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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Insider buying usually means those in the know have a lot of faith in the stock. Below are six stocks insiders are buying now. Plains All American Pipeline LP ( PAA ): This oil and gas pipeline company has a yield of 8.6% and a low P/E multiple. Recently a major director bought $2 million of the master limited partnership’s shares. Chegg ( CHGG ): Insiders have been buying this educational direct-to-student learning platform since the end of last year . Moreover, Chegg just declared a doubling of its $1 billion buyback program. DaVita ( DVA ): The COO of this kidney dialysis laboratory and center, based in Denver, recently purchased a large number of its shares. This should encourage investors to follow suit, as the stock is cheap at 7.8x earnings and with a 31% earnings growth forecast for 2023. Chesapeake Energy Corp ( CHK ): The oil and gas company’s COO increased his stake by 1o% in this value play, which has a 2.0% dividend yield and 5.7x forward earnings multiple for 2023. Kyndryl Holdings ( KD ): The CEO of this IT cloud services company bought 11% more shares in May.
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On CNBC’s "Mad Money Lightning Round," Jim Cramer said he prefers Devon Energy Corporation (NYSE: DVN ) over EOG Resources, Inc. (NYSE: EOG ) as the former is cheaper. When asked about Rocket Companies, Inc. (NYSE: RKT ), he said, "I … Full story available on Benzinga.com
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Reckitt Benckiser (RKT) will import baby formula powder from Asia to help address the shortage that has hit the U.S. market. The UK-based manufacturer sells health, nutrition, and hygiene products. It is one of the largest baby formula sellers in the U.S. alongside Abbott Laboratories (ABT). Reckitt sells its formula under the Enfamil brand. According to a Wall Street Journal report, Reckitt will import the formula powder from Singapore. The company will blend and package the powder at a facility in Minnesota before it begins to distribute the product. Reckitt plans to import the formula from now until November.
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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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