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    Trump Organization and CFO Allen Weisselberg Charged With Tax Crimes Trump Organization and CFO Allen Weisselberg Charged With Tax Crimes 0:35
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9:31 a.m. Dec. 8, 2021 - By Greg Robb
U.S. likely ran a $193 billion deficit in November versus $145 billion a year earlier, CBO saysThe federal government likely ran a budget deficit of $193 billion in November, up from $145 billion in the same month last year, the Congressional Budget Office estimated Wednesday. The Treasury Department will release the official deficit data on Friday. The U.S. budget deficit hit $2.8 trillion in fiscal year 2021, the second highest on record. The CBO projects the 2022 deficit will narrow to $1.2 billion, in part because the federal government is no longer providing emergency pandemic assistance. For instance, outlays for unemployment compensation fell by $21 billion compared with the same month last year, the CBO said. Cecilia Rouse, chair of the White House council of economic advisers. said Tuesday that the slowdown in government spending will result in an 8.5% contraction in "the fiscal impulse" on the economy in 2022, one of the biggest drops since World War II.
2:46 a.m. Dec. 8, 2021 - By Steve Gelsi
Douglas Elliman to get $200 million in capital in spinoff from Vector GroupDouglas Elliman Inc. late Tuesday filed plans to offer 77.7 million shares for a maximum value of about $237 million at a yet-to-be-determined price for trading under the symbol "DOUG" on the New York Stock Exchange as part of its spin-off from Vector Group Ltd. . Douglas Elliman will own the real estate services and property technology business currently operated by New Valley LLC, a Vector subsidiary. It will be capitalized with approximately $200 million in net cash and cash equivalents. Vector Group announced plans to spin off Douglas Elliman on Nov. 8. The transaction is expected to qualify as a tax-free distribution for U.S. federal income tax purposes for Vector and its stockholders. Douglas Elliman will be based in Miami after the deal closes. Shares of Vector Group are up 34.3% so far in 2021, compared to a rise of 24.8% by the S&P 500.
10:02 a.m. Dec. 7, 2021 - By Greg Robb
U.S. consumer credit moderates in OctoberU.S. consumer credit increased $16.9 billion in October, down from a $27.8 billion gain in September, according to Federal Reserve data released Tuesday. Economists had been expecting a $25 billion gain, according to the Wall Street Journal forecast. That's an annual growth rate of 4.7% in October, down from a 7.7% gain in the prior month. Revolving credit, like credit cards, rose 7.8% after an 11.7% gain in September. Nonrevolving credit, typically auto and student loans, rose 3.7% after a 6.5% growth rate in the prior month. This category of credit is much less volatile. It fell briefly at the start of the pandemic before returning to steady growth, although more recently, it has been depressed by the lack of supply of new cars. The data does not include mortgage loans, which is the largest category of household debt.
3:41 a.m. Dec. 7, 2021 - By Tomi Kilgore
Mack-Cali changes name to Veris Residential, will have new stock ticker starting Dec. 10Mack-Cali Realty Corp. said Tuesday it has changed its name to Veris Residential Inc., as the company transitions to a pure-play multifamily real estate investment trust (REIT). The company said it will own, operate and acquire properties that meet the "sustainability-conscious" lifestyle needs of current residents. The company said its stock will continue to trade on the NYSE, but the ticker symbol will change to "VRE" on Dec. 10. "Our new brand, Veris Residential, encapsulates our responsible, transparent, and forward-thinking approach, underpinned by a unified culture grounded in equality and meritocratic empowerment," said Chief Executive Mahbod Nia. The stock, which was still inactive in premarket trading, has rallied 42.9% year to date, while the SPDR Real Estate Select Sector ETF has climbed 32.7% and the S&P 500 has advanced 22.3%.
