Foreclosures | Mortgages | Financing
More than 900 employees in three states will be impacted from a decision by Capital One Financial Corp. to get out of the mortgage business.
The McLean, Virgina-based financial institution says it’s been too challenging for the company to stay competitive and profitable in home lending.
So Capital One is closing the business. The move impacts employees in Minnesota, New York and Texas — where most of the layoffs will take place.
From:: Financing
Shares of Synaptics Inc. rallied in Tuesday’s extended session after the Apple supplier posted quarterly earnings above Wall Street’s estimates. Synaptics reported it swung to a fiscal first-quarter loss of $26.5 million, or 79 cents a share, from a profit of $3.7 million, or 10 cents a share, a year earlier. The company cited acquisition-related charges for the loss. On an adjusted basis, it would have earned $1.03 a share in the lastest quarter. Revenue grew to $417.4 million versus $386.2 million a year ago. Analysts surveyed by FactSet had forecast adjusted earnings of 96 cents a share on revenue of $399 million. Synaptics shares rallied nearly 7% after hours.
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
Match Group Inc. shares rose in the extended session Tuesday after the online-dating site company’s revenue topped Wall Street estimates for the quarter. Match shares rose 5% to $28.25 after hours. The company reported third-quarter net income of $287.7 million, or 98 cents a share, compared with $56.4 million, or 21 cents a share, in the year-ago period. Adjusted earnings were 19 cents a share. Revenue rose to $343.4 million from $287.5 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 20 cents a share, and adjusted earnings of 22 cents a share, on revenue of $329.3 million.
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
Alphabet Inc.’s Waymo LLC said Tuesday it is testing fully driverless cars on public roads around the Phoenix, Ariz., area. “Over time, we’ll cover a region that’s larger than the size of Greater London, and we’ll add more vehicles as we grow,” Waymo said in a blog post. “We prepared for this next phase by putting our vehicles through the world’s longest and toughest ongoing driving test,” Waymo said, including driving more than 3.5 million autonomous miles on public roads in 20 U.S. cities and running tests at the unit’s private test track, Waymo said.Waymo last month demonstrated rides on its ride-hailing, autonomous minivans.
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
Take-Two Interactive Software Inc. shares jumped more than 10% to record price levels in late trading Tuesday after the videogame publisher reported that earnings swung to a net loss, but increased guidance for the full year. The publisher of the “Grand Theft Auto” series of videogames reported a second-quarter net loss of $2.7 million, or 3 cents a share, after reporting profit of 39 cents a share a year ago. The company reported net revenue of $443.6 million, after reporting sales of $420.2 million a year ago. The company increased its guidance for full-year revenue, to a range of $1.74 billion to $1.84 billion from a range of $1.65 billion to $1.75 billion. Shares jumped to nearly $118 in late trading after closing at $106.39, topping the record price paid for shares in a regular trading session of $111.11.
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From:: Stock Market News
The American Petroleum Institute reported Tuesday that U.S. crude supplies dropped by 1.562 million barrels for the week ended Nov. 3, according to sources. The API data also showed a rise of 520,000 barrels in gasoline stockpiles, while inventories of distillates lost 3.13 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a fall of 2.7 million barrels in crude inventories, along with declines of 2.25 million barrels for gasoline and 1.85 million barrels for distillate supplies. December crude was at $56.98 barrel in electronic trading, down from the settlement of $57.20 on the New York Mercantile Exchange.
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From:: Stock Market News
Shares of Zillow Group Inc. rallied in Tuesday’s extended session after the online real estate company posted better-than-expected earnings. Zillow reported its third-quarter earnings rose to $9.2 million, or 5 cents a share, from $6.8 million, or 4 cents a share, a year earlier. On an adjusted basis, the company would have earned 19 cents a share. Revenue grew to $281.8 million versus $224.6 million a year ago. Analysts surveyed by FactSet had forecast earnings of 17 cents a share on revenue of $277 million. For the current quarter, the company projected earnings of $6.5 million to $11.5 million and a loss of $10 to $5 for the full year. Zillow shares rose 2% after hours.
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From:: Stock Market News
Shares of the Container Store Group Inc. jumped more than 13% late Tuesday after the retailer reported double its expected adjusted earnings for the fiscal second quarter and larger-than-expected quarterly sales. Container Store said it lost $875,000, or 2 cents a share, versus earnings of $3.5 million, or 7 cents a share, in the second quarter of fiscal 2016. Adjusted for one-time items, the company earned 12 cents a share, compared with 8 cents a year ago. Net sales rose to $218.4 million, up 6.5% from $205 million. Net sales in The Container Store retail business rose 7% including an estimated $1.4 million in lost sales associated with Hurricanes Harvey and Irma, the company said in a statement. Comparable-store sales rose 2%, including hurricane impact. Analysts polled by FactSet had expected adjusted earnings of 6 cents a share on sales of $217 million.
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From:: Stock Market News
Snap Inc. shares plummeted in the extended session Tuesday after the company reported third-quarter results that missed revenue expectations. Snap shares fell 20% to $12.07 after hours. The company reported third-quarter net loss of $443 million, or a loss of 36 cents a share, compared with a loss of $124.2 million, or 15 cents a share, in the year-ago period. Revenue rose to $207.9 million from $128.2 million in the year-ago period. Analysts surveyed by FactSet had estimated a loss of 33 cents a share on revenue of $236 million. For the fourth quarter, analysts model losses of 31 cents a share on revenue of $306.1 million. Snap stock has dropped 34% in the last six months, with the S&P 500 index rising 8%.
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From:: Stock Market News
Oracle Corp. tapped the corporate bond market Tuesday with a deal expected to total about $10 billion, according to research firm CreditSights. That would eclipse the $7 billion offering from Apple Inc. on Monday. Initial price talk on the Oracle notes suggested they will price 10 to 17.5 basis points wider than the Apple notes. Oracle is offering five tranches, including a 30-year tranche. CreditSights reiterated a market perform recommendation on the new deal and said it would recommend participating as long as final pricing is 5 basis points wider than Apple priced. Oracle’s most active bonds, the 2.650% notes that mature in July of 2026, were last trading at 96.75 cents on the dollar to yield 3.079%, or at a spread of 77 basis points over comparable Treasurys, according to MarketAxess.
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