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Gold prices settle lower after two-session gain

Gold finished with a loss Tuesday, pressured as comments from U.S. Federal Reserve Chairwoman Janet Yellen backed expectations for another interest-rate increase before the end of the year. In a speech Tuesday, Yellen said that while recent soft inflation readings justify a gradual pace for interest-rate hikes, there is also a danger of “moving too gradually.” December gold fell by $9.80, or 0.8%, to $1,301.70 an ounce.

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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Part 1: The fallout of the Bank of America vs. city of Miami decision

[Expert commentary] On May 1, 2017, the United States Supreme Court issued a decision that will likely have a profound impact on the residential mortgage industry. After the court’s decision in Bank of America vs. City of Miami, municipalities now have the standing to bring a legal action against residential mortgage lenders for any financial burden. Here’s part one of what this ruling means for the industry and consumers. …read more

From:: Real Estate Wire

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Wells Fargo Settling Alleged Illegal Modifications

Wells Fargo & Co. has agreed to negotiate a settlement in a case alleging it made loan modifications on a bankrupt borrower’s mortgage that vastly increased the costs.

The class action was filed in June by a North Carolina couple who claim that while they were in Chapter 13 bankruptcy, the bank made “illegal stealth modifications.”

The modifications allegedly caused the Chapter 13 trustee in the case to pay less than originally required, resulting in defaults that were not the borrowers’ fault.

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AMC is partnering with Dreamscape Immersive to scale virtual reality technology in Hollywood

Movie theater chain AMC Entertainment Inc. said on Tuesday that it has entered into a wide-ranging strategic partnership with location-based virtual reality start up Dreamscape Immersive in a move that both side hope will “rapidly scale the development” of the virtual reality technology. AMC shares rose as much as 4% in Tuesday morning trade. As part of the deal, AMC will lead a $20 million series B funding round and invest $10 million in Dreamscape, as well as finance up to six Dreamscape VR centers in its cinemas over the next 18 months. AMC’s theaters are also home to some of Imax Corp.’s VR centers. AMC will also invest $10 million into a content fund. Dreamscape has green-lit its first piece of original content and is in licensing talks with Hollywood studios. Dreamscape’s series A funding round includes investors such as, Time Warner Inc.-owned Warner Bros., 21st Century Fox , Imax and Steven Spielberg. Shares of AMC have declined nearly 54% in the year to date, while the S&P 500 index is up more than 11%.

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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Trump to travel to Puerto Rico next week to survey hurricane damage

President Donald Trump said Tuesday he’ll travel to Puerto Rico next week to survey damage from Hurricane Maria. In remarks to reporters during a tax meeting at the White House, Trump said he would visit the island next Tuesday, and perhaps also visit the U.S. Virgin Islands. Trump has been criticized for what some have seen as a slow response to address the situation in Puerto Rico, which is home to more than 3 million U.S. citizens. The hurricane struck Sept. 20. Trump said there were shipments of water and food supplies landing in Puerto Rico “on an hourly basis.” By one estimate damage could top $30 billion.

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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Chipotle’s Tasty Made chain partners with ‘Top Chef’ winner Richard Blais

Chipotle Mexican Grill Inc. said Tuesday that it has partnered with “Top Chef” winner Richard Blais for its Tasty Made chain of restaurants. Tasty Made, which first opened in Ohio in October 2016, serves four items: burgers, fries, soda and milkshakes. Burgers are made-to-order from fresh beef, and fries are hand cut on the premises. Blais, a James Beard-nominated cookbook author whose other ventures include San Diego restaurant Juniper & Ivy and chicken restaurant Crack Shack, is expected to bring his fine dining credentials to Tasty Made, with announcements to come. Chipotle shares are down 0.6% in Tuesday trading, and down 15.5% for the year so far. The S&P 500 index is up 11.5% for 2017 so far.

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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Former Lend America President Sentenced to Prison

The former president of a defunct mortgage banking firm that operated from Melville, New York, has been sentenced to prison for defrauding the government.

Ideal Mortgage Bankers, which operated as Lend America and Lending Key, lost its Federal Housing Administration and Ginnie Mae approvals in 2009.

Two years later, its former president pled guilty to directing employees to divert refinance proceeds that were supposed to pay off old loans to accounts where they could be used to pay company operating expenses.

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Adidas shares fall after exec Jim Gatto arrested in FBI corruption probe

Adidas AG shares fell 2.5% in Frankfurt trade Tuesday after the FBI said an investigation into corruption in college basketball resulted in the arrest of 10 people, including James Gatto, Adidas’s director of global sports marketing. U.S.-listed shares of Adidas fell 2.6%.

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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NFL partners with Facebook to deliver content via new Watch platform

The National Football League said on Tuesday it has entered a multiyear partnership with Facebook Inc. for the social media platform to deliver video and other content from the NFL. The NFL will publish game recaps and official highlights from all 256 regular season games, as well as playoff games and the Super Bowl. The league’s media division will also distribute content from NFL Films all on Facebook’s newly launched Facebook Watch platform. “We’re excited for Watch to become a destination for NFL fans to catch up on the latest on-field action and connect with one another,” Dan Reed, Facebook’s head of global sports partnerships said in a statement. The partnership doesn’t include any live games, which have become increasingly coveted as traditional cable and pay TV continues losing share to streaming and live internet TV services. Amazon.com Inc. paid an estimated $50 million for the NFL’s 10 Thursday night games that were streamed by Twitter Inc. a year ago. Facebook’s deal with the NFL is another move that positions the company, and its Watch platform, as a destination for sports. In May Facebook inked a deal with Major League Baseball to stream 20 live games. Shares of Facebook are up more than 42% in the year to date, while the S&P 500 index is up roughly 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.

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From:: Stock Market News