9:54 a.m. Dec. 6, 2021 - By Tomi Kilgore
Home Depot stock surges toward a record after Oppenheimer's Nagel becomes the Street's most bullish analystShares of Home Depot Inc. hiked up 1.8% toward a record close in afternoon trading Monday, after Oppenheimer analyst Brian Nagel turned bullish on the home improvement retailer, citing less near-term risks for of cyclical pullback of the home improvement sector. Nagel raised his rating to outperform, after being at perform for the past 15 months. He set a $470 price target for the stock, which makes him the most bullish of the 34 analysts surveyed by FactSet. Nagel said after carefully reevaluating near-term prospects for Home Depot, as well as peer Lowe's Companies , he said that while challenges remain, he is now "more confident" that "risks of a significant, transitional-type setback" for home improvement retail have diminished. He also believes underlying demand growth is likely to persist even as COVID-19 pandemic-related tailwinds abate, which should help provide continued "solid, if not outsized" sales and profit growth for both retailers. Home Depot's stock has soared 25.7% over the past three months, while Lowe's shares have climbed 21.9% and the Dow Jones Industrial Average has slipped 0.4%.
1:14 a.m. Dec. 6, 2021 - By Tomi Kilgore
GCP Applied Technologies stock shoots up after $2.3 billion buyout dealShares of GCP Applied Technologies Inc. shot up 14% toward a near 3-year high in premarket trading Monday, after the provider of additives and admixtures for concrete and cement announced an agreement to be acquired by Saint-Gobain in a deal valued at about $2.3 billion. Under terms of the deal, Saint-Gobain will pay $32 for each GCP share outstanding, which represents an 18% premium to Friday's closing price of $27.02. the deal is expected to close in the second half of 2022. "The Board of GCP is unanimously supportive of this transaction and believes it provides full and fair value to all shareholders of GCP," said GCP Independent Chairman Peter Feld. "Saint-Gobain represents a great partner for GCP and we are pleased to have reached this agreement." GCP's stock, which is on track to open at the highest price seen during regular-session hours since February 2019, has rallied 15% over the past three months through Friday, while the S&P 500 has gained 0.1%.
1:19 a.m. Dec. 2, 2021 - By Tomi Kilgore
GEO to de-REIT, to stop paying dividendShares of GEO Group Inc. slipped 0.1% in premarket trading Thursday, after the corrections facility company announced plans to stop being a real estate investment trust (REIT), and become a taxable C corporation, effective fir the year ending Dec. 31. The company has also decided to stop paying a quarterly dividend. The company said it has decided to make the change in its corporate status and dividend policy to give it additional flexibility to allocate cash towards reducing debt. GEO said it is reviewing potential sales of company-owned businesses and assets. "We believe that these are prudent steps, which are in the best interests of our shareholders and other stakeholders," said Chief Executive George Zoley. The company expects to incur a charge of about $75 million and $34 million in income tax expense in the fourth quarter as a result of the restructuring. GEO expects 2021 adjusted earnings per share of $1.14 to $1.16, compared with the FactSet EPS consensus of $1.43. The stock has lost 8.6% year to date through Wednesday, while the SPDR Real Estate Select Sector ETF has rallied 27.9% and the S&P 500 has gained 20.2%.
9:02 a.m. Dec. 1, 2021 - By Victor Reklaitis
Powerful Democratic Rep. Peter DeFazio won't seek reelectionDemocratic Rep. Peter DeFazio of Oregon, and Infrastructure Committee, on Wednesday said he wouldn't seek re-election in the 2022 race for his seat, after serving 36 years in the U.S. House of Representatives. The congressman's decision comes as Republicans are aiming to take back control of the narrowly held Senate and House in . "It's time for me to pass the baton to the next generation so I can focus on my health and well-being," said DeFazio, 74, . A spokeswoman for the National Republican Congressional Committee said House committee chairs "don't retire unless they know their majority is gone."
6:41 a.m. Nov. 18, 2021 - By Victor Reklaitis
Pelosi: House vote on Biden's social-spending bill could occur as soon as todayHouse Speaker Nancy Pelosi on Thursday said her chamber was close to advancing Democrats' social-spending and climate bill, saying a vote "hopefully will take place later this afternoon." House Democrats have been on the nearly $2 trillion Build Back Better Act that President Joe Biden has been promoting, while Republicans have continued to criticize the measure amid the highest inflation in three decades. A small group of moderate Democrats has demanded a Congressional Budget Office analysis of the bill before moving forward, and Pelosi said during a news conference that she expected "final CBO estimates later this afternoon, hopefully by five o'clock."
