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IPO Mania Continues

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6:05 a.m. Oct. 21, 2021 - By Jacob Passy
Existing-home sales improve in September, eating up available inventoryExisting-home sales rose 7% on a monthly basis in September, reaching a seasonally-adjusted, annual rate of 6.29 million, the National Association of Realtors said Thursday. Compared to a year ago, though, sales were down roughly 2%. The increase in sales was the result of improved inventory in recent months, which gave buyers more options to choose from and allowed more people to lock in purchases. However, inventory dropped nearly 1% from the previous month as of the end of September, and was down 13% from a year ago.
4:34 a.m. Oct. 21, 2021 - By Tonya Garcia
Walmart extends delivery hours for the holidays, expands alcohol delivery and pickupWalmart Inc. announced on its website that it's extending delivery times by two hours, so orders will now arrive as late as 10 p.m. local time. With the change, customers who place orders by 6 p.m. can receive their packages using same-day or next-day delivery. Through the Spark Driver app, there will also be additional windows for delivery. It will still cost between $7.95 and $9.95 for one-time delivery, with an extra $10 fee for two-hour delivery. Walmart+ members get unlimited free deliveries. The retail giant is also making the window of time to amend orders wider, has added the number of items eligible for delivery, and is expanding the number of stores that will make alcohol available for pickup and delivery. Walmart will be closed on Thanksgiving day. Walmart stock is up 1.3% for the year to date while the Dow Jones Industrial Average has gained 16.4% for the period.
8:59 a.m. Oct. 19, 2021 - By Tomi Kilgore
3M reaches deal to resolve litigation related to addressing PFAS issues near Alabama facilityShares of 3M Co. rose 0.5% in midday trading Tuesday, after the industrial and consumer products company said it reached an agreement with several parties resolve litigation related to addressing pre- and polyfluoroalkyl substances (PFAS) issues near the Decatur, Ala. facility. The company, the parent of brands including Post-it notes, Scotch tape and Ace bandages, said the parties that it has reached agreement with include The City of Decatur and Morgan County, the plaintiffs in St. John and the Tennessee Riverkeeper organization. As part of the agreement, 3M said it will contribute $99 million to build "a stronger environment and community in Decatur and the surrounding area." For Tennessee Riverkeeper and St. John plaintiffs, 3M said it will continue environmental characterization, including testing soil, ground water and sediment for PFAS. The stock has gained 4.5% year to date, while the Dow Jones Industrial Average has advanced 15.8%.
4:41 a.m. Oct. 19, 2021 - By Jacob Passy
New-home construction subsides as supply-chain and labor problems persistU.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.56 million in September, representing a 1.6% decrease from the previous month, the U.S. Census Bureau reported Tuesday. Compared with September 2020, housing starts were up 7.4%. The pace of permitting for new housing units also dropped in September. Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.59 million, down 7.7% from August, in line with the rate of permitting from a year ago. Economists polled by MarketWatch had expected housing starts to occur at a pace of 1.61 million and building permits to come in at a pace of 1.67 million. The drop in permits was driven mainly by a decrease in multifamily housing units, though fewer single-family homes were permitted as well. New construction on multifamily buildings also decreased in September, though single-family starts remained flat.
4:15 a.m. Oct. 19, 2021 - By Tomi Kilgore
Kansas City Southern's stock slumps after profit misses expectations as volumes declinedShares of Kansas City Southern slumped 1.1% in premarket trading Tuesday, after the railroad operator reported third-quarter profit that fell short of expectations, as auto plant shutdowns resulting semiconductor shortages, service interruptions from right-of-way blockages and increased regulation of shipments into Mexico led to a 3% decline in carload volumes. Net income fell to $156.1 million, or $1.71 a share, from $189.7 million, or $1.01 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $2.02, below the FactSet consensus of $2.04. Revenue rose 12.8% to $744.0 million, above the FactSet consensus of $722.4 million. Operating expenses increased 26.8% to $492.1 million, including a 13.5% rise in compensation and benefits costs to $133.3 million and a 53.5% jump in fuel costs to $78.0 million. "We are encouraged that despite several commercial headwinds, our network is performing extremely well and we are delivering near record velocity and dwell," said Chief Executive Patrick Ottensmeyer. The stock has rallied 13.1% over the past three months through Monday, while the Dow Jones Transportation Average has advanced 7.1% and the Dow Jones Industrial Average has tacked on 3.8%.
