Americans are feeling better about their personal finances and the economy as a whole, but that doesn’t make them any more likely to say that now is a good time to buy, a new report from Fannie Mae showed. …read more
From:: Real Estate Wire
1.5 billion Fannie Mae bulk mortgage servicing rights portfolio hits market
Buyers looking to get their hands on some Fannie Mae mortgage servicing rights have that opportunity. Interactive Mortgage Advisors announced earlier this week that it is acting as the exclusive broker of a $1.5 Billion Fannie Mae bulk residential mortgage servicing rights portfolio. …read more
From:: Real Estate Wire
Apartment Market Sees Record High Year-End Rent Growth
According to year-end stats from Axiometrics, the leader in apartment market and student housing research and analysis, 2015 ended with the highest year-end rent growth on record since 2005. Also in 2015, Portland apartments replaced Oakland as the market with the highest annual effective rent growth among Axiometrics’ top 50 markets in the third and fourth quarters. Axiometrics breaks down the top markets by rent growth and occupancy for the fourth quarter in their new report.
For full story, visit Axiometrics.com.
From:: Property Management
Re/Max names new CFO and COO after Metzger’s resignation
Re/Max Holdings Inc. late Thursday said Dave Metzger, who holds the dual title of chief financial officer and chief operating officer, has resigned, effective March 31. The company named Karri Callahan, corporate controller, to succeed him as CFO, and Adam Contos, senior vice president of marketing, as COO. Callahan and Contos will assume their new roles on Jan. 15, Re/Max said. Shares were unchanged in after hours after the stock closed down 1.7% during the regular session.
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From:: Stock Market News
Gap December same-store sales fell 2%, net sales fall to $2 billion
Gap Inc. shares are down 7% in after-hours trading after it said same-store sales were down 5% for the month. The consensus estimate was a decline of just 3.5%, according to Reuters. Net sales for the five-week period ending Jan. 3 were $2 billion, a 4% decline from $2.1 billion for the same period last year. Same-store sales at Gap Global were down 2% versus consensus estimate of a decline of 2.9%, according to Reuters. Same-store sales at the company’s Old Navy brand fell 7% for the month of December. The Reuters consensus was for a 0.2% decline. Old Navy same-store sales sank into negative territory in November. Same-store sales at Banana Republic were down 9%. The Reuters consensus was for a 13.4% decline. Gap shares are down 38.7% for the past year while the S&P is down 4.1% for the same period.
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
S&P 500, Dow industrials see worst ever start to new year
Steep losses during the first four trading sessions of 2016 have marked the worst start to a new year for the S&P 500 and Dow Jones Industrial Average in history. The S&P 500 lost 100 points, or 4.9% over the past four sessions, closing at 1,943.09 on Thursday, its lowest level since October. The Dow Jones Industrial Average lost 911 points, or 5.2% since Monday, according to FactSet. On Thursday, the Dow lost 392.41 points, or 2.3%, to 16,514.10, closing 10% below its intraday record in May. Meanwhile, the Nasdaq Composite fell 146.34 points, or 3%, to 4,689.43, erasing its modest year-to-date gain. Over the past four sessions, the tech-heavy index lost 6.35%, its worst start to the year since 2000. All three main indexes are down about 10% from their record highs in May.
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From:: Stock Market News
Bed Bath and Beyond misses on third-quarter sales
Shares of Bed Bath and Beyond fell 2% Thursday after the company missed third-quarter sales expectations. The company reported net income of $177.8 million, or $1.09 per share, down from $225.4 million, or $1.23 per share, in the year-earlier period. The FactSet consensus was for earnings per share of $1.09. Bed Bath and Beyond had lowered its earnings forecast to $1.07 to $1.10 a share in December, from a previous range of $1.14 to $1.21.Bed Bath and Beyond reported sales of $2.95 billion, up from $2.94 billion in the year-earlier period. The FactSet consensus was for sales of $2.97 billion. The company issued fourth-quarter guidance of $1.72 to $1.86 per share and $4.91 to $5.05 for the full year of 2015
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From:: Stock Market News
Helen of Troy shares rise on earnings beat
Helen of Troy Ltd. shares rose in the extended session Thursday after the housewares and consumer products company topped Wall Street estimates. Helen of Troy shares advanced 3.4% to $89.95. The company, which owns such brands as OXO, PUR, and Brut, reported adjusted third-quarter earnings of $2.07 a share on revenue of $445.5 million. Analysts surveyed by FactSet had forecast earnings of $1.97 a share on revenue of $442 million. Helen of Troy expects adjusted fiscal 2016 earnings of $5.50 to $5.85 a share. Analysts estimate $5.71 a share.
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
Container Store slumps after reporting third-quarter loss
Shares of Container Store Group Inc. sank in Thursday’s extended session after the retailer posted disappointing results. The storage and organization products company swung to a third-quarter loss of $1.7 million, or 4 cents a share, from a profit of $6.2 million, or 13 cents a share, a year earlier. Latest quarter results reflect 3 cents a share in expenses related to strategic initiatives, which was a cent higher than anticipated, the company said. Revenue increased to $197.2 million from $190.9 million a year ago while same-store sales rose 0.5% from the same period last year. Analysts surveyed by FactSet had forecast Container Store to report earnings of 5 cents a share on revenue of $200 million. Shares sank 12% in after-hours trading.
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From:: Stock Market News
Urban Outfitters says holiday same-store sales fell 2% for retail segment
Urban Outfitters Inc. said that holiday season same-store sales decreased 2% for the two months ending Dec. 31. Total sales for the period were flat compared with last year. Sales increased 2% at Free People, but decreased 2% at Urban Outfitters and Anthropologie. Sales for the wholesale segment increased 40% partially due to delayed shipments from the third quarter, the company said. “We continued to experience strong direct-to-consumer growth at all our brands during this holiday season,” said Richard Hayne, chief executive at Urban Outfitters. “These gains were offset by weaker store sales which we believe was driven by declining store traffic.” Urban Outfitters shares are down 37.2% for the past 12 months while the S&P is down 4.1%.
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