3:34 a.m. Nov. 17, 2021 - By Jacob Passy
Housing starts slip nearly 1%, falling short of expectations U.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.52 million in October, representing a 0.7% decrease from the previous month, the U.S. Census Bureau reported Wednesday. Compared with October 2020, housing starts were up 0.4%. The pace of permitting for new housing units increased in October, however. Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.65 million, up 4% from September and 3.4% from a year ago. Economists polled by MarketWatch had expected housing starts to occur at a median pace of 1.63 million and building permits to come in at a median pace of 1.58 million.
9:57 p.m. Nov. 15, 2021 - By Steve Goldstein
Cathie Wood's ARK sells off bulk of remaining Zillow stake as Opendoor position pared as wellCathie Wood's ARK Invest completed the sale of the bulk of its remaining stake in Zillow as it also sliced its holding in an iBuying rival, Opendoor Technologies. According to the firm's disclosure, the flagship Ark Innovation sold 94% of its holding in Zillow with a $30.3 million sale, as the Ark Fintech Innovation sold $9.2 million Zillow shares. That fund also sold $13.2 million worth of Opendoor . By contrast, the 18% stock-price tumble in software company Splunk after was seen as a buying opportunity as the Ark Next Generation Internet ETF bought $17.2 million worth of shares.
2:45 a.m. Nov. 15, 2021 - By Tomi Kilgore
WeWork loss narrows but revenue falls in first quarterly report as a public companyShare of WeWork Inc. edged up 0.2% in premarket trading Monday, after the flexible workspace company reported its first quarterly report through a merger with a special purpose acquisition company (SPAC), with losses narrowing but revenue falling. The company reported a third-quarter net loss of $802.4 million, or $4.54 a share, after a loss of $941.3 million, or $5.51 a share, in the year-ago period. Revenue dropped 18.5% to $661.0 million. The were no analyst expectations compiled by FactSet. The company said its global real estate portfolio included 764 locations in 38 countries, supporting about 932,000 workstations and 546,000 physical memberships. "Q3 saw a continuation of the strong momentum seen in the second quarter of 2021," the company stated. The company said it had 84,000 new desk sales in the quarter, and had 25,000 preliminary new desk sales in October. The stock has tumbled 10.1% so far in November, while the S&P 500 has gained 1.7%.
2:28 a.m. Nov. 15, 2021 - By Tomi Kilgore
CyrusOne stock jumps after KKR, GIP buyout deal valuing CyrusOne at $11.5 billionShares of CyrusOne Inc. climbed 3.6% toward a record in premarket trading Monday, after the data center-focused real estate investment trust announced an agreement to be acquired by KKR & Co. Inc. and Global Infrastructure Partners (GIP) in a deal valued at $15 billion, including debt. Under terms of the deal, KKR and GIP will pay $90.50 in cash for each CryusOne share outstanding, which is 5.9% above Friday's record closing price of $85.45. The buyout price implies a market capitalization for CyrusOne of $11.49 billion. The deal is expected to close in the second-quarter of 2022. "KKR and GIP will provide substantial additional resources and expertise to accelerate our global expansion and help us deliver the timely and reliable solutions at scale that our customers value," said CyrusOne Chief Executive Dave Ferdman. CryusOne's stock has gained 13.2% over the past three months through Friday, while the SPDR Real Estate Select Sector ETF has tacked on 3.1% and the S&P 500 has advanced 4.8%.
2:15 a.m. Nov. 15, 2021 - By Tomi Kilgore
CoreSite's stock rises toward another record after buyout deal with American Tower REIT valued at $10.1 billionShares of CoreSite Realty Corp. rallied 1.2% toward a sixth-straight record in premarket trading Monday, after the data center-focused real estate investment trust agreed to be acquired by American Tower REIT in a deal valued at about $10.1 billion, including debt. Under terms of the deal, American Tower will pay $170 for each CoreSite share outstanding, which represents a 2.0% premium to Friday's closing price of $166.59. The buyout price implies a market capitalization for CoreSite of $7.51 billion. CoreSite's stock had soared 16.9% amid a 10-day win streak through Friday. The deal is expected to close by the end of 2021, "or shortly thereafter." American Tower said said it has obtained financing from J.P. Morgan for the deal, which is expected to "modestly" add to earnings in initially, and be "increasingly accretive" over time. CoreSite's stock has run up 33.0% year to date through Friday, while American Tower shares have climbed 21.2%, the SPDR Real Estate Select Sector ETF has advanced 31.8% and the S&P 500 has gained 24.7%.