2:09 a.m. Oct. 19, 2021 - By Tomi Kilgore
Walmart picks South Carolina for new distribution center, creating 400 new jobsWalmart Inc. said Tuesday it will create 400 new full-time jobs in South Carolina as it has selected Spartanburg County for a new high-tech grocery distribution center. The discount retail giant's stock rose 1.8% in premarket trading. The new center, with more than 720,000 square feet, will be its largest grocery distribution center, and is set to open in 2024. It will rely on employees, automation technology, robotics and machine learning to process fresh and frozen groceries. "Walmart's high-tech grocery distribution center will include game-changing innovations that are radically disrupting the supply chain, getting products onto shelves for our customers even faster, while saving time for our associates," said David Guggina, senior vice president of automation and innovation at Walmart U.S. The stock has edged up 0.3% over the past three months while the Dow Jones Industrial Average has gained 3.8%.
4:33 a.m. Oct. 18, 2021 - By Tonya Garcia
Walmart is bringing back 'Black Friday Deals for Days' eventWalmart Inc. announced the return of its "Black Friday Deals for Days" event, taking place during the month of November. Over the course of three separate multi-day events, the company will offer promotions across electronics, home goods and other categories. Walmart+ members will get early access to the first two events, starting online on November 3 and November 10. Black Friday is the day after Thanksgiving. Walmart stock has fallen 2.5% for the year to date while the Dow Jones Industrial Average is up 15.3% for the period.
5:55 a.m. Oct. 14, 2021 - By Tonya Garcia
Beyond Meat shares rise after McDonald's announces plant-based sandwich testBeyond Meat Inc. stock rose 3.4% in early Thursday trading after McDonald's Corp. announced it would test the McPlant sandwich in eight U.S. restaurants for a limited time. The McPlant, which was announced , is the plant-based burger McDonald's created in partnership with Beyond Meat. The two companies announced an exclusive three-year agreement in . Details on the test are scarce, but McDonald's said in a post on its site that "this particular test will help us understand how offering a burger with a plant-based patty impacts the kitchens in our restaurants." Beyond Meat stock has dropped 13.3% for the year to date. McDonald's shares have risen 13.8%. And the Dow Jones Industrial Average is up 13.4% for the period.
5:34 a.m. Oct. 14, 2021 - By Mark Decambre
Dow opens over 400 points higher, S&P 500 retakes 4,400 as weekly jobs report hits fresh pandemic lowU.S. stock benchmarks rose solidly higher Thursday morning, advancing as a parade of big banks released upbeat earnings and data showed a drop in first-time jobless claims to the lowest since the pandemic began and a smaller-than-expected rise in producer prices. The Dow Jones Industrial Average traded 406 points, or 1.2%, at 34,784. The S&P 500 index advanced 1% to 4,404, retaking a psychologically signicant level at 4,400, while the Nasdaq Composite Index advanced 0.9% at 14,710. Bank of America Corp. reported profit and revenues that topped expectations as it released $1.1 billion in reserves to its bottom line, driven primarily by asset quality improvements. Shares rose 2.8% in premarket trade. In economic reports, weekly first-time claims for unemployment benefits last week dropped to 293,000 - the first sub-300,000 reading since before the pandemic took hold in early 2020.
5:57 a.m. Oct. 13, 2021 - By Tonya Garcia
Topo Chico Hard Seltzer is heading to CanadaMolson Coors Beverage Co. and Coca-Cola Co. are expanding their partnership in order to manufacture and distribute Topo Chico Hard Seltzer in Canada. The product will launch in most parts of Canada in summer 2022. Molson Coors announced in May 2021 that it was investing to expand its hard seltzer manufacturing in Canada. The two companies announced their U.S. distribution partnership in . The hard seltzer category has become a crowded one, prompting a " ," according to one analyst group. Topo Chico Hard Seltzer is the number three brand, according to data provided by Molson Coors, and is planning a U.S. expansion in January. Molson Coors stock is up 1% for the year to date. Coca-Cola has fallen 1.5%. And the Dow Jones Industrial Average has gained 12% for the period.
