Johnson Controls to cut 3,000 jobs, or 2.5% of workforce

Diversified industrial company Johnson Controls Inc. said Friday it is planning to reduce headcount by 3,000 people, or 2.5% of its total workforce, as it continues to cut costs. The company said it expects to deliver up to $250 million in cost savings in the next two years. Shares were not yet active in premarket trading, but are down 14% in the year to date, while the S&P 500 has lost 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.

…read more

From:: Stock Market News

Freeport McMoRan raises $1 billion in at-the-market equity offering, files for additional sales

Freeport McMoRan Inc. said Friday it has raised $1 billion in an at-the-market offering of common stock and filed to sell another up to $1 billion. The company said it plans to use the proceeds for general corporate purposes, including repayment of debt and financing of working capital. The metals and mining company said it is still talking to investors on investing in its oil and gas properties and the possible IPO of a minority stake in the business. “The actions we have taken to cut costs, significantly reduce capital expenditures in our mining and oil and gas businesses and raise equity proceeds are necessary in the current period of weak and uncertain market conditions,” executives said in a statement. Shares fell 2.1% in premarket trading, and are down 48% in the year so far, while the S&P 500 has lost 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.

…read more

From:: Stock Market News

Rockwell Collins’ revenue outlook falls shy of forecasts

Rockwell Collins Inc. said it expects fiscal 2016 revenue of $5.3 billion to $5.4 billion, below the FactSet consensus of $5.44 billion, as the avionic electronics and communications company is still experiencing weak market conditions in business aviation. “At this time, we don’t expect to see these conditions improve significantly in the next year so we are re-setting our near-term expectations for that business,” said Chief Executive Kelly Ortberg. The company expects 2016 business and regional jet original equipment manufacturing sales to decline in the low double-digit percentage range from fiscal 2015, and aftermarket sales to grow “fairly modestly.” The company expects 2016 earnings per share of $5.20 to $5.40, including a restructuring charge of 10 cents to 15 cents. The FactSet consensus is $5.45. The stock, which is still inactive in premarket trade, has gained 1% year to date, while the S&P 500 has lost 3.3%.

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.

…read more

From:: Stock Market News

Antero Midstream agrees to buy Antero Resources water business in $1.05 billion deal

Energy company Antero Midstream Partners LP said Friday it has agreed to buy Antero Resources Corp.’s water business in a deal valued at $1.05 billion. Antero Resources is further entitled to two potential $125 million earn out payments at year-end 2019 and 2020, if certain fresh water delivery targets are met, Antero Midstream said in a statement. “Antero Midstream takes another step towards becoming a full value chain midstream services provider in the Appalachian Basin, and Antero Resources reduces debt by $794 million,” Antero Midstream Chief Executive Paul Rady said in a statement. The deal is expected to close on Sept. 23. Antero Midstream raised its 2015 EBITDA outlook to $170 million to $180 million from a prior $150 million to $160 million. Shares were not yet active in premarket trade, but are down 26% in the year so far, while the S&P 500 has fallen 3.3%.

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.

…read more

From:: Stock Market News

Apple’s Dec. quarter to benefit from calendar shift, says RBC

Apple Inc.’s iPhone unit shipments will be boosted in the December quarter by a calendar shift, that should add 2 to 2.5 million units to the total, RBC Capital Markets said Friday. Apple will have just two days of iPhone 6S and iPhone 6S Plus land in the September quarter, which ends on September 26, down from nine days a year ago. “This will essentially drive in an extra week of high unit sales in the Dec-quarter this year,” analysts wrote in a note. “At minimum given the extended lead-times for 6S Plus, this should add 2-2.5 million incremental units in Dec-quarter ($1.5-2.0 billion revenue).” That should allay investor fears that Decemeber would be a no-growth quarter for the iPhone, said the note. Apple shares were down 0.7% in premarket trading, but are up 3% in the year so far, while the Dow Jones Industrial Average has lost 6.4%.

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.

…read more

From:: Stock Market News

Bad loans not driving banks’ real estate rise

By Michael Seale

After steady declines in foreclosures over the past few quarters, the amount of real estate owned by Birmingham banks was on the rise in the second quarter of 2015.

According to data from the FDIC, other real estate owned, also called OREO, rose 5.4 percent in the second quarter, compared to the first quarter.

Banks usually accumulate OREO through defaulted and foreclosed loans, meaning an uptick could foreshadow challenges for the banking industry and the local economy.

But banks aren’t sweating… …read more

From:: biz journal foreclosures

9 Things to Buy Secondhand for Your First Home

By U.S. News

Thrift shop kitchen items.

Filed under:

There can be great joy in moving into your first apartment or your first home. You finally have space all to yourself. You can decorate how you want. You can spend your time how you want.

Sadly, that initial burst of joy is often deflated by the realization that you need a lot of little things when you move to a new place. For many people, that means an expensive shopping spree.

Instead, consider making your first stop the local secondhand store. Many of the items you need to set up an apartment or a home for the first time or in a new area can be found at a thrift shop, which means you’ll cut back on that big burst of spending that can really hurt your wallet.

Here are nine items to consider purchasing secondhand for your new place.

Silverware is a requirement for eating food at home without making a complete mess. Fortunately, most secondhand stores have a selection of silverware on hand. You might not have perfect matching silverware, but you’ll have more than enough for your needs at an inexpensive price.

Dishes are also a dining necessity. Again, it’s easy to find plenty of plates and bowls at a secondhand store for a pittance, though you may not find a matching set. Still, you’re far better off buying two or three partial sets for pennies than shelling out the money for a single matching set from a store.

Glasses and cups for consuming beverages are another household essential that’s perfect for a secondhand purchase. As with silverware and dishes, you’ll likely not find a matching set, but what you will find are many cups and glasses to fill your cupboards at an inexpensive price.

A toaster or toaster oven both perform the task of toasting bread, bagels, English muffins and other such items. A toaster oven goes further, making it easy to make grilled sandwiches and cook small items. Both can easily be found at secondhand stores in working order and can make for a valuable addition to your kitchen to help you with food preparation.

Lamps are simple items that are often found in abundance at secondhand stores. All varieties of lamps, from desk lamps and floor lamps to clip lamps and table lamps, can usually be found secondhand at a very reasonable price.

A dining table is an essential piece of furniture in most houses or apartments, as it provides a place to eat and share meals. You can find simple dining tables at secondhand stores, and they often come with simple, solid chairs. The key thing to remember is you can buy an inexpensive starter set, and then upgrade later when you have money to easily do so.

A side table is often a key part of a living room, providing a place to put a beverage, snack plate or remote controls as you watch TV, study or read a book. Side tables can be incredibly inexpensive. It’s easy to find one secondhand for …read more

From:: Renting