10:26 p.m. Nov. 14, 2021 - By Steve Goldstein
Cathie Wood's ARK sells most of remaining Zillow stakeThe flagship fund of Cathie Wood's Ark Invest, the Ark Innovation ETF , sold most of its remaining stake in online real estate firm Zillow , according to the firm's disclosures. On Friday, the fund sold $37.8 million worth of shares in Zillow, which recently exited the so-called iBuying market after sustaining losses on its home flipping activities. Friday's sale reduced the Ark position by 54%. Since the beginning of the month, Ark's Zillow position has dropped to roughly 500,000 shares from 6.8 million.
10:58 a.m. Nov. 10, 2021 - By Robert Schroeder
Biden to sign infrastructure bill on Monday, White House saysPresident Joe Biden will sign the bipartisan infrastructure bill into law on Monday, the White House announced. Biden will be joined by members of Congress who helped to write the bill, as well as supporters including governors and mayors from both parties, and union and business leaders, the White House said. The $1 trillion package , after being approved in the Senate about three months ago. Biden is in Baltimore on Wednesday to talk up the legislation.
1:50 a.m. Nov. 9, 2021 - By Ciara Linnane
DR Horton shares rise premarket as earnings beat offsets soft guidanceShares of homebuilder D.R. Horton Inc. rose 1.4% in premarket trade Tuesday, after it beat earnings estimates for its fiscal fourth quarter ended Sept. 30. The Arlington, Tx.-based company said it had net income of $1.339 billion, or $3.70 a share, for the quarter, up from $829.0 million, or $2.24 a share, in the year-earlier period. Revenue rose to $8.109 billion from $6.400 billion a year ago. The FactSet consensus was for EPS of $3.39 and revenue of $7.829 billion. Homebuilding revenue rose 24% to $7.6 billion from $6.2 billion in the same quarter of fiscal 2020. Homes closed in the quarter increased 8% to 21,937 homes. "Housing market conditions remain very robust, with homebuyer demand exceeding our current capacity to deliver homes across most of our markets," Chairman Donald R. Horton said in a statement. However, "we have continued to experience significant disruptions in our supply chain, including shortages and delivery delays in certain building materials along with tightness in the labor market," he said. The company has intentionally restricted its home sales pace by selling homes later in the construction cycle "to align with our production levels and better ensure the certainty of home close dates for our homebuyers." The company is now expecting fiscal 2022 revenue of $32.5 billion to $33.5 billion, compared with a current FactSet consensus of $40.3 billion. Shares have gained 34.5% in the year to date, while the S&P 500 has gained 25%.
1:14 a.m. Nov. 8, 2021 - By Tomi Kilgore
CorePoint's stock tumbles after $1.5 billion buyout deal represents near 12% discount to Friday's closing priceShares of CorePoint Lodging Inc. tumbled 13.8% in premarket trading Monday, after the U.S. lodging real estate investment trust announced an agreement to be acquired in a cash deal valued at $1.5 billion by a joint venture between affiliates of Highgate and Cerberus Capital Management. Under terms of the deal, the per-share price paid is $15.65 a share, or 11.9% below Friday's stock closing price of $17.76 but 42% above the July 13 closing price, which was the last trading day before CorePoint announced its strategic alternatives process. The deal is expected to close in the first quarter of 2022. Separately, Wyndham Hotels & Resorts announced an agreement with CorePoint regarding the termination of all hotel management agreements once the CorpPoint merger is closed. CorePoint's stock has soared 158.1% year to date through Friday, while the SPDR Real Estate Select Sector ETF has rallied 31.9% and the S&P 500 has gained 25.1%.
