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Hormel Chairman Ettinger to retire, CEO Snee to take on additional role

Hormel Foods Corp. said Wednesday Chairman Jeffrey Ettinger will retire, after nearly 11 years in the role, and over 13 years as a director. Chief Executive Jim Snee will take on the additional role of chairman, effective Nov. 20. Ettinger has been Chairman since November 2006 and director since May 2004. Snee, who has worked at Hormel for 28 years, has been CEO since Oct. 31, 2016. Shares of the food company, which brands include Skippy, Spam and Wholly Guacamole, were inactive in premarket trade. They have shed 7.2% over the past three months, while the SPDR Consumer Staples Select Sector ETF has slipped 1.4% and the S&P 500 has gained 3.2%.

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.

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From:: Stock Market News

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Roy Moore beats Luther Strange in Alabama GOP Senate primary runoff

President Donald Trump was delivered a rebuke Tuesday night after the candidate he endorsed for Alabama’s U.S. Senate seat, Luther Strange, was defeated in the Republican primary runoff by Roy Moore. Moore had about 58% of the vote to Strange’s 43%, with about half of precincts reporting. Moore, a former Alabama Supreme Court chief justice who was twice suspended from that position for defying court rulings, defeated the incumbent Strange, who was appointed to the seat after Jeff Sessions left it to become U.S. attorney general earlier this year. While Strange was backed by Trump and the GOP establishment, Moore had the support of former Trump strategist Steve Bannon, and rode a wave of anti-establishment, conservative populism. Moore will face Democrat Doug Jones in the Dec. 12 general election.

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.

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From:: Stock Market News

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2-Yr High for CMBS Lates, 10-Yr Low Bank CRE Rate

Delinquency on securitized commercial real estate loans jumped to the highest level in nearly two years. But CRE loan delinquency at banks was the lowest it’s been since at least 2007.

Delinquency of at least 30 days on loans that are included in commercial mortgage-backed securities ended the first half of this year at 4.84 percent — the highest rate since the third-quarter 2015.

The rate ascended 39 basis points versus the end of the first quarter. Compared to the same three-month period last year, CMBS delinquency has soared by 80 BPS.

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From:: Financing

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New Post-Crisis Low for Freddie’s Delinquency

The rate of serious mortgage delinquency at the Federal Home Loan Mortgage Corp. has fallen to the lowest level in nearly a decade.

As of the end of August, the McLean, Virginia-based secondary lender’s total mortgage portfolio amounted to $2.0534 trillion.

Freddie Mac’s book of business grew from a month earlier, when it stood at $2.0439 trillion. It was also up from a year earlier, when it was $1.9795 trillion.

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From:: Financing

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Senate to soon vote to rescind new CFPB arbitration rule

With the Republican push for healthcare reform seemingly over for this year, it appears the Senate will likely vote on revoking the Consumer Financial Protection Bureau’s controversial arbitration rule soon. But, it won’t be an easy process to pass the resolution through Senate. Sen. Sherrod Brown, D-Ohio, already promised to put up one hell of a fight to keep the rule, and looking at this latest tweet storm from him, he still hasn’t given up. …read more

From:: Real Estate Wire

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Home Prices Indices All Up

Led by the Pacific Northwest, the nation’s home prices continued to move higher on a year-over-year basis — with some indices at record highs. On a month-over-month basis, East Coast states led the gain.

At 201.99 during July 2017, the Case-Shiller U.S. National Home Price NSA Index was 0.7 percent higher than it was as of the preceding month.

Compared to the same month during the previous year, the widely watched home price index has ascended by 5.8 percent.

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From:: Financing

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Tesla drops Nvidia from infotainment systems, selects Intel: report

Tesla Inc. will use hardware from Intel Corp. and not Nvidia Corp. for the information and entertainment screens in its Model 3 cards and new versions of its other cars, according to a Bloomberg report. Nvidia stock edged up less than 0.1% to $172.10 after hours. Tesla and Intel shares were flat. Both Intel, the world’s largest chip maker, and Nvidia, which has a healthy gaming business from its GPU sales, have been looking for additional revenue streams. Analysts have modeled Nvidia’s next quarter auto revenue of $159 million up from $127 million the year earlier period, according to FactSet. Intel does not break out auto revenue into a separate segment. While electronic components are becoming an increasingly important part of cars, Tesla shipped just over 76,000 in its last fiscal year. Intel stock rose 0.2% to $37.47 after hours and 3.31% thus far this year. The S&P 500 index has risen 11.52%.

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.

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From:: Stock Market News

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Oil prices up as sources say API data show U.S. crude supply fell

The American Petroleum Institute reported Tuesday that U.S. crude supplies unexpectedly fell by 761,000 barrels for the week ended Sept. 22, according to sources. The API data also showed that gasoline stockpiles rose 1.5 million barrels, while inventories of distillates dropped by 4.5 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 climb of 1.3 million barrels in crude inventories, along with declines of 100,000 barrels for gasoline and 2.1 million barrels for distillate supplies. November crude was at $52.12 a barrel in electronic trading, up from the settlement of $51.88 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.

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From:: Stock Market News