3:11 a.m. Oct. 13, 2021 - By Tomi Kilgore
GXO Logistics to hire 9,000 employees in U.S. and Canada, to deploy 3,100 robotsGXO Logistics Inc. said Wednesday it plans to hire 20,000 employees globally, including 9,000 logistics employees in the U.S and Canada, ahead of the holiday season. The states where GXO is hiring include California, Georgia, Indiana, Pennsylvania and Texas. The open positions included salaried, hourly and contractor roles with flexible shift options and full- and part-time opportunities. The pure-play logistics company said it plans to deploy 3,100 robots in North America by the end of 2021, and open nine new automated sites in the U.S. and three in Europe, in response to the surge in ecommerce. The stock, which went public in July was still inactive in premarket trading, has lost 6.3% over the past month, while the Dow Jones Transportation Average has gained 1.9% and the Dow Jones Industrial Average has slipped 1.4%.
4:27 a.m. Oct. 11, 2021 - Barrons.com
IPO Mania ContinuesAmid a record year for IPOs in 2021, Spenser Skates, CEO and co-founder Amplitude, discusses the appeal of going public through a direct listing. Plus, Tom Bohn, CEO of the association for corporate growth, discusses the key catalysts that could continue driving M&A.
2:12 a.m. Oct. 11, 2021 - By Tomi Kilgore
Merck, Ridgeback submit EUA application for their pill to treat COVID-19 Merck & Co. Inc. and Ridgeback Biotherapeutics said Monday that Merck has submitted an application for Emergency Use Authorization (EUA) with the Food and Drug Administration for molnupiravir, their oral antiviral medicine for the treatment of mild-to-moderate COVID-19 in adults. The companies said the application followed positive results from a Phase 3 trial which showed that with adults at risk for progressing to severe COVID-19, molnupiravir reduced the risk of hospitalization or death by 50%. The companies said 7.3% (28 of 385) of those who received molnupiravir were hospitalized and there were not deaths after 29 days, while 14.1% of patients treated with a placebo (53 of 377) were hospitalized and there were eight deaths. "The extraordinary impact of this pandemic demands that we move with unprecedented urgency, and that is what our teams have done by submitting this application for molnupiravir to the FDA within 10 days of receiving the data," said Merck Chief Executive Robert Davis. Merck's stock, which fell 1.2% in premarket trading, has gained 3.4% year to date, while the Dow Jones Industrial Average has advanced 13.5%.
6:39 a.m. Oct. 8, 2021 - By Tomi Kilgore
Avis Budget stock surges to another record, has nearly doubled over the past three monthsShares of Avis Budget Group Inc. shot up 7.3% in morning trading Friday, putting them on track for an eighth record close in the past month, and enough to pace the Dow Jones Transportation Average's gainers. The auto rental company's stock has been by far the best performer among the Dow transports components over the past three months (up 92.4%), year to date (up 263.8%) and for the past year (up 335.3%), while the Dow transports has gained 0.9%, 16.8% and 24.2% over the same periods, respectively, and the Dow Jones Industrial Average has gained 1.0%, 13.6% and 22.3%. On a bright note for Avis, the out earlier Friday showed "notable job gains" in the leisure and hospitality and transportation sectors. And analyst Michael Linenberg at Deutsche Bank said after a recent pullback, corporate airline bookings are "once again on the upswing" and are now approaching levels last seen in early July before the most recent surge in COVID-19 cases. Growth recreational and business travel can be a good sign for car rental companies.
3:47 a.m. Oct. 8, 2021 - By Tonya Garcia
Sam's Club launching direct-to-home wine delivery service in time for the holidaysSam's Club, the Walmart Inc. warehouse shopping club, announced its holiday plans on Friday, which include the launch of a direct-to-home wine delivery service. The service will be available in 16 states, with additional states to be added next year. Sam's Club says 20% of its shoppers have already started buying for the holidays. In response, it's organizing themed events like "Holiday Home Prep" across five weekends in October, November and December to help with the process. A holiday preview catalog, a first, will also be available early October. Clubs will also host events and offer exclusives, like a digital pinball table, throughout the season. Walmart stock has fallen 3.4% for the year to date while the Dow Jones Industrial Average is up 13.6%.