3:28 a.m. Nov. 5, 2021 - By Robert Schroeder
House gavels in as Democrats aim to pass social-spending, infrastructure bills The House of Representatives gaveled in early Friday as Democratic leaders were hoping to pass President Joe Biden's $1.75 trillion social-spending and climate package as well as a bipartisan infrastructure bill that previously cleared the Senate. The infrastructure measure would go to Biden for his signature upon House passage, but the social-spending package is likely to be changed in the Senate, where portions of it face opposition from West Virginia Democrat Joe Manchin. House progressives have blocked the infrastructure bill pending changes in the bigger measure, to which Democrats have now added provisions including paid leave.
1:12 a.m. Nov. 5, 2021 - By Tomi Kilgore
Monmouth Real Estate Investment stock surges after $4 billion buyout deal, including debtShares of Monmouth Real Estate Investment Corp. shot up 10.3% in premarket trading Friday, after the New Jersey-based real estate investment trust specializing in single-tenant industrial properties announced an agreement to be bought out in a cash deal valued at $4.0 billion, including debt, by Industrial Logistics Properties Trust (ILPT). Under terms of the deal, Monmouth shareholders will receive $21.00 in cash for each Monmouth share they own, an 11.3% premium to Thursday's stock closing price of $18.86, and representing a market capitalization of about $2.06 billion. The deal is expected to close in the first half of 2022. Monmouth's stock has gained 8.9% year to date through Thursday, while the SPDR Real Estate Select Sector ETF has rallied 31.6% and the S&P 500 has advanced 24.6%.
2:57 a.m. Nov. 3, 2021 - By Steve Gelsi
Jones Lang LaSalle net income increases 80%Jones Lang LaSalle Inc. said Wednesday its third-quarter net income rose to $237.2 million, or $4.57 a share, from $131.9 million, or $2.52 a share, in the year-ago quarter. Adjusted earnings increased to $4.56 a share from $2.99 a share. Total revenue rose to $4.89 billion from $3.98 billion. Fee revenue increased to $2.07 billion from $1.42 billion. Analysts expected the company to earn $3.58 a share, according to a FactSet survey. Shares of JLL are up 73.9% this year, compared to an increase of 23.3% by the S&P 500.
1:15 a.m. Nov. 3, 2021 - By Tomi Kilgore
Lumber Liquidators stock set to fall after profit and sales fall below expectationsShares of Lumber Liquidators Holdings Inc. were indicated down more than 2% in premarket trading Wednesday, after the wood flooring retailer reported third-quarter profit and sales that missed expectations, citing an "increasingly challenging" supply chain and inflationary environment. Net income fell to $8.8 million, or 30 cents a share, from $15.5 million, or 53 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to 29 cents from 67 cents, missing the FactSet EPS consensus of 30 cents. Sales declined 4.6% to $282.2 million, below the FactSet consensus of $289.0 million. Cost of sales slipped 1.3%, lowering gross margin to 37.3% from 39.4%. Same-store sales fell 4.5%, while the range of two estimates from analysts surveyed by FactSet was down 2.0% to down 1.5%. "As anticipated, our sales to DIY customers were down versus last year, reflecting a shift in consumer spending to other product and service categories, as well as tough comparisons to the nesting spending that we saw in the third quarter of 2020," said Chief Executive Charles Tyson. Looking ahead, the company said it expects higher material and transportation costs to weigh on gross margins in the fourth quarter and into 2022, and will look to offset these higher costs through pricing and promotion strategies. The stock has slipped 3.2% over the past three months while the S&P 500 has gained 4.7%.
10:09 a.m. Nov. 1, 2021 - By Tomi Kilgore
Zillow is looking to sell off about 7,000 homes, Bloomberg reports, and stock sinksShares of Zillow Group Inc. dropped 6.4% in afternoon trading, after that the real estate services company was looking to sell off about 7,000 homes. Zillow's Class A shares were down 6.3%. The report comes about two weeks after Bloomber reported because of a bloated backlog, which were mostly underwater. In Monday's report, Bloomberg cited people familiar with the matter as saying the company is seeking $2.8 billion for the homes it was looking to sell. Zillow's stock was down 8.7% over the past three months, while the S&P 500 has gained 4.8%.
