Foreclosures | Mortgages | Financing
Sen. Jeff Flake, a moderate Republican from Arizona, announced Tuesday he will not seek re-election in 2018, according to a report in the Arizona Republic. Flake has been one of the Senate’s more prominent critics of President Donald Trump.
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
Oil prices climbed for a third session in a row on Tuesday to settle at their highest level since mid-April. Prices got a boost after Saudi Arabia’s oil minister reiterated a pledge to bring the crude market into balance and as risks to output from Iran and Iraq lingered. December WTI crude rose 57 cents, or 1.1%, to settle at $52.47 a barrel on the New York Mercantile Exchange–the highest since April 17, according to FactSet data.
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
Gold prices settled Tuesday at their lowest level in more than two weeks, with strength in the U.S. stock market dulling demand for the precious metal amid uncertainty surrounding the leadership for the U.S. Federal Reserve. December gold fell $2.60, or 0.2%, to settle at $1,278.30 an ounce–the lowest since Oct. 6, according to FactSet data.
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
Hulu, the streaming platform jointly owned by Walt Disney Co. , Comcast Corp. , 21st Century Fox Inc. and Time Warner Inc. , said on Tuesday that Chief Executive Mike Hopkins is stepping down. Hopkins had been CEO of Hulu since 2013 and saw the company through significant growth in its original programming and audience, as well as nabbing the first best drama Emmy for a streaming service and launching Hulu’s live internet TV service. Hopkins, according to media reports, is heading to Sony Pictures Entertainment . He will be replaced at Hulu by Randy Freer, who serves on the company’s board and has been the president and chief operating officer at Fox Networks Group since 2013.
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
Mortgage production at Flagstar Bancorp Inc. improved on both a quarter-over-quarter and year-over-year basis. A recent acquisition helped fuel the growth.
The Troy, Michigan-based company reported in its third-quarter earnings report that income before the provision for income taxes was $60 million.
Although Flagstar’s earnings weakened from $87 million during the same-three months last year, the bank-holding company reported no quarter-over-quarter change.
From:: Financing
Amazon.com Inc. said Tuesday it has launched Business Prime Shipping in the U.S. and Germany, an annual membership program that offers free two-day shipping for all users on an Amazon Business account. The membership price would be $499 for up to 10 users, $1,299 for up to 100 users and $10,099 for over 100 users. “Business Prime Shipping enables businesses with multiple users to further simplify their procurement procedures and increasingly rely on Amazon Business to deliver,” said Amazon Business Vice President Prentis Wilson. The stock rallied 1.2% in midday trade. It has lost 5.9% over the past three months, but was still up 30% year to date. In comparison, the S&P 500 has gained 4.0% over the past three months and has climbed 15% so far this year.
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
Biogen Inc. shares plummeted as much as 7% in extremely heavy Tuesday morning trade after Wall Street analysts raised questions about revenue growth for rare disease therapy Spinraza. Though sales of the spinal muscular atrophy therapy came in above analyst expectations, or $271 million compared with the FactSet consensus of $253 million, U.S. sales for the drug barely budged, coming in at $198 million compared with $195 million in the second quarter. (Spinraza was approved late last year.) Mizuho analyst Salim Syed described the growth as “flattish.” However, because of $30 million of revenue build in the second quarter, “U.S. sales were not really flat,” said Bernstein analyst Ronny Gal. “Our estimate is the rate of new US starts will be relatively stable and this will drive slight but limited US growth,” Gal said, adding that it’s likely that site capacity is slowing down new starts at existing sites. Biogen’s shares declined in Tuesday trade despite reporting third-quarter profit and revenue beats, which EvercoreISI analyst Umer Raffat said “seems a bit overdone to me.” Biogen management described Spinraza as a “key current and future growth driver” during its Tuesday third-quarter earnings call. “We expect that Spinraza continues on a strong trajectory in terms of patient uptake in the U.S. and internationally,” said Biogen Chief Executive Michel Vounatsos, according to the FactSet earnings transcript. “However, due to the impact of the dosing scheduling, we anticipate Spinraza revenue growth in Q4 will be mostly driven by ex-U.S. markets.” Biogen shares have surged 8.9% over the last three months, compared with a 4% rise in the S&P 500 .
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
The largest exchange-traded fund to track the industrial sector rallied on Tuesday, advancing to a record in the wake of better-than-expected results from a pair of major components. The Industrial Select Sector SPDR ETF rose 0.9% and hit an all-time high in early trading. Thus far this year, the fund is up nearly 18%. The fund was boosted by Caterpillar , which jumped 5.8% in the wake of results that topped forecasts. The heavy-machinery maker also raised its outlook. The Dow component is one of the latest components of the fund, comprising 3.5% of the portfolio. Separately, 3M Co. jumped 6.2% in the wake of its own results, putting it on track for its biggest one-day percentage gain since July 2009. The stock is the ETF’s third-largest component, accounting for 5.7% of the holdings.
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
The origination of new credit lines secured by residential properties is expected to double over the next five years thanks to improving market conditions.
This year, U.S. consumers with equity in their single-family properties are forecasted to open 1.4 million new home-equity lines of credit.
Production of HELOCs, which moved up from 1.2 million in 2016, is forecasted to ascend to 1.6 million during all of next year.
From:: Financing
The latest exchange of insults on Twitter between President Donald Trump and Sen. Bob Corker, a Republican of Tennessee, won’t hurt the chances of passage of a GOP tax-cut plan, House Speaker Paul Ryan said Tuesday. “At the end of the day, I know Bob well. Bob is going to vote for Tennessee, he’s going to vote for America, he’s going to vote for tax reform,” Ryan said at a press conference with House Republican leaders. “So put this Twitter dispute aside,” he said. The latest dispute between Trump and Corker started when Corker went on television earlier Tuesday and said Trump should stop interfering in the deliberations over the tax bill. Trump then tweeted that Corker “couldn’t get elected dog catcher in Tennessee.” Corker responded by calling Trump “untruthful.”
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