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FSOC discussed designation of a systemically important institution

The Financial Stability Oversight Council said Friday it discussed the ongoing annual reevaluation of its designation of a nonbank financial company — in all likelihood, a reference to American International Group , as media reports suggested the group of regulators would ahead of the meeting. The FSOC didn’t say what, if anything, was decided. If the FSOC ruled that AIG was no longer a systemically important financial institution, the insurer would no longer be subject to federal oversight via the Federal Reserve. AIG was bailed out by the federal government during the financial crisis of 2008.

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From:: Stock Market News

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Facebook drops stock split, Zuckerberg credits stock’s rise

Facebook Inc. will not execute a stock split that creates a non-voting class of shares after facing an investor lawsuit, Chief Executive Mark Zuckerberg announced Friday afternoon. Zuckerberg wanted the stock split to ensure he remained in control of Facebook even while donating a massive amount of his stock to an LLC he and his wife Priscilla created to support philanthropic causes. In his announcement on Facebook, Zuckerberg said the increase in Facebook’s stock price allows him to avoid creating a non-voting class of stock. “Over the past year and a half, Facebook’s business has performed well and the value of our stock has grown to the point that I can fully fund our philanthropy and retain voting control of Facebook for 20 years or more,” Zuckerberg wrote. “As a result, I’ve asked our board to withdraw the proposal to reclassify our stock — and the board has agreed.” Facebook stock has increased 48.2% in 2017, pushing its market capitalization to near $500 billion, while the S&P 500 index has gained 11.7% in that time. Zuckerberg was set to testify next week in a Delaware court where investors were fighting the split, but that session was suddenly canceled Friday, amid rumors of a settlement between Facebook and investors.

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U.S. stocks close mostly higher, Dow has 2nd positive week in a row

U.S. stocks ended with slight moves on Friday, as the market’s recent upward momentum remained intact, although geopolitical uncertainty limited buying appetite with major indexes near records. The Dow Jones Industrial Average fell 10 points, or less than 0.1%, to 22,349. The S&P 500 rose 1.5 point to 2,502. The Nasdaq Composite Index was up 4 points, or 0.1%, to 6,427. North Korea returned to the forefront after the country’s foreign minister Ri Yong Ho said late Thursday at a United Nations meeting that his country might consider a nuclear bomb of “unprecedented scale” in the Pacific. While geopolitical tensions have been elevated, some analysts said the stock market has become desensitized to the threats the U.S. and North Korea. For the week, the Dow rose 0.4%, the S&P rose 0.1%, and the Nasdaq fell 0.3%. Among the day’s most active stocks, CarMax Inc. rose 7.8% after quarterly earnings and revenue beat Wall Street expectations.

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Record number of S&P 500 companies have issued upbeat revenue guidance

The beginning of third-quarter earnings reporting season is still a few weeks away, but a record number of companies have already provided revenue guidance that was above expectations, according to Senior Earnings Analyst John Butters at FactSet. FactSet has been tracking guidance since 2006. Overall, 54 companies have issued positive revenue guidance, which is more than double the five-year average of 25, and above the first-quarter 2011 record of 45, Butters said. Over half (30) of the positive revenue guidance comes for the information technology sector, followed by 11 from the consumer discretionary sector and eight from health care, FactSet data shows. Since the end of the second quarter, the SPDR Technology Select Sector ETF has climbed 7.0%, the SPDR Consumer Discretionary Select Sector ETF has eased 0.1%, the SPDR Health Care Select Sector ETF has tacked on 3.0% and the S&P 500 has gained 3.3%.

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Oil prices edge up for the session and gain for the week

U.S. oil pricesedged up for the session on Friday and gained for a third-straight week. Major oil producers at the OPEC-led committee meeting said compliance with their production-cut agreement climbed to a record 116% in August. November West Texas Intermediate crude rose 11 cents, or 0.2%, to settle at $50.66 a barrel on the New York Mercantile Exchange. For the week, the contract tacked on 0.4%, but prices based on the front-month contracts climbed 1.5%.

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Bankruptcy Ruling Benefits Foreclosing Parties

The 9th Circuit Court of Appeals has barred claims due to the borrower’s failure to amend include the claims in their bankruptcy schedules.

On Aug. 29, the 9th Circuit provided foreclosing parties some well-needed protection from borrower lawsuits in Meyer v. Northwest Trustee Services. While the Meyer decision is unpublished and involved a foreclosure trustee, the rationale behind the ruling should apply to future litigation against trustees, servicers and investors in the 9th Circuit of the Federal Courts, which includes Alaska, Arizona, California, Hawaii, Idaho, Montana, Nevada, Oregon and Washington.

In its decision, the Ninth Circuit declined to review the borrower’s claims but instead determined that the borrowers were barred from bringing the claims against Northwest Trustee Services Inc. under the doctrine of judicial estoppel. The ruling sends the message to borrowers that, as soon as they learn of a potential claim during their bankruptcy, they must amend their schedules or disclosure statements to include the claim as an asset. If they don’t, their subsequent claims could be barred by the doctrine of judicial estoppel.

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From:: Financing

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Urban Institute: Here’s how HARP gave a much-needed revamp to the refinance market

The amount of times the government extended its Home Affordable Refinance Program from its original end date in 2013 is almost comical. However, there’s good intention behind each extension. According to a new blog from the Urban Institute, not only has the government refinance program saved borrowers billions of dollars, but it has also created a better foundation for refinancing government loans going forward. …read more

From:: Real Estate Wire

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Health care stocks spike higher after McCain says ‘no’ to Graham-Cassidy

Health care stocks spiked higher in afternoon trade, to erase nearly all of their earlier broad losses, after Sen. John McCain said he could not vote for the Senate bill to repeal major parts of the Affordable Care Act, also known as Obamacare. The SPDR Health Care Select Sector ETF was down just 0.1% in afternoon trade, but had been down as much as 0.5% before McCain said no. Within the ETF, shares of UnitedHealth Group Inc. were down as much as 3.6% to lead the Dow Jones Industrial Average’s decliners, but bounced to be down just 1.1% post-McCain. Elsewhere, shares of Aetna Inc. and Cigna Corp. were both up 0.2%, reversing earlier losses of 1.9% for Aetna and 1.0% for Cigna.

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McCain says he’s a ‘no’ on Obamacare repeal bill, making passage unlikely

Sen. John McCain said Friday he cannot vote for the Senate bill to repeal major parts of Obamacare, which severely dims its hopes for passage. McCain was one of the critical swing votes its supporters were courting. “I cannot in good conscience vote for the Graham-Cassidy proposal,” he said. He said the factors influencing his decision was the lack of a full analysis from the Congressional Budget Office.

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From:: Stock Market News

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Dow’s drop defies broad market rally

The Dow Jones Industrial Average fell 28 points in afternoon trade, but the broader stock market was putting in a fairly bullish performance. The Dow’s drop reflected declines in 23 of its 30 components, led by selloffs in Apple Inc. and UnitedHealth Group Inc. shares. Meanwhile, the number of advancing stocks was dominating decliners by a 1,789-to-1,035 score on the NYSE and by a 1,587-to-1,046 margin on the Nasdaq exchange. The volume in advancing stocks accounted for 58.0% of total volume on the Big Board and 50.9% of the total on the Nasdaq. Separately, the S&P 500 slipped less than 0.1% and the Nasdaq Composite gave up 0.1%.

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From:: Stock Market News