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The House voted on Thursday to pass legislation that includes a bipartisan act that encourages the creation of private flood insurance markets. While this falls outside of the broader debate to reform the National Flood Insurance Program, it addresses a key issue in flood insurance coverage. But due to the timing of the legislation, it wasn’t nearly as bipartisan of an act as it was in the past. …read more
From:: Real Estate Wire
Home furnishing company Ikea Group has purchased TaskRabbit, a company that connects freelance workers with clients in need of services like furniture assembly, moving or handyman work. TaskRabbit operates in 40 cities in the U.S. and London, and will continue to operate as an independent company with the ability to partner with other companies. The deal is expected to close in October, according to a release. Ikea intends to learn from TaskRabbit’s digital expertise and use its marketplace to provide services to Ikea customers. Ikea launched a pilot with TaskRabbit in London in November 2016. Ikea Group owns and operates 357 Ikea stores in 29 countries as well as an e-commerce business. Financial details of the deal were not disclosed. The SPDR S&P Retail ETF is down 5.4% for the year to date while the S&P 500 index is up 12% for the 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
For the second time in two days, one of nation’s largest cities announced that it is suing Equifax over the credit reporting agency’s massive data breach, which led to the personal information of 143 million U.S. consumers being exposed. First it was the city of San Francisco, and now, Chicago is suing as well. …read more
From:: Real Estate Wire
GoPro Inc. showed off two new cameras Thursday as the company approaches an important holiday season. Chief Executive Nick Woodman took the stage at an event in San Francisco and showed off a new 360-degree camera called Fusion that can record spherical video and costs $699, with shipments starting in November. Woodman also introduced the new Hero 6 camera, the latest in GoPro’s core line of action cameras, and focused on the camera’s ability to quickly upload footage to a smartphone. The Hero 6 is available now for $499, and can be bundled with GoPro’s Karma drone for $1,199. GoPro has suffered in the last two holiday shopping seasons, after Woodman admitted to a poor pricing decision on the Hero 4 in 2015 and the company faced production issues with new products last year. GoPro stock, which topped $90 a share after its initial public offering, has dropped to lower than $10 a share at times in the past year amid the fallout from lackluster sales. Shares were down 1.4% at $11.53 as the consumer-facing product launch event ended Thursday; GoPro also planned a conference call with investors and analysts later in the day.
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
Treasury Secretary Steven Mnuchin said Thursday the 20% corporate tax rate contained in a Republican tax-reform proposal is “not negotiable.” President Donald Trump had insisted on a 15% rate, down from the current 35%, before agreeing to the 20% outlined in the GOP framework. Congress will fill in details of the framework, released by the White House and top congressional Republicans, by writing legislation over the coming weeks.
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
Roku Inc. jumped more than 30% in the first few minutes of trading after its initial public offering Thursday, adding to an initial $1.3 billion valuation. The company, which makes devices that allow consumers to stream media to their televisions, priced its IPO at $14 a share Wednesday evening. Shares began trading Thursday morning on the Nasdaq at $15.78, 12.7% higher than the IPO price, then quickly jumped as high as $18.28. Roku raised $219 million in the IPO, with the company getting $126 million and selling stockholders Menlo Ventures and Sky Ventures Ltd. taking the rest.
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
Roku Inc. began trading 12.7% higher than its initial public offering price Thursday, adding to an initial $1.3 billion valuation. The company, which makes devices that allow consumers to stream media to their televisions, priced its IPO at $14 a share Wednesday evening. Shares began trading Thursday morning on the Nasdaq at $15.78. Roku raised $219 million in the IPO, with the company getting $126 million and selling stockholders Menlo Ventures and Sky Ventures Ltd. taking the rest.
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
Data from the U.S. Energy Information Administration on Thursday showed that domestic supplies of natural gas rose by 58 billion cubic feet for the week ended Sept. 22. That was below the average forecast for a climb of 66 billion cubic feet by analysts surveyed by S&P Global Platts. Total stocks now stand at 3.466 trillion cubic feet, down 127 billion cubic feet from a year ago, but 41 billion cubic feet above the five-year average, the government said. November natural gas edged up less than a penny, or 0.2%, from Wednesday’s settlement to $3.068 per million British thermal units. It traded at $3.035 before the 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
Shares of spice maker McCormick & Co. Inc. rose 5% Thursday, after the company beat earnings estimates for its fiscal third quarter, as sales were boosted by recent acquisitions. Sparks, Md.-based McCormick said it had net income of $108.2 million, or 85 cents a share, in the quarter, down from $127.7 million, or $1.00 a share, in the year-earlier period. Adjusted per-share earnings came to $1.12, ahead of the FactSet consensus of $1.05. Sales rose to $1.185 billion from $1.091 billion, also ahead of the FactSet consensus of $1.157 billion. “In addition to our strong base business and new product growth, the acquisitions of RB Foods and Giotti contributed to higher sales as valuable additions to our global portfolio of flavors,” Chief Executive Lawrence Kurzius said in a statement. “Through the third quarter, we have grown year to date sales 6% in constant currency.” Looking ahead, the company raised its outlook for the full year to reflect the acquisitions and growth momentum, and said it now expects sales to grow 9% to 10%. EPS is forecast to range from $3.69 to $3.73, and adjusted EPS is forecast at $4.20 to $4.24, compared with a FactSet consensus of $4.10. Shares have gained 9% in 2017, while the S&P 500 has gained 12%.
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
Yum Brands Inc. chain Taco Bell said Thursday that it is collaborating with fast-fashion brand Forever 21 for a fashion line that will be available online and in select Forever 21 shops starting October 11. The companies will preview the collection on October 10, and include content submitted by fans. Yum Brands shares are up 0.2% in Thursday trading, and up 15.7% for the year so far. The S&P 500 index is up nearly 12% for 2017 to date.
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