5:05 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.
3:41 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.
1:09 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%.
2:26 a.m. Oct. 18, 2021 - By Ciara Linnane
Blue Owl Capital to acquire Oak Streat Real Estate Capital and investment advisory business for $950 million Blue Owl Capital Inc. said Monday it entered an agreement to acquire Oak Street Real Estate Capital LLC and its investment advisory business for $950 million in cash and stock. The deal is expected to close in the fourth quarter. Blue Owl will fund the deal through cash and up to 39 million common units. Oak Street shareholders will be entitled to up to $650 million in earnouts, payable in cash or Blue Owl common units at future dates. The deal is expected to be 5% to 7% accretive to distributable EPS starting in 2022. Chicago-based Oak Street was founded in 2009 and has more than 35 employees and $10.8 billion of assets under management. The company focuses on structuring sale-leasebacks, including triple net leases, and providing seed and strategic capita. "One of the many key synergies with Oak Street is that the firm provides leading products to the high-net-worth and retail channels, a critical part of Blue Owl's business strategy," said Blue Owl co-founder and co-president Michael Rees in a statement. Once the deal closes, certain members of Oak Street's management team will remain in place and the Chicago office will become an additional Blue Owl office. Blue Owl shares were not active premarket, but have gained 40% in the year to date, while the S&P_500 has gained 19%.
1:24 a.m. Oct. 18, 2021 - By Ciara Linnane
Zillow to stop purchasing U.S. homes after building big backlog and facing staff shortages: BloombergZillow Group Inc. is pausing the purchase of U.S. homes as it works through a backlog of properties, The real-estate platform acquired more than 3,800 homes in the second quarter, after expanding into the home-flipping business in 2018 through its Zillow Offers unit. That company invites homeowners to request an offer on their house and uses its algorithms to come up with a price. If an owner accepts, it purchases the property, makes some repairs and puts it back on the market. "We are beyond operational capacity in our Zillow Offers business and are not taking on additional contracts to purchase homes at this time," a spokesperson for Zillow told Bloomberg in an email. "We continue to process the purchase of homes from sellers who are already under contract, as quickly as possible." The iBuying process, while powered by algorithms and pools of capital, also requires humans, including inspectors, contractors and decorators. But finding those workers has become challenging during the pandemic, which has see labor shortages across the economy. Zillow shares were down 6% premarket and have fallen 26% in the year to date, while the S&P 500 has gained 19%.
3:25 a.m. Oct. 15, 2021 - By Tomi Kilgore
Prologis stock jumps after earnings beat expectations, amid record increases in market rentsShares of Prologis Inc. rallied 1.7% toward a fifth straight gain Friday, after the real estate investment trust focused leasing logistics facilities reported third-quarter earnings that rose above expectations, and boosted its full-year outlook, amid record increases in market rents and valuations. Net income more than doubled to $722.0 million, or 97 cents a share, from $298.7 million, or 40 cents a share, in the year-ago period. Core funds from operations per share increased to $1.04 from 90 cents, beating the FactSet consensus of $1.03. Total revenue rose 9.3% to $1.18 billion, above the FactSet consensus of $1.04 billion. Average occupancy was 96.6%, up from 96.0% in the second quarter, and with 98.0% of property leased as of Sept. 30. Cash rent change was up 12.9%, with cash same-store net operating income grew 6.7%. For 2021, the company raised its core FFO guidance range to $4.11 to $4.13 from $4.04 to $4.08, compared with the FactSet consensus of $4.07. "Our third quarter results were underpinned by record increases in market rents and valuations," said Chief Executive Hamid Moghadam. "With vacancies at unprecedented lows, space in our markets is effectively sold out." The stock has rallied 36.2% year to date through Thursday, while the SPDR Real Estate Select Sector ETF has advanced 26.3% and the S&P 500 has gained 16.8%.