8:17 a.m. Oct. 7, 2021 - By Victor Reklaitis
Schumer: Senate could act 'as soon as today' on lifting debt limit after agreement reachedSenate Majority Leader Chuck Schumer said in a brief floor speech on Thursday morning that top Democrats and Republicans in the chamber had "reached agreement to extend the debt ceiling through early December, and it's our hope that we can get this done as soon as today." Democratic senators had signaled late Wednesday that their party was Senate Minority Leader Mitch McConnell's offer of a short-term lift to the federal borrowing limit.
7:02 a.m. Oct. 7, 2021 - By Tomi Kilgore
There's only 1 Dow stock that's fallingThe Dow Jones Industrial Average is shooting up 537 points, or 1.6%, with 29 of its 30 components gaining ground, signs that the government's debt ceiling deadline will be extended. The only stock losing ground was International Business Machine Corp.'s , which slipped 0.1%, putting it on track for a third straight loss. Meanwhile, as the best performing shares, Dow Inc. rallied 3.6%, Nike Inc. hiked up 2.7% and UnitedHealth Group Inc. advanced 2.6%. IBM's stock was also on of the two of the 75 equity components of the SPDR Technology Select Sector ETF that was losing ground, the other was Citrix Systems Inc.'s , which slipped 0.4%.
6:03 a.m. Oct. 7, 2021 - By Tomi Kilgore
Microsoft, Alphabet stocks rise back above 50-day moving averagesShares of Microsoft Corp. rose 0.7% and Alphabet Inc.'s stock climbed 1.4% in morning trading Thursday, making then the first of the mega-capitalization technology companies to trade back above their respective 50-day moving averages (DMA). Microsoft's and Alphabet's stocks both first closed below their respective 50-DMAs, which many on Wall Street use as a guide to the short-term trend, on Sept. 28, which was Microsoft's first close below that key technical level since June 3 and Alphabet's first close below it since Jan. 15. Microsoft's 50-DMA currently extends to $294.56 and Alphabet's comes in at $2,784.92, according to FactSet. Meanwhile, Apple Inc. stock is 2.5% below its 50-DMA, Amazon.com Inc.'s stock is 1.5% below its 50-DMA and Facebook Inc.'s stock is 6.7% below its 50-DMA. The tech-heavy Nasdaq 100 , the S&P 500 and the Dow Jones Industrial Average are also still below their 50-DMAs.
10:27 a.m. Oct. 6, 2021 - By Victor Reklaitis
McConnell to offer proposal to Schumer for ending debt-limit standoffSenate Minority Leader Mitch McConnell plans to outline a proposal that he's prepared to discuss with Senate Majority Leader Chuck Schumer "that's going to give us a way out of the woods" in the debt-limit standoff, Republican Sen. Lisa Murkowski of Alaska told reporters on Wednesday, according to multiple published reports. McConnell, the Kentucky Republican, in a floor speech earlier Wednesday offered to limit Republican delaying maneuvers if Senate Democrats agree to address the debt ceiling through a process known as budget reconciliation.
3:28 a.m. Oct. 5, 2021 - By Tonya Garcia
Topo Chico Margarita Hard Seltzer coming in 2022Molson Coors Beverage Co. announced Tuesday that Topo Chico Hard Seltzer will extend into a margarita pack in 2022. Sparkling mineral water brand Topo Chico is part of the Coca-Cola Co. portfolio. Coca-Cola and Molson Coors to distribute Topo Chico Hard Seltzer. The Topo Chico Margarita Hard Seltzer Variety Pack will feature flavors like the signature margarita and tropical pineapple, and have 100 calories per 12-ounce can. It will also have 4.5% ABV (alcohol by volume) per serving. This announcement comes just weeks after news that Topo Chico Hard Seltzer will begin distribution in all 50 states starting . "The Coca-Cola Company has been pleased with its relationship with Molson Coors to bring Topo Chico Hard Seltzer to market and shake up the seltzer aisle," said Dan White, chief of new revenue streams at Coca-Cola, in a statement. Molson Coors shares have gained 5.4% for the year to date. Coca-Cola is down 3.4% for the period. And the benchmark Dow Jones Industrial Average has gained 11.1% for 2021 so far.
