment rebounded in January after hitting a 38-month low in December, according to data released Friday. The flash manufacturing purchasing managers’ index from Markit rose to a reading of 52.7 from 51.2 in December. Output and orders picked up in January after slowing late last year. But job creation fell to a four-month low and manufacturers cut inventories. The flash estimate is typically based on approximately 85%-90% of total PMI survey responses each month.
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From:: Stock Market News
U.S. stocks opened higher on Friday, on track for their first weekly gains in four weeks, as oil prices rebounded. Oil and global stocks got a boost after hints Thursday by the European Central Bank that more stimulus could be in store in March. The S&P 500 opened 23 points, or 1.3%, higher at 1,893. The Dow Jones Industrial Average added 216 points, or 1.3%, to 16,0964. Meanwhile, the Nasdaq Composite began the day up 84 points, or 1.9%, at 4,555.
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From:: Stock Market News
Cigna Corp.’s stock slid 3% in premarket trade Friday, after the insurer said the Centers for Medicare & Medicaid Services (CMS) was imposing sanctions to suspend the enrollment of new customers in Cigna Medicare Advantage and Standalone Prescription Drug Plan contracts. The sanctions follow the discovery by the CMS of deficiencies with Cigna’s appeals and grievances, formulary and benefit administration and compliance programs, Cigna disclosed in a regulatory filing. Cigna said it was cooperating fully with the CMS to resolve these matters. The stock has climbed 8.2% over the past three months through Thursday, while the S&P 500 has lost 8.9%.
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From:: Stock Market News
Chesapeake Energy Corp. shares surged 8% in premarket trade Friday, after the company said it is suspending its quarterly preferred stock dividends in an effort to save cash. The company said it expects to save about $170 million a year from the move. It will use those funds to buy its own debt at significant discounts. “Given the current commodity price environment for oil, natural gas and natural gas liquids, we believe that redirecting this cash toward debt retirement provides better returns for the company,” the company said in a statement. “We currently have senior debt securities trading at significant discounts, and we will continue to take advantage of that within the coming year.” Shares have fallen 82% in the last 12 months, while the S&P 500 is down just 9%.
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From:: Stock Market News
Moody’s Investors Service has placed the ratings of 120 oil and gas companies around the world on review for a possible downgrade as the oil price remains at multi-year lows. The rating agency said it expects the mix of the low price, oversupply and weak demand to “significantly stress the credit profiles” of companies in the sector. Moody’s also lowered its oil price estimate for West Texas Intermediate and Brent crude to $33 a barrel in 2016, followed by $38 a barrel in 2017 and $43 a barrel in 2018. It lowered its stress-case scenario oil price estimate to $25 a barrel for both WTI and Brent. The big name oil companies on review for downgrade include Schlumberger , Transcoean , Pemex and Gazprom.
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From:: Stock Market News
Jamba Inc. , the company behind the Jamba Juice chain of fruit juice and smoothie shops, named David Pace chief executive officer, succeeding James White. Pace will start with the company on Mar. 14. He joins from Bloomin’ Brands Inc. whose casual dining restaurant chains include Carrabba’s Italian Grill, where Pace was president from 2014, Outback and Bonefish Grill. Jamba also announced that Richard Federico, a member of the board since 2006, will assume the role of chairman and independent director of the board, effective immediately. Jamba shares are down 22.1% for the past 12 months while the Nasdaq is down 5.9% for the same period.
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From:: Stock Market News
Sotheby’s said Friday it will suspend its quarterly dividend, effective immediately, and has decided to repatriate foreign earnings, to help fund a $200 million increase to its stock repurchase program. The auction house disclosed in a regulatory filing that it expects a fourth-quarter loss of $10 million to $19 million, or 15 cents to 29 cents a share, compared with a profit of $74 million, or $1.06 a share, in the same period a year ago. Excluding non-recurring items, such as a non-cash charge of $63 million to $68 million for taxes associated with foreign earnings, adjusted EPS is expected to be $1.11 to $1.17, above the FactSet consensus of 84 cents. The company said it had previously expected to reinvest the foreign earnings of about $381 million outside the U.S. to avoid U.S. income taxes, but said the increase in share repurchases and the need for cash in the U.S. made it necessary to repatriate the funds. The stock, which was still inactive in premarket trade, has plunged 33% over the past three months, while the S&P 500 has lost 8.9%.
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From:: Stock Market News