Foreclosures | Mortgages | Financing
BankUnited executives divulged more information on the bank’s decision to stop originating mortgages during its fourth conference call Thursday morning. While the bank remains positive on other part of its business, it couldn’t say the same for its mortgage business. …read more
From:: Real Estate Wire
Sports Direct International , a UK apparel and accessories retailer, disclosed a 14.4% stake in Iconix Brand Group Inc. in an SEC filing on Thursday. Sports Direct owns 6.98 million Iconix shares. Iconix brands include London Fog, Madonna’s Material Girl brand, home design company Royal Velvet and luxury brand Badgley Mischka. The filing is the second amendment to a previous filing. The first amendment was on Jan. 13, in which Sports Direct said it had an 11.52% stake in Iconix. Sports Direct purchased more than a million shares between Jan. 13 and Jan. 20. Sports Direct has made headlines for allegations that it underpaid and mistreated workers and is embroiled in a legal battle with the Rangers football club, according to The Guardian. Sports Direct shares are down 44.5% for the past 12 months. Iconix is down 84.3% for the same period. The S&P is down 7.1% over the past year.
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From:: Stock Market News
Dominion Midstream GP LLC, the partner of Dominion Midstream Partners LP , said Thursday it is raising its quarterly cash distribution by 7% to 21.35 cents a unit. The new payment will be made Feb. 15, to shareholders of record as of Feb. 5. Shares were trading up 3.6%, but are down 26% in the last 12 months, while the s&P 500 has fallen 7.8%.
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From:: Stock Market News
The U.S. Energy Information Administration reported on Thursday that crude inventories rose by 4 million barrels for the week ended Jan. 15. The American Petroleum Institute on Wednesday reported a 4.6 million-barrel climb, according to sources. Analysts polled by Platts expected supplies to be up 2.9 million barrels. Gasoline supplies climbed by 4.6 million barrels, while distillate stockpiles fell by 1 million barrels last week, according to the EIA. Oil prices initially turned lower after the supply report, then moved higher again as traders mulled the data. March crude was last at $28.95 a barrel on the New York Mercantile Exchange, up 60 cents, or 2.3%. Prices traded at $28.42 before the data.
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From:: Stock Market News
IBM Corp. acquired cloud-based video streaming company Ustream Inc. on Thursday to boost its video offerings for corporate clients using IBM’s cloud suite. Financial terms of the deal were not disclosed. Ustream has provided the infrastructure to power live streams and on-demand video content from major content creators, including Facebook and The Discovery Channel. IBM said the company will help support the growing demand among businesses of producing video content for things such as marketing, presentations and webinars. Ustream will join IBM’s newly-formed cloud video services segment, led by IBM general manager Braxton Jarratt. Shares of IBM increased 2% to $124.46 in recent trade, though they are down 12% over the last three months, versus a 7% decline for the Dow Jones Industrial Average.
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From:: Stock Market News
Burlington Stores Inc. was up 4.6% in Thursday trading after the company’s shares were upgraded to buy from neutral at Goldman Sachs. Analysts believe the off-price retailer will report earnings that meet or beat consensus through fiscal 2017. The bank raised its price target to $59 from $56. “We expect the beat-and-raise story to resume as Burlington returns to fundamental outperformance with normalizing weather,” analysts wrote in a Thursday note. They believe the company will improve sales and margins with better merchandise, inventory management and smaller stores. Goldman Sachs raised its earnings per share estimates for fiscal 2015, 2016 and 2017 to $2.31, $2.80 and $3.24 respectively from $2.30, $2.75 and $3.15. Burlington shares are up 8% over the past three months. The S&P is down 7% for the same period.
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From:: Stock Market News
Natural-gas futures turned lower on Thursday after the U.S. Energy Information Administration reported that supplies of the commodity declined by 178 billion cubic feet for the week ended Jan. 15. That was less than the fall of between 183 billion cubic feet and 187 billion cubic feet expected by analysts polled by Platts. Total stocks now stand at 3.297 trillion cubic feet, up 629 billion cubic feet from a year ago and 473 billion cubic feet above the five-year average, the government said. February natural gas was at $2.108 per million British thermal units, down a penny, or 0.4%. Prices traded at $2.174 before the supply data.
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From:: Stock Market News
Mortgage rates dropped even further below 4% for the third consecutive week, as nonstop financial market turbulence drove investors to the safe haven of Treasuries. …read more
From:: Real Estate Wire
U.S. stocks opened slightly higher Thursday, on track to trim losses from the prior session, after European Central Bank President Mario Draghi hinted at more monetary stimulus. The S&P 500 opened 0.1% higher at 1,859; the Dow industrials climbed were unchanged at to 4,472; the Nasdaq Composite gained 0.1% to 4,476. Stocks have been extremely volatile in recent sessions as oil prices have plunged, dragging down energy shares.
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From:: Stock Market News
Eurozone government bond yields plummeted Thursday after European Central Bank President Mario Draghi signaled that the ECB might authorize additional monetary easing measures at its March meeting. Treasury yields declined in sympathy, falling to a nearly nine-month low. The yield on the 10-year German bond, known as the bund, tumbled 4 basis points to 0.377%, its lowest level in nearly nine months. The yield on the 10-year Treasury yield, the U.S. Treasury market’s benchmark, tumbled 2 basis points to 1.965%, also a nearly nine-month low. Bond yields fall when prices rise and vice versa.
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