2:19 a.m. Oct. 5, 2021 - By Ciara Linnane
Coronavirus tally: Global cases of COVID-19 top 235 million and AstraZeneca seeks FDA EUA for antibodyThe global tally for the coronavirus-borne illness climbed above 235.4 million on Tuesday, while the death toll rose above 4.8 million, according to . The U.S. continues to lead the world with a total of 43.8 million cases and 703,285 deaths, after passing 700,000 late Friday. The U.S. is now averaging almost 2,000 deaths a day, , a slight improvement over recent trends and new cases and hospitalizations are declining. AstraZeneca has requested an Emergency Use Authorization to the U.S. Food and Drug Administration for its Covid-19 prophylaxis AZD7442, If granted, AZD7442 would be the first long-acting antibody to receive an EUA for Covid-19 prevention. Data from a Phase 3 trial showed a 77% reduction in the risk of developing symptomatic Covid-19 with long-acting antibody combination, the drug company said. India is second by cases after the U.S. at 33.8 million and has suffered 449,260 deaths. Brazil has second highest death toll at 598,152 and 21.5 million cases. In Europe, Russia has most fatalities at 207,932, followed by the U.K. at 137,378.
9:59 a.m. Oct. 4, 2021 - By Tomi Kilgore
3M stock hits 7-month low after J.P. Morgan downgradeShares of 3M Co. fell to a more than seven-month low before paring losses, after J.P. Morgan analyst Stephen Tusa downgraded the parent of Post-it and Scotch brands maker of N95 masks, citing a lack of fundamental direction and continued uncertainty regarding environmental liabilities. The stock was down 0.3% in afternoon trading, but was down as much as 1.6% at its intraday low of $173.78, the lowest price seen since Feb. 24. Tusa cut his rating to neutral, after being at overweight since Jan. 27, while trimming his price target to $210 from $215. "On the liability front, one could argue visibility is worse now than before, and the company's decision to report expenses in the segments, as opposed to breaking them out in corporate, is difficult to understand, while recent ear-plug suits are negative new news," Tusa wrote in a note to clients. " On the businesses, after a short bump on growth off of a bottom, the company is again missing big on margins on only a slight decline in sales and our historical concerns around an impaired business model here remain - economic recovery has not cured this problem, and companies that continually deliver big misses on only minor fundamental bumps are lower quality and deserve a discount." The stock has shed 11.9% over the past three months, while the Dow Jones Industrial Average has slipped 2.4%.
9:34 a.m. Oct. 4, 2021 - By Tomi Kilgore
Amazon's stock drops toward longest losing streak in more than two yearsShares of Amazon.com Inc. slid 2.9% toward a sixth straight loss in afternoon trading Monday, as part of a broad stock market selloff in which technology sector was the hardest hit. The e-commerce and cloud behemoth's stock is on track to suffer the longest losing streak since the eight-day stretch ended Aug. 5, 2019, according to Dow Jones Market Data. The stock, which is headed for a six-week low, has now tumbled 14.5% since closing at a record $3,731.41 on July 8. The selloff comes as the S&P 500 slumped 1.5% and the SPDR Consumer Discretionary Select Sector ETF shed 2.8%. that Prime members will be able to send gifts on its mobile app with just the recipient's mobile number or email address. Amazon's stock has lost 2.1% year to date, while the S&P 500 has gained 14.2% and the consumer discretionary ETF has rallied 13.3%.
1:12 a.m. Oct. 4, 2021 - By Steve Goldstein
U.S. Trade Rep to criticize China as it weighs potential new tariffsU.S. Trade Representative Katherine Tai will criticize China for not meeting its obligations under the Phase 1 pact, the White House said Monday ahead of a 10 a.m. Eastern speech. A senior administration official said Tai will highlight some examples of how China's unfair trade practices and point to China's failure to reform its non-market policies. The White House said it would not take tools off the table but did not commit to imposing new tariffs on China.
10:38 a.m. Oct. 1, 2021 - By Victor Reklaitis
Biden to meet Friday with House Democrats on Capitol Hill following delay for infrastructure billPresident Joe Biden is slated to travel to Capitol Hill on Friday to meet with Democratic House lawmakers around 3:30 p.m. Eastern, the White House said. His visit comes after Speaker Nancy Pelosi late Thursday on a $1 trillion bipartisan infrastructure bill, a key part of Biden's agenda, as Democratic lawmakers remained unable to agree on their spending proposals.
