Foreclosures | Mortgages | Financing
While the number remained the same, builder confidence still sits at a six-month low, reflecting that many markets continue to show a gradual improvement. According to NAHB Chairman Tom Woods, a homebuilder from Blue Springs, Missouri, this should bode well for future home sales in the year ahead. …read more
From:: Real Estate Wire
Shake Shack’s Inc.’s stock shot up 6.3% in morning trade Tuesday, after the burger chain was upgraded by William Blair analyst Sharon Zackfia, who suggested the stock has now fallen far enough to make it attractive to investors. The stock’s closing price of $31.92 last Wednesday was about one-third record close of $92.86 reached May 21. She believes last week’s introduction of the Chick’n Shack sandwich is a potential “positive wildcard” to sales, as she believes it could boost traffic, margins and customer frequency. “While still the richest valuation in restaurants, Shake Shack’s premium has narrowed substantially versus its peer group, and we now see the opportunity for strong earnings growth with likely upside to more than offset any further potential valuation compression,” Zackfia wrote in a note to clients. Of the nine analysts submitting their Shake Shack ratings to a FactSet survey, Zackfia is now the only one with a bullish rating. The stock, which was still trading 62% above its initial public offering price of $21–it went public on Jan. 30, 2015–has tumbled 23% over the past three months, while the S&P 500 has lost 7%.
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From:: Stock Market News
The Congressional Budget Office raised its estimate of the budget deficit for fiscal 2016 to $544 billion from $414 billion. The nonpartisan CBO said the bigger estimate was mostly due to the retroactive extension of several corporate and individual tax provisions. As a percentage of gross domestic product the deficit would be 2.9%, versus the previously estimated 2.2%. The government’s budget year runs from October through September.
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From:: Stock Market News
A pair of repossessed buildings on Palm Beach’s Banker’s Row, a strip on the wealthy island known for high office rents, sold at a 19 percent loss to its foreclosed mortgage.
Insurance company Investors Warranty of America seized the 23,245 square feet of office space at 205 Royal Palm Way in 2009 after foreclosing on a $17.35 million mortgage with Royal County LLC and Robert V. Matthews. It recently sold the property for $14 million to 205 Royal Palm Way LLC, managed by Jason Kalisman.
He’s… …read more
From:: biz journal foreclosures
Adobe Systems Inc. said online sales this holiday season were up 12.7% to $83 billion. More than 31 days during the period between Nov. 1 and Dec. 31 surpassed the $1 billion mark in sales, a record that exceeds 25 days in 2014. Online sales grew 56% year-over-year on Dec. 23, up to $920 million from $590 million in 2014. “It wasn’t until the very end of the season that we saw a significant surge in sales, which drove the 12.7% year-over-year growth,” said Tyler White, analyst with the Adobe Digital Index. “Phone traffic exceeding desktop traffic some days was one of the drivers of that growth.” The buy-online-pick-up-in-store option was a growth driver in the week before Christmas. Adobe had forecast 11% overall growth for the season, White said.
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From:: Stock Market News
WASHINGTON (MarketWatch) — The U.S. Treasury Department said Tuesday that it is seeking public comment on the evolving structure of the U.S Treasury market, which it says is the most comprehensive review since 1998. Treasury is asking stakeholders for their views about changes in Treasury market structure, the implications for market functioning, and risk management policies and practices.
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From:: Stock Market News
Univision Communications Inc. has acquired a stake in Onion Inc., the owner of the satirical U.S. news site “The Onion,” a spokesperson said Tuesday, confirming a report on NPR. No financial terms or other specifics were made available. Univision, which is mostly known for its Spanish-language programming, has expanded its reach with the 2013 launch of the Fusion network, a joint venture with Disney’s ABC that is targeting a younger Latin audience with English-language programming. Univision may go public this year, after postponing a planned deal last year.
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From:: Stock Market News
The Supreme Court said Tuesday it is going to review an insider-trading case. The Supreme Court is reviewing whether it’s enough that the insider and the tippee shared a close family relationship or whether a personal benefit to the insider is needed, as is the standard upheld by the Supreme Court in the United States vs. Newman case. The case is the appeal of Bassam Yacoub Salman, who allegedly traded on deals disclosed by a future brother-in-law who worked in Citigroup’s healthcare investment banking group.
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From:: Stock Market News
The Supreme Court will rule on President Barack Obama’s authority to shield millions of undocumented immigrants from deportation. The court will likely hear the case in April and issue a decision by late June, reports said. The policy would allow adults in the U.S. illegally to remain if they have children who are U.S. citizens or permanent residents.
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From:: Stock Market News
U.S. stocks opened higher on Tuesday, recovering some of the steep losses suffered during the previous week. Investors were also focusing on earnings reports. Morgan Stanley Inc. shares jumped after quarterly earnings came in above analysts’ expectations. The S&P 500 opened 20 points, or 1.1%, higher at 1,900. The Dow Jones Industrial Average added 160 points, or 1%, to 16,149. Meanwhile, the Nasdaq Composite began the day up 58 points, or 1.3%, at 4,547.
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From:: Stock Market News