Yum China gains after establishing dividend, detailing CEO succession plan

Yum China Holdings Inc. jumped as much as 5% in late trading Thursday after announcing earnings that included the spin-off’s first dividend and an increased stock-buyback plan, and detailing plans for a new chief executive. Yum China, which spun off from Yum Brands inc. about a year ago, said that President and Chief Operating Officer Joey Wat will succeed Mickey Pant as CEO in March 2018. For the third quarter, the operator of KFC and Pizza Hut restaurants in China reported net income of $211 million, or 53 cents a share, on sales of $2.04 billion, up from profit of $192 million on sales of $1.88 billion a year ago. Analysts on average expected earnings of 56 cents a share on sales of $1.98 billion, according to FactSet. Yum China also announced its first dividend, 10 cents a share payable Dec. 21 to shareholders of record as of Nov. 30, and said the board had expanded its stock-repurchase authorization from $300 million to $550 million. Yum China shares neared $42 in after-hours action following the report, after closing with a 0.2% increase at $39.97.

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

Costco shares slip even after earnings top Street view

Costco Wholesale Corp. shares declined in the extended session Thursday even after the wholesale club topped Wall Street estimates for the quarter. Costco shares slipped 1% to $165.49 after hours. The company reported fiscal fourth-quarter net income of $919 million, or $2.08 a share, compared to $779 million, or $1.77 a share, in the year-ago period. Revenue rose to $42.3 billion from $36.56 billion in the year-ago period. Analysts surveyed by FactSet had estimated $2.02 a share on revenue of $41.63 billion. The company reported a same-store sales rise of 5.7% for the quarter and 6.2% for September.

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

$50 Million in Mortgages Sold

The sale of $50 million in new single-family loans that have adjustable rates has been executed as a whole-loan transaction.

Included in the sale were $50 million in adjustable-rate mortgages. The newly originated loans are classified as 1/1 ARMs.

According to a brief statement issued about the transaction, the entire portfolio of mortgages was sold with servicing retained.


…read more

From:: Financing

Dow ends at a fresh record; S&P 500 posts best record streak in 20 years

U.S. stocks ended Thursday firmly in the green, adding to a series of records on the back of hopes around reforms to the tax code that could deliver a further fillip to assets perceived as risky like stocks. The Dow Jones Industrial Average closed up about 114 points, or 0.5%, at 22,775, while the S&P 500 index climbed 14 points, or 0.6%, at 2,552, posting its sixth straight record close. That marks the longest such string of all-time closing highs since the eight straight records in 1997, according to WSJ Market Data Group. The technology-laden Nasdaq Composite Index closed up about 50 points, or 0.8%, at 6,585. Technology and financial shares were among the best performing sectors on the day. Already in an uptrend, Wall Street got a midday boost after the House of Representatives passed a budget resolution–seen as setting the stage for an overhaul of the tax code. All three benchmarks finished at records for the third day in a row. In individual stocks, Netflix Inc. shares jumped 5.4% after the video-streaming giant raised the price of two of its memberships.

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

Committed to Above-Average Lead Gen—and Productivity

By Susanne Dwyer

In the following interview, Kelly Norris, executive vice president and general manager of Heritage Sotheby’s International Realty in Napa, Calif., discusses lead cultivation and generation, realtor.com®, training and more.

Region Served: All of Napa County, some of Sonoma and Solano counties
Years in Real Estate: 29
Number of Offices: 2
Number of Agents: 65

I understand you’ve been managing the company for four years. How is the real estate market growing in Napa, and how is your company growing as a result?
It’s been growing substantially since 2011. We’ve been growing in double digits year-over-year, and since I took the management job four years ago, we went from roughly 26 agents to our current 65. As of this time last year, the market has more or less flatlined. The difference is that everyone else has seen a dip in their business, but we continue to grow at a double-digit rate, year-over-year, in topline sales.

Being in an upscale, boutique area, are people starting their home searches online, or is it all word of mouth?
Word of mouth is always important, but our online presence couldn’t be more important today. It’s a huge priority for us to make sure we’re found in a number of different ways through portals like realtor.com®. At the same time, we do social media/Facebook marketing and have our own personal website. We have our own internal marketing department that works on SEO and our blog to drive traffic to a number of different areas so we can gather as many online leads as possible.

