Foreclosures | Mortgages | Financing
Freddie Mac announced Wednesday that it priced its first Structured Agency Credit Risk Series credit risk-sharing deal of 2016. STACR Series 2016-DNA1 has a reference pool of recently acquired single-family mortgages with an unpaid principal balance of more than $35.7 billion. …read more
From:: Real Estate Wire
GoPro Inc. warned investors that holiday sales were disappointing Wednesday and announced that it would cut its workforce by 7%, and shares dove more than 20% in late trading. The action-camera company said that it expects fourth-quarter revenue to be about $435 million, well below analysts’ average expectations of $521 million, according to FactSet, and GoPro’s guidance of $500 million to $550 million. While noting that its workforce had grown by 50% annually in the past two years to a total of 1,500 at the end of 2015, GoPro said it would lay off 7% of its workers, incurring a charge of $5 million to $10 million. GoPro stock has suffered a freefall after a booming initial public offering and early performance, declining 72% in the past six months. GoPro shares plunged more than 20% in late trading Wednesday after being halted, falling lower than $11 after closing at $14.61, a penny higher than its all-time closing low. The company expects to release full financial results for the fourth quarter and year on Feb. 3.
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
GoPro Inc. warned investors that holiday sales were disappointing Wednesday, and announced that it would cut its workforce by 7%. The action-camera company said that it expects fourth-quarter revenue to be about $435 million, well below analysts’ average expectations of $521 million, according to FactSet, and GoPro’s guidance of $500 million to $550 million. While noting that its workforce had grown by 50% annually in the past two years to a total of 1,500 at the end of 2015, GoPro said it would lay off 7% of its workers, incurring a charge of $5 million to $10 million. GoPro stock has suffered a freefall after a booming initial public offering and early performance, declining 72% in the past six months. GoPro shares were halted ahead of Wednesday’s announcement and were expected to begin trading again at 4:40 p.m. eastern time. The company expects to release full financial results for the fourth quarter and year on Feb. 3.
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. stocks closed sharply lower on Wednesday, with the S&P 500 and Dow industrials finishing at to their lowest levels since Sep 29, 2015. Consumer discretionary and health-care stocks led the broad selloff. The S&P 500 closed 48.40 points, or 2.5%, lower at 1,890.28. The Dow Jones Industrial Average dropped 364.81 points, or 2.2%, to 16,151.41. Meanwhile, the Nasdaq Composite ended the day down 159.85 points, or 3.4%, at 4,526.06.
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 Inc.’s stock tumbled 5% in afternoon trade Wednesday, toward yet another record closing low, to stretch its losing streak to eight sessions. The social-media service’s stock, which has yet to post a daily gain in 2016, has plunged 19% so far this year, while the S&P 500 has slipped 7.2%. This would mark the longest losing streak for Twitter shares since they fell for nine-straight sessions through May 23, 2014. The stock has closed at record lows the past six sessions. It was on track to close 28% below its initial public offering price of $26, and 75% below its record close of $73.31 on Dec. 26, 2013. The stock went public on Nov. 7, 2013. Deutsche Bank analyst Ross Sandler reiterated his buy rating on Twitter, saying he believes the valuation now reflects the “well-documented concerns” over user growth. He believes a stable “loyal base” of about 150 million daily active users can be leveraged to bring experiences to new users. “This is in stark contrast to the ‘everything is imploding’ bear case, and at some point should stabilize the shares,” Sandler wrote in a note to clients.
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
What’s housing going to do in 2016? A new report from Fitch Ratings presents its six housing predictions for this year. What are interest rates going to do? House prices? Loan volumes? Here’s what Fitch thinks. …read more
From:: Real Estate Wire
Al Jazeera Media Network said Wednesday it is shutting down its Al Jazeera America operations by April 30 after just two-and-a-half years on the air. “While Al Jazeera America built a loyal audience across the US and increasingly was recognized as an important new voice in television news, the economic landscape of the media environment has driven its strategic decision to wind down its operations and conclude its service,” the company said in a statement. The Doha, Qatar-based Al Jazeera said it is planning to expand its existing international digital services with the aim of making it available across more platforms in the U.S. It said it will provide more details of those plans in the coming months. Al Jazeera was launched in 1996 with the aim of becoming the first independent news channel in the Arab world providing news and commentary.
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
WASHINGTON (MarketWatch) – The Federal Reserve’s business contacts reported a mixed picture, with the manufacturing, agricultural and energy sectors continuing to struggle while consumers and housing remain fairly solid. The Fed’s Beige Book, released Wednesday, found modest growth in 9 of its 12 districts. Conditions were described as “essentially flat” in New York and Kansas City, while Boston reported conditions as “upbeat.” The latest beige book covers activity from late November through Jan. 4. The report comes two weeks ahead of the Fed’s next policy committee meeting, where officials are widely expected to stand pat.
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
General Electric Co. confirmed reports that it will move its corporate headquarters to Boston from Fairfield, Conn., a process that could take more than two years. Employees will first move to a temporary location in Boston starting this summer, the company said in a statement, with the full move expected to be completed in several steps by 2018 to the Seaport District of the city. GE said it expects “no material financial impact” related to the move, as the company is working with Massachusetts and the city of Boston on a package of incentives that will offset moving costs. The company said it will sell its offices in Fairfield and at 30 Rockefeller Plaza in New York City to further offset costs. The Wall Street Journal had reported earlier, citing a person described as familiar with the matter, that GE was planning the move, following a Connecticut budget deal last summer that raised corporate taxes. GE’s stock was little changed in afternoon trade. It has climbed 20% over the past 12 months, while the Dow Jones Industrial Average has lost 7.1%.
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
Police in the Atlanta area are searching for two people who allegedly posed as real estate agents and rented out homes they didn’t own and therefore had no right to rent out. …read more
From:: Real Estate Wire