7:37 a.m. Oct. 1, 2021 - By Tonya Garcia
Walmart extends Free Assembly clothing line to kidsWalmart Inc. said Friday that it is celebrating the one-year anniversary of its Free Assembly clothing line for men and women by extending it to children. Free Assembly Kids will be available in sizes ranging from 5 to 18 and items will be priced between $6 and $36. Plaid prints, athleisure and sherpa will be prominent in the Free Assembly line, whether for kids or adults. Walmart stock is down 5% for the year to date while the Dow Jones Industrial Average is up 11.2% for the period.
8:49 a.m. Sept. 30, 2021 - By Victor Reklaitis
Manchin wants any revenue over $1.5 trillion from reconciliation bill to go to reducing deficit: reportDemocratic Sen. Joe Manchin of West Virginia, who wants to his party's $3.5 trillion spending plan cut by more than half, has argued that any revenue from it that exceeds $1.5 trillion should go toward reducing the U.S. deficit, according to a on Thursday, citing a document that he reportedly has been distributing among colleagues. The document also spells out other stances taken by Manchin that previously have been reported, such as his proposal to raise the corporate tax rate to 25% and his view that the Federal Reserve should pull back on certain stimulus measures. Democrats need the support of Manchin in order to advance legislation through a process known as budget reconciliation because the Senate is split 50-50.
11:36 a.m. Sept. 29, 2021 - By Victor Reklaitis
Ad spending for 2022 midterm elections seen reaching record of $8.9 billionThe likely will lead to $8.9 billion in advertising spending, according to a new report from AdImpact, an ad-tracking company that previously was known as Advertising Analytics. That total would rank as "the highest ever for a midterm cycle," AdImpact said.
11:04 a.m. Sept. 29, 2021 - By Victor Reklaitis
Without action on debt limit, U.S. likely to run out of cash near end of October or start of November: CBOThe said the U.S. Treasury Department will most likely run out of cash near the end of October or the beginning of November if the federal borrowing limit remains unchanged by Congress. That's later than an given on Tuesday by Treasury Secretary Janet Yellen.
9:25 a.m. Sept. 27, 2021 - By Victor Reklaitis
Biden says 'boosters are important' as he receives his 3rd COVID vaccine shotPresident Joe Biden on Monday d a booster shot for the Pfizer and BioNTech COVID-19 vaccine, with the jab coming after top U.S. health officials for people over age 65 and certain other groups. "Boosters are important, but the most important thing we need to do is get more people vaccinated," Biden said just before getting the shot.
4:47 a.m. Sept. 27, 2021 - By Greg Robb
Fed's Rosengren, under scrutiny for 2020 trading activity, to retire on Sept. 30Boston Fed President Eric Rosengren announced Monday he will retire on Sept 30. In a statement, Rosengren said he moved up his long-planned retirement by nine months because of health concerns. Rosengren would have had to retire next June under Fed rules. Rosengren has been criticized for actively trading in real-estate investment trusts in 2020 while the Fed was taking extraordinary steps to keep financial markets stable during the pandemic. Reformers, like the group Better Markets, had called for Rosengren to resign.
6:32 a.m. Sept. 24, 2021 - By Victor Reklaitis
Biden condemns some border agents' actions toward Haitians: 'Those people will pay'President Joe Biden on Friday condemned earlier this week against Haitian migrants, as he said he takes responsibility and promised consequences following an investigation. "It's outrageous. I promise you: Those people will pay," Biden told reporters. "It's beyond an embarrassment. It's dangerous. It's wrong. It sends the wrong message around the world. It sends the wrong message at home. It's simply not who we are."
6:03 a.m. Sept. 24, 2021 - By Jacob Passy
New home sales jump in August despite record pricesU.S. new-home sales increased 1.5% to an annual rate of 740,000, the government said Friday. The figure equates to how many homes would be sold over a yearlong period of time if the same number were bought in each month based on the rate of sales in July. Compared to a year ago, sales were down 24%.The median forecast of economists polled by MarketWatch was that new home sales would come in at an annual rate of 720,000 for August. The median sales price of new houses sold in August was $390,900, rising slightly from the previous month to reach a new record high.
