Why Dallas’ Kyle Bass is Buying Thousands of Acres of undeveloped Texas land (The Dallas Morning News) Kyle Bass likes to bet big. So it’s fitting that the Dallas-based hedge fund manager, who shot to fame shorting mortgage debt in the lead up to the global financial crisis, is now fixated on the most abundant […]
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Rising interest rates are cooling off the U.S. housing market. The average interest rate on a 30-year mortgage, the most popular U.S. home loan, has risen to 6% for the first time since the 2008 financial crisis. Consequently, mortgage loan applications in the U.S. are down 64% from this time last year. Higher interest rates are impacting the entire housing sector, with new home sales falling to a six-year low in July. Home resales are sitting at a two-year low. New residential construction across the U.S. fell 9.6% in July from June, according to the latest data from the U.S. Department of Housing and Urban Development. Most industry analysts forecast more pain ahead as the Federal Reserve is widely expected to continue lifting interest rates throughout the remainder of this year and into 2023 to dampen inflation. As the entire real estate market heads south , here are three housing stocks to sell now. RKT Rocket Companies $7.44 DHI D.R. Horton $70.48 RDFN Redfin $7.47 Rocket Companies (RKT) Source: Lori Butcher / Shutterstock.com Even before the current market downturn, Detroit-based Rocket Companies (NYSE: RKT ) wasn’t a good investment.
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Rocket Companies, American Express and Capital One topped this year''s list.
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Wednesday''s top analyst upgrades and downgrades included Amazon.com, Boeing, Carlyle, Frontline, Olin, Perrigo, Rocket Companies, Starwood Property Trust, Transocean and WW.
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Monday''s additional top analyst upgrades and downgrades were on Coinbase Global, Global Blood Therapeutics, Grab, Leslie’s, Nektar Therapeutics, Park Hotels & Resorts, Rocket Companies and Roku.
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Related Stocks: ALLY , RKT , ARCC , ATUS , BAM ,
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Rocket Mortgage, America''s largest mortgage lender and a part of Rocket Companies (RKT), and Santander Bank, Banco Santander (SAN), announced that the former will be the exclusive…
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The bank''s nearly 2 million clients will receive home loan discounts from the country''s largest mortgage lender DETROIT and BOSTON, Aug. 5, 2022 /PRNewswire/ -- Rocket Mortgage, America''s largest mortgage lender and a part of Rocket Companies (NYSE: RKT), and Santander Bank, N.A….
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This article is excerpted from Tom Yeung’s Profit & Protection newsletter. To make sure you don’t miss any of Tom’s picks, subscribe to his mailing list here . When we at InvestorPlace launched Tom Yeung’s Profit & Protection earlier this year, I knew that markets were in for a rough ride. Oil had reached multi-year highs and “inflation” was starting to mean more than my pandemic-related pounds. But the stress on ordinary Americans has been a surprise, even for yours truly. Real estate prices are now so high that someone earning a starting salary in Chicago would need two roommates to afford the average 1-bedroom apartment. In New York City, that person would need four. Career professionals are also feeling the heat. Inflation is eating away at 401(k) values — leaving savers with less than before — while blue chips from Amazon ( AMZN ) to the Vanguard Long-Term Corporate Bond ETF ( VCLT ) have fallen a quarter this year. Stagflation fears are even making me lose my appetite. Some Conservatism Goes a Long Way But the quality-growth picks of Profit & Protection’s core list have done remarkably well. 3D printing firm Desktop Metal ( DM ) is up 25% since May, while online discount retailer RealReal ( REAL ) is up 15%.
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This article is excerpted from Tom Yeung’s Profit & Protection newsletter. To make sure you don’t miss any of Tom’s picks, subscribe to his mailing list here . Even Doctors Are Worried About Housing Costs… “Hey Tom, I’m thinking of moving to Long Island City,” an old New York friend admitted to me this weekend. “New York’s Upper East Side just isn’t worth it anymore…” I was stunned. A medical doctor… dual-income family… no kids… and still worried about housing prices? Yet, exorbitant housing prices have hit everyone, from the average worker to career professionals. The average rent in the U.S. crossed over $2,000 for the first time in May, according to Redfin (NASDAQ: RDFN ). A renter must now land in the top 16% to 21% of U.S. incomes to meet the typical “28% of gross income” housing guideline. And then it dawned on me that my friend was right. In New York’s Upper East Side — a neighborhood where rents have risen 51% in the past year — the average house now lists for $1.5 million, according to Realtor.com.
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Wednesday''s additional top analyst upgrades and downgrades included Apple, Coinbase Global, EOG Resources, Rocket Companies, Sabre and Teladoc Health.
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DoorDash, Uber, VMware Fall Premarket; Altria, Rocket Companies Rise
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This article is excerpted from Tom Yeung’s Moonshot Investor newsletter. To make sure you don’t miss any of Tom’s potential 100x picks, subscribe to his mailing list here . Bed, Bath and Beyond Help? In March, I wondered whether Bed, Bath and Beyond (NASDAQ: BBBY ) was beyond help . GameStop (NYSE: GME ) activist investor Ryan Cohen had just bought a stake, sending shares up 40%. But could the meme stock master work his magic on another dying retailer? Two months later, BBBY again showed up on my stock screen as a potential turnaround. And again, I declined to add it to the “buy” list, choosing Crowdstrike (NASDAQ: CRWD ) and ZScaler (NASDAQ: ZS ) instead. Here’s where the stocks published in that article stand today : Crowdstrike. 13% (buy) ZScaler. 9% (buy) Etsy (NASDAQ: ETSY ). -4% Twilio (NYSE: TWLO ). -11% Bed, Bath & Beyond. -42% The hesitation on BBBY has since paid off. The home goods retailer announced terrible Q1 results and fired CEO Mark Tritton. Shares dropped again, bringing its total loss to 42% since my most recent recommendation.