1:28 a.m. Oct. 14, 2021 - By Tomi Kilgore
Caterpillar stock bounces off 8-month low after Cowen says buy ahead of first 'megacycle' in 14 yearsShares of Caterpillar Inc. rallied 1.2% in premarket trading, to bounce of an eight-month closing low in the previous session, after the construction and mining equipment got a bullish endorsement from Cowen analyst Matt Elkott, who said he believes the next "megacycle" is underway. Elkott started coverage of Caterpillar's stock with an outperform rating and price target of $241, which implies 28% upside from Wednesday's closing price. Elkott expects Caterpillar to show revenue growth, gross and operating margin expansion and earnings-per-share increases for three consecutive years, the first period of "megacycle" growth the company has enjoyed in 14 years, and only the second in modern history. "We see potential for incremental revenue opportunities of $35 billion for [Caterpillar] from autonomous solutions in the next 10 years," Elkott wrote in a note to clients. "We estimate that at least 75% of CAT's markets will work to reduce emissions. We expect strong growth in services, organically and via acquisition." The stock, which closed Wednesday at the lowest price since Feb. 1, has lost 10.7% over the past three months while the Dow Jones Industrial Average has slipped 1.6%.
2:30 a.m. Oct. 12, 2021 - By Steve Gelsi
Fastenal sales rise 10% but costs increase Fastenal Co. said Tuesday its third-quarter net income rose to $243.5 million or 42 cents a share from $221.5 million or 38 cents a share, in the year-ago quarter. Sales increased by 10% to $1.55 billion. A survey of analysts by FactSet estimated earnings of 42 cents a share on sales of $1.54 billion. Employee-related costs increased by 16.8%. The company said it'll continue to take actions in the fourth quarter to mitigate transportation and product costs, amid upward price pressure related to materials. The construction products distributor said it saw "strong growth in underlying demand for manufacturing and construction equipment and supplies." While the company recorded an uptick in sales of certain COVID-related supplies, relative to the prior year, "the impact on our net sales of the current increase in infections and hospitalizations is significantly reduced from what was experienced in the year earlier period," the company said. Shares of Fastenal fell 2.6% in pre-market trades Prior to Tuesday, the shares were up 7% in 2021, compared to a rise of 16.1% in the S&P 500 .
9:18 a.m. Oct. 11, 2021 - By Tomi Kilgore
Healthcare Trust responds to activist investor's urging to put itself up for saleHealthcare Trust of America Inc. said Monday that it regularly reviews its strategic plan and opportunities to enhance shareholder value. "We are open minded and committed to delivering superior returns for all HTA shareholders," the real estate investment trust that owns and operates medical office buildings said in a statement. The statement was in response to activist investor Elliott Investment Management L.P.'s letter to the HTA's board , given the "long-term underperformance" relative to its peers, the broader REIT sector and stock market. "After we were first contacted by Elliott, members of HTA's management team and board held several discussions with representatives of Elliott to better understand their views, and those views were immediately shared with the full HTA board," the company said. The stock rose 2.1% in afternoon trading. It has rallied 17.6% year to date, while the SPDR Real Estate Select Sector ETF has run up 22.3% and the S&P 500 has advanced 16.8%.
4:10 a.m. Oct. 11, 2021 - By Tomi Kilgore
Healthcare Trust stock surges after activist investor urged REIT to explore a buyout dealShares of Healthcare Trust of America Inc. surged 2.5% toward a 19-month high in premarket trading Monday, after activist investor Elliott Investment Management L.P. urged the real estate investment trust that owns and operates medical office buildings to explore a sale. In a letter to Healthcare Trust's board, Elliott said given the company's "long-term underperformance" relative to its peers, broader REIT sector and the broader stock market, the "status quo is untenable" as the company's cost of capital makes it uncompetitive. Elliott said it was "confident that highly credible buyers will present compelling offers to acquire the company at a substantial premium to the current trading price," and prices seen since the . The stock, on track to open at the highest price seen during regular-session hours since March 2020, has rallied 21.5% over the past 12 months, while the SPDR Real Estate Select Sector ETF has climbed 20.8% and the S&P 500 has advanced 26.3%.
