Bank of America was the next mega bank to post its earnings, revealing a strong quarter. The bank reported fourth-quarter net income of $3.3 billion, or $0.28 per share, beating analyst expectations by $0.01. …read more
From:: Real Estate Wire
Morgan Stanley shares rise after earnings beat
Morgan Stanley shares were up 4% in premarket trade Tuesday after the company beat fourth-quarter earnings expectations. The company reported net income of $908 million, or 39 cents per share, compared to net losses of $1.6 billion, or a loss of 91 cents per share, in the year-earlier period. The company reported adjusted earnings per share of 43 cents, above the FactSet consensus of 33 cents. Morgan Stanley reported revenue of $7.7 billion, below $7.8 billion in the year-earlier period but above the FactSet consensus of $7.6 billion.
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
J&J unveils restructuring of medical devices business, to book $2.0-$2.4 billion charge
Johnson & Johnson Inc. said Tuesday it is planning to cut about 4% to 6% of the global workforce in its medical devices business over the next two years, as part of a restructuring that aims to save $800 million to $1.0 billion by the end of 2018. The company said it will book pretax charges of $2.0 billion to $2.4 billion for the restructuring, about $600 million of which will be booked in the fourth quarter. The company is still expecting 2015 sales of $70 to $71 billion and adjusted per-share earnings of $6.15 to $6.20. The current FactSet consensus is for EPS of $6.18 and sales of $70.1 billion. “The savings will provide the company with added flexibility and resources to fund investment in new growth opportunities and innovative solutions for customers and patients,” J&J said in a statement. Shares rose 1% in premarket trade, but are down 6.7% in the last 12 months, matching the S&P’s 6.8% decline.
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
Twitter service goes down across world
Twitter has been suffering a worldwide outage Tuesday, with access in Europe looking to be the hardest hit. The downtime began at around 8:20 a.m. London time, with no or only sporadic access available via the Twitter website, mobile apps or third-party software such as TweetDeck. Instead, visitors saw an error page on the Twitter site saying, “Something is technically wrong.” A Twitter outage map on the Downdetector.uk site showed the problems were focused in the U.K. and Europe, though Japan and U.S. East Coast were also having problems. “Some users are currently experiencing problems accessing Twitter. We are aware of the issue and are working towards a resolution,” the company said in a post to its status Tumblr. Twitter told MarketWatch it had no information to share when contacted except for that message. UPDATE: The issue appears to be improving, with some Twitter users reporting the return of access and the Twitter status page for software developers reporting that only its search is now suffering “service disruption” and its “performance issues” on timelines at around 11 a.m., coming back from disruption on four of its services at around 9:20 a.m.
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
Twitter service goes down worldwide
Twitter is suffering a worldwide outage early Tuesday, with access in Europe looking to be the hardest hit. The downtime began at around 8:20 a.m. London time, with no or only sporadic access available via the Twitter website, mobile apps or third-party software such as TweetDeck. Instead, visitors saw an error page on the Twitter site saying, “Something is technically wrong.” A Twitter outage map on the Downdetector.uk site showed the problems were focused in the U.K. and Europe, though Japan and U.S. East Coast were also having problems. “Some users are currently experiencing problems accessing Twitter. We are aware of the issue and are working towards a resolution,” the company said in a post to its status Tumblr. But the issue seems to be worsening, as a Twitter status page for software developers was displaying “service disruption” on four of its services at around 9:20 a.m., after earlier only showing two of the services hit.
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
Renault to recall 15,000 cars to check emissions: reports
French automaker Renault SA is to recall 15,000 cars to make sure they meet emissions standards, French Energy Minister Segolene Royal told RTL radio on Tuesday. The minister said the cars would be recalled before they go on sale. The announcement comes after antifraud detectives raided several Renault offices earlier this month, which was seen as an indication authorities had started an investigation into whether the automaker rigged emissions tests. This comes after Volkswagen last year admitted to cheating on environmental tests on some of the its diesel cars, prompting a recall of 11 million cars. Shares of Renault rose 1.7% on Tuesday.
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
U.S. stock futures power ahead, tracking China markets
U.S. stock futures rose sharply on Tuesday as Chinese stocks rebounded in the wake of data showing that China’s economy grew for 2015 at its slowest pace in a quarter of a century. Dow Jones Industrial Average futures surged 210 points, or 1.3%, to 16,123, while S&P 500 futures jumped 25.20 points, or 1.3%, to 1,900. Nasdaq 100 futures gained 56.75 points, or 1.4%, to 4,197.75. U.S. stock and bond markets will reopen after closing Monday for the Martin Luther King Jr. holiday. The Shanghai Composite rose 3.2% after weak GDP data triggered expectations of stimulus from Beijing. U.S. crude oil rose 32 cents, or 1%, to $30.70 a barrel, while Brent crude added 73 cents, or 2.7%, to $29.27 a barrel. Over the weekend, sanctions on Iran were lifted, and the oil market is now braced for an influx of supplies from the country.
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
Here’s the latest update on Detroit’s housing recovery
Fixing Detroit’s housing market is a slow, intensive process that still has people divided on whether or not it even is recovering. So how is the city doing now? The Urban Institute published a new piece giving an update on the continued but uneven recovery in the city’s housing market. …read more
From:: Real Estate Wire
Fannie Mae: Housing affordability will continue to be a challenge in 2016
The economy will continue growing, mortgage lending standards will ease and household income will rise in 2016, but housing affordability will continue be a challenge thanks to the continued increase in house prices, Fannie Mae said in a new report. …read more
From:: Real Estate Wire
St. Louis Rams sacked by real estate reality as team moves to Los Angeles
When the National Football League announced last week that the St. Louis Rams are moving back to Los Angeles, it seemed that everyone involved got what they wanted, except Rams’ fans in St. Louis, of course. But for those moving from St. Louis to Los Angeles with the team, they are about to take a big financial hit thanks to the vastly different costs of living from St. Louis to Los Angeles. …read more
From:: Real Estate Wire