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This article is excerpted from Tom Yeung’s Moonshot Investor newsletter. To make sure you don’t miss any of Tom’s potential 100x picks, subscribe to his mailing list here . Could the Fed Pull Off a “Soft Landing? Wall Street breathed a collective sigh of relief last week on better-than-expected inflation figures. The S&P 500 rose 3.1%, breaking its 3-week losing streak. The Fed, it seems, might be pulling off a “soft landing.” It’s a possibility, even if it’s a remote one. The Fed raised interest rates by 3% in 1994 without triggering a slowdown. And 6% mortgage rates today have already started cooling the housing market, as my real estate agent kindly reminds me every time we talk. But 1994 was also an outlier among recessions, much like when I scored 185 in a game of bowling. Nine of the past eleven rate hikes since the 1960s have ended with some economic slowdown, and today’s inflation rate is far higher than the 5% seen in the 1994 cycle. In other words, we’re not out of the woods just yet.
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U.S. regional banks PNC Financial Services (PNC), Fifth Third Bancorp (FITB) and Huntington Bancshares (HBAN) on Monday gave an update after passing the Federal Reserve''s stress…
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The stress-test scenarios are created annually by the Fed, along with the Federal Deposit Insurance Corp. and the U.S. Office of the Comptroller of the Currency. Among the affected banks are Bank of America Corp., PNC Financial Services Group, Truist Financial Corp. and Wells Fargo& Co., all with a major Triad presence. TD Group US Holdings LLC, the U.S, subsidiary of…
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The PNC Financial Services Group (PNC) to redeem all outstanding $750M of 2.450% senior notes due July 28, 2022, issued by PNC Bank, National Association on June 28, 2022.The…
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2022 has been a rough ride for bank stocks. Recession fears continue to drag financial shares down, leading to significant buying opportunities. For instance, the Dow Jones U.S. Financial Services index has fallen more than 23% year-to-date (YTD). Similarly, the Financial Select Sector SPDR Fund (NYSEARCA: XLF ) has declined around 23% in 2022. Meanwhile, the Federal Reserve (Fed) announced that on Jun. 23, it would release the results of its annual stress test of the largest domestic banks. Analysts note that the current scenario includes a global recession combined with increased stress in commercial real estate, as well as corporate debt markets. According to the Bank for International Settlements, Common Equity Tier 1, or CET1 , “is the highest quality of regulatory capital, as it absorbs losses immediately when they occur.” For large banks, the Fed has set the CET1 capital requirement at 4.5% . As in previous years, investors will focus on the stress capital buffer these financial institutions will need to hold as a protective cushion in case of an economic collapse.
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PNC Financial Services Group, I found using ticker (PNC) have now 20 analysts covering the stock. The analyst consensus points to a rating of ''Buy''. The target price ranges between 250 and 172 with the average target price sitting at 204.64. With the stocks previous close at 175.51 this would indicate that there is a potential upside of 16.6%. The day 50 moving average is 173.33 while the 200 day moving average is 194.02. The market capitalisation for the company is $71,674m. Company Website: https://www.pnc.com [stock_market_widget type="chart" template="basic" color="green" assets="PNC" range="6mo" interval="1d" axes="true" cursor="true" api="yf"] The potential market cap would be $83,569m based on the market concensus. The PNC Financial Services Group operates as a diversified financial services company in the United States. The company''s Retail Banking segment offers brokerage, insurance, and investment and cash management services; checking, savings, and money market accounts; certificates of deposits; and lending products, which includes residential mortgages, home equity loans and lines of credit, auto loans, education loans, and personal and small business loans, and credit cards to consumer and small business customers through a network of branches, ATMs, call centers, and online and mobile banking channels.
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The following slide deck was published by The PNC Financial Services Group, Inc.
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Tuesday’s additional top analyst upgrades and downgrades included Dow, Estee Lauder, Magellan Midstream Partners, Nektar Therapeutics, Novo Nordisk, Rocket Companies, Sherwin-Williams, Steel Dynamics and Zoom Video Communications.
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Upgrades Keefe, Bruyette & Woods upgraded the previous rating for Rocket Companies Inc (NYSE: RKT ) from Underperform to Market Perform. Rocket Companies earned $0.15 in the first quarter, compared to $0.91 in the year-ago quarter. The current stock performance of Rocket Companies shows a 52-week-high of $22.68 and a 52-week-low of $6.91. Moreover, at the end of the last trading period, the closing price was at $8.11. JP Morgan upgraded the previous rating for Alibaba Group Holding Ltd (NYSE: BABA ) from Underweight to Overweight. Alibaba Group Holding earned $2.65 in the third quarter, compared to $3.38 in the year-ago quarter. At the moment, the stock has a 52-week-high of $230.89 and a 52-week-low of $73.28. Alibaba Group Holding closed at $87.99 at the end of the last trading period. JP Morgan upgraded the previous rating for iQIYI Inc (NASDAQ: IQ ) from Underweight to Overweight. iQIYI earned $0.35 in the fourth quarter, compared to $0.32 in the year-ago quarter. At the moment, the stock has a 52-week-high of $16.12 and a 52-week-low of $1.86. iQIYI closed at $2.97 at the end of the last trading period.
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