11:46 a.m. Oct. 5, 2021 - By Claudia Assis
Hovnanian lowers fiscal 2021, Q4 guidance on supply-chain delays Shares of Hovnanian Enterprises Inc. fell 3% in the extended session Tuesday after the home builder lowered its guidance for the full-year 2021 and the fourth quarter ending Oct. 31, saying it was "not immune to the same supply-chain delays that our peers have mentioned recently." Those snags "have been even more pronounced" in the month since its September fiscal third-quarter call, Chief Executive Ara K. Hovnanian said in a statement. Fourth-quarter revenues are seen in a range between $780 million and $830 million, and adjusted EBITDA expected to be between $85 million and $100 million. Hovnanian called for revenues between $2.75 billion and $2.80 billion for fiscal 2021, and an adjusted EBITDA between $330 million and $345 million. A "healthy" contract pace, with higher home prices and margins, along with an increase in community count, "should lead to further growth in both total revenues and adjusted pretax income in fiscal 2022," the company said. The company had guided fourth-quarter revenues between $830 million and $880 million, and adjusted EBITDA between $100 million and $115 million. For fiscal 2021, the guidance in early September called for revenues between $2.80 billion and $2.85 billion, and adjusted EBITDA between $345 million and $360 million. Hovnanian shares ended the regular trading day up 1.5%.
9:38 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.
9:46 a.m. Sept. 30, 2021 - By Greg Robb
Yellen throws cold water on trillion-dollar coin solution for debt ceiling stalemateTreasury Secretary Janet Yellen on Thursday said "the only way" to avoid a default on the U.S. debt is for Congress to pass legislation to raise the debt ceiling, throwing cold water on the radical idea of minting a trillion-dollar coin to get around the politically difficult vote. Rep. William Timmons, a Republican of South Carolina, asked Yellen to comment on the idea. He said Speaker of the House Nancy Pelosi "gave oxygen" to the proposed trillion-dollar coin when she mentioned it during a press conference on Wednesday. Timmons asked Yellen to "please tell me this is not a legitimate policy proposal." In response, Yellen said: "I believe that the only way to handle the debt ceiling is for Congress to raise it and show the world, financial markets and the public that we're a country that will pay our bills." However, in a question from Rep. Sean Casten, Democrat from Illinois, Yellen said she would support legislation to remove the requirement for a vote on the debt limit by Congress.
4:00 a.m. Sept. 30, 2021 - By Steve Gelsi
Built Technologies valued at $1.5 billion in venture roundBuilt Technologies said Thursday it secured $125 million in Series D financing in a deal that values the Nashville-based construction finance technology company at $1.5 billion. TCV led the round, along with Brookfield Technology Partners, 9Yards Capital, XYZ Venture Capital and HighSage Ventures. Built Technologies CEO Chase Gilbert said the company drew strong interest from investors. Woody Marshall, lead investor at TCV and a new board member at Built Technologies, said the company "has achieved broad market penetration in the notoriously tough construction finance space." At last check, the company has financed more than $135 billion in construction value since it launched in 2015. Existing investors Addition, Index Ventures, Canapi Ventures, GreenPoint Partners, Nine Four Ventures, Fifth Wall, Goldman Sachs and Nyca Partners also took part in the latest investment round.
3:27 a.m. Sept. 27, 2021 - By Steve Gelsi
Blackstone flips Cosmopolitan in Las Vegas for triple the price it paidBlackstone Group Inc. said Monday its Blackstone Real Estate Partners VII LP fund agreed to sell The Cosmopolitan of Las Vegas for $5.65 billion, seven years after it paid $1.7 billion for it. MGM Resorts International will acquire the operations of The Cosmopolitan. MGM will also sign a long-term net lease with a partnership between Cherng Family Trust, Stonepeak Partners and Blackstone Real Estate Income Trust Inc., which will acquire The Cosmopolitan's real estate assets. Blackstone said the casino's performance has been exceeding pre-Covid levels. The deal is expected to close in early 2022. Tyler Henritze, head of acquisitions Americas for Blackstone Real Estate led the deal, along with Cosmopolitan CEO Bill McBeath.
5:03 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.
5:03 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.
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