How has your online presence contributed to your growth?
We’ve been a part of realtor.com for a long time. They pull our listings every month, but being one of the larger listing companies in the Valley, we started using them in a larger way. We have an auto-responder in FiveStreet, which auto-responds to inquiries so we can filter those throughout the company. We also have Market Snapshot, which sends clients (or those we’re still turning into clients) reports full of market information. Leads then go into Top Producer, which all our agents can utilize. The whole package has been extremely successful, allowing us to capture the lead, place the lead, auto-respond to the lead before physically responding to it, then put it into our CRM until we can do something with it. It’s revolutionary as far as this industry is concerned. Our company is on the forefront of technology and realtor.com is paramount to that.

How do you incentivize agents to respond before consumers land in your competitors’ hands?
We realize that timing is everything and people searching online want information now. If we wait until tomorrow, the lead is virtually gone. Our listing agents, because they’ve worked so hard to take the listing, get first crack at the lead that comes in. Because our listing agents are busy, they often can’t get to the lead within five minutes, so it creates opportunity for other people in the company. After five minutes, it gets broadcast in a round robin type …read more

From:: Real Estate News

NRA says ‘bump stocks’ should be subject to extra rules

The National Rifle Association on Thursday backed further regulation of so-called bump stocks, the device that the Las Vegas gunman used to increase his rate of fire. “The NRA believes that devices designed to allow semi-automatic rifles to function like fully-automatic rifles should be subject to additional regulations,” the organization said in a statement. White House spokeswoman Sarah Huckabee Sanders told reporters at the daily briefing that the administration is open to talking about restricting the devices and “would like to see a clear understanding of the facts.”

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

Pinnacle Entertainment, Penn National stocks soar after WSJ report of merger talks

Shares of Pinnacle Entertainment Inc. shot up 7.9% in afternoon trade Thursday, and of fellow casino operator Penn National Gaming Inc. climbed 4.0%, after The Wall Street Journal reported the companies have held merger talks. Citing people familiar with the matter, the WSJ report said that the companies have engaged in “on-again, off-again” discussions about a deal but have been unable to agree on terms, although Penn National was still interested in buying Pinnacle. At current share prices, Pinnacle has a market capitalization of $1.36 billion and Penn National’s market cap is $2.18 billion. Taking into account the companies’ significant debt burdens, the WSJ report said the companies have a combined enterprise value of about $12 billion. Pinnacle’s stock has now soared 20% over the past three months, while Penn National shares have jumped 14% and the S&P 500 has gained 4.9%.

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

Oil prices settle higher as potential hurricane heads for the Gulf of Mexico

Oil prices finished higher Thursday as a potential hurricane headed for the Gulf of Mexico raised risks to crude production and refinery activity in the region. Tropical Storm Nate is expected to become a hurricane by the weekend and pass through the center of the Gulf. Speculation over a possible extension to OPEC-led production cuts in the wake of a meeting between Saudi Arabia and Russia also provided support for prices. November WTI crude rose 81 cents, or 1.6%, to settle at $50.79 a barrel on the New York Mercantile Exchange.

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

White House open to restricting ‘bump stocks,’ spokeswoman Sanders says

The Trump administration is open to talking about regulating so-called bump stocks, the rifle modifier that the Las Vegas gunman used to increase his rate of fire, White House press secretary Sarah Huckabee Sanders said Thursday. Sen. Dianne Feinstein, a California Democrat, introduced a bill Wednesday to ban bump stocks. The legal devices were found in gunman Stephen Paddock’s hotel suite. “We would like to see a clear understanding of the facts,” Sanders told reporters at the White House.

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

MannKind’s stock rockets on heavy volume for third-straight session

MannKind Corp.’s stock rocketed Thursday on very heavy volume, putting it on track to post a third-straight 20+% gain, after the Food and Drug Administration updated prescribing information for the company’s diabetes treatment to include data on rapid onset of activity. The stock ran up 32.2% in afternoon trade toward a 14-month high. Volume ballooned to 62.5 million shares, which is about 13 times the full-day average, and enough to make the stock the most actively traded on major U.S. exchanges. The stock had shot up 25.5% on Wednesday on volume of 19.0 million shares, and soared 20.5% on Tuesday on volume of 12.9 million shares. On Monday, the stock rose 7.8% on volume of 9.3 million shares, after the company revealed the FDA’s update. The company did not immediately respond to a request for comment. The label now shows that first measurable effects of the inhaled insulin started in 12 minutes, with peak effects about 35 minutes to 45 minutes after and a return to baseline about 1 1/2 hours to 3 hours later. The stock has now hiked up 116% this week. It was now up 47% year to date, while the S&P 500 has gained 14%.

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