8:47 a.m. Sept. 22, 2021 - By Victor Reklaitis
McConnell to Democrats: 'Don't play Russian roulette with our economy. Step up and raise the debt ceiling.'Senate Minority Leader Mitch McConnell on Wednesday reiterated his view that e to raise the federal borrowing limit, since President Joe Biden's party has pursued massive spending without Republican support. "My advice to this Democratic government -- the president, the House and the Senate: Don't play Russian roulette with our economy. Step up and raise the debt ceiling to cover all that you've been engaged in all year long," said McConnell, a Kentucky Republican, during a news conference. Democratic lawmakers have rejected McConnell's argument, saying that is about addressing spending during the Republican Trump administration.
6:03 a.m. Sept. 22, 2021 - By Jacob Passy
Existing-home sales retreat in August as buyers wait for better pricesExisting-home sales dropped 2% to a seasonally-adjusted, annual rate of 5.88 million in August, the National Association of Realtors said Wednesday. Compared with August 2020, home sales were down 1.5%. Economists polled by MarketWatch had projected existing-home sales to come in at 5.87 million. The median sales price of an existing home was up nearly 15% year-over-year at $356,700.
5:25 a.m. Sept. 22, 2021 - By Tomi Kilgore
News Corp sets new $1 billion stock-buyback programShares of News Corp rose 0.6% in premarket trading Wednesday as the media and information services company said it has authorized a $1 billion stock-repurchase program. The new program replaces the $500 million program authorized in May 2013, of which there was . The new program, which the company said has no time limit, represents about 7.8% of News Corp's market capitalization of $12.83 million as of Tuesday's close, according to FactSet. News Corp's stock has lost 10.1% over the past three months through Tuesday, while the S&P 500 has gained 2.5%. News Corp is the parent of MarketWatch publisher Dow Jones.
4:37 a.m. Sept. 21, 2021 - By Jacob Passy
New-home construction improves in August, driven by increase in multifamily buildingU.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.62 million in August, representing a 3.9% increase from the previous month, the U.S. Census Bureau reported Tuesday. Compared with August 2020, housing starts were up 17.4%. The pace of permitting for new housing units also increased in August. Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.73 million, up 6% from July and 13.5% from a year ago. With both housing starts and building permits, the gains recorded in August were driven by an uptick in multifamily construction activity. Economists polled by MarketWatch had expected housing starts to occur at a pace of 1.55 million and building permits to come in at a pace of 1.62 million.
11:54 a.m. Sept. 20, 2021 - By Victor Reklaitis
McConnell: Republicans won't support legislation that includes raise for debt limitSenate Minority Leader Mitch McConnell on Monday said Senate Republicans won't support legislation that raises the federal borrowing limit, reiterating on that matter. The two top Democratic lawmakers, House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer, said earlier Monday that the House this week will pass legislation that will and include a suspension of the debt limit through December 2022.
9:19 a.m. Sept. 20, 2021 - By Victor Reklaitis
Biden launches effort to reduce homelessnessThe Biden administration is launching an initiative called "House America" in an effort to reduce homelessness, White House press secretary Jen Psaki said on Monday. The initiative will "engage state and local leaders to set and achieve ambitious goals for reducing homelessness in America," she told reporters.
8:24 a.m. Sept. 17, 2021 - By Tomi Kilgore
Walgreens to pay a $200 incentive to fully vaccinated employeesWalgreens Boots Alliance Inc. said Friday that it will provide a $200 incentive to any employee who is fully vaccinated against COVID-19 by Nov. 30. The drugstore chain said the payment will be in the form of myWalgreens cash. "Throughout the pandemic, we have followed the science, which shows that vaccinations are the best way to protect against the spread of COVID-19," said Walgreens Chief Medical Officer Kevin Ban. "This new incentive is one more way we are building on our progress to ensure team members are vaccinated, and complying fully with ." Separately, the company said it will pay a one-time bonus of $1,250 to full-time pharmacists this month, and a $1,000 bonus to part-time pharmacists. And pharmacy technicians who are are certified to administer flu and COVID-19 vaccines will receive a $1,000 reward. The stock, which fell 0.5% in midday trading, has declined 5.9% over the past three months, while the SPDR Consumer Staples Select Sector ETF has gained 2.3% and the Dow Jones Industrial Average has tacked on 2.3%.
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