- Housing market analyst ‘Poison Ivy’ Zelman, who called the 2008 bust that led to the Great Financial Crisis, sees ‘extremely depressed levels’ of existing home sales for years Fortune
- US home sales on pace for the worst year since 1993 CNN
- Heard on the Street Recap: This Home Not for Sale The Wall Street Journal
- First-time homebuyers finding it ‘tough to break in’ to real estate market: Danielle Hale Fox Business
- Gold prices holding above $2000 as U.S. existing home sales fall more than 4% in October Kitco NEWS
- View Full Coverage on Google News
Tag Archives: existing
ARK: Survival Evolved to Ascend to PS5 in August, No Upgrade Path for Existing Owners – Push Square
- ARK: Survival Evolved to Ascend to PS5 in August, No Upgrade Path for Existing Owners Push Square
- Ark 2 is delayed, so they’re turning off Survival Evolved’s official servers and charging $50 for a remaster Rock Paper Shotgun
- Ark: Survival Evolved servers going offline in August to make way for Ark: Survival Ascended VG247
- Ark 2 Delayed Again, to 2024; But a Next-Gen Version of the First Game Is Out in August IGN
- ARK: Survival Ascended announced for PS5, Xbox Series, and PC; ARK: Survival Evolved servers to shut down in August Gematsu
- View Full Coverage on Google News
Prices of Existing Homes Fall 11% from Peak. Sales Hit Lockdown Low. Cash Buyers and Investors Pull Back Hard
Priced right, any home will sell. But sellers are not wanting to price their homes right.
By Wolf Richter for WOLF STREET.
This is getting relentless: Sales of previously owned houses, condos, and co-ops fell by 1.5% in December from November, the 11th month in a row of month-to-month declines, and by 34% year-over-year, to a seasonally adjusted annual rate of sales of 4.02 million homes, roughly matching the lockdown-low in May 2020, and beyond that the lowest since the depth of Housing Bust 1 in 2010, according to the National Association of Realtors today.
Priced right, just about any home will sell, but sellers are not wanting to price their homes right. And potential sellers are sitting on their vacant homes, hoping for a quick end to this downturn, or they’re putting it on the rental market or try to make a go of it as a vacation rental, rather than dealing with the reality of a mind-blowing housing bubble that has loudly popped (historic data via YCharts):
Actual sales in December – not the “seasonally adjusted annual rate” of sales – fell 36.3% year-over-year, to 326,000 homes (from 513,000 homes a year ago), according to the NAR.
The median price of all types of homes whose sales closed in November fell for the sixth month in a row, to $366,900, down 11.3% from the peak in June. This drop whittled down the year-over-year gain to just 2.3%, from a year-over-year gain of 16% in the spring of 2022.
Only a portion of this June-December price drop is seasonal: The average June-December decline over the six years before the pandemic was 5.8%, with a maximum decline of 6.4% and a minimum decline of 3.8%. This shows that the current 11.3% decline goes well beyond even the maximum seasonal decline.
Additional confirmation that much of this decline was not seasonal is provided by the rapidly shrinking year-over-year price gain, down to just 2.3%, from 16% in December 2021 through the spring of 2022 (historic data via YCharts):
In some markets, the median price has plunged a lot further. For example, in the San Francisco Bay Area, the median price has plunged by 30% from the peak in April 2022, and by 10% year-over-year, according to the California Association of Realtors. But other markets are lagging behind, to produce the overall national average.
All-cash buyers, investors, and second home buyers pulled back massively. All-cash sales plunged by 22% year-over-year, to 92,000 homes (28% of the 328,000 homes sold), down from 118,000 in December 2021 (23% of 513,000 homes sold). In other words, buyers that pay cash didn’t want to buy these overpriced homes either, though they didn’t have to worry about getting a high-rate mortgage.
Sales to individual investors or second home buyers plunged by 27% to 52,500 homes (16% of 328,000 homes sold), from 71,800 in December 2021 (14% of 513,000 homes sold). They too pulled back from this market.
Sales of single-family houses fell by 1.1% in December from November, and by 33.5% year-over-year, to a seasonally adjusted annual rate of 3.64 million houses.
Sales of condos and co-ops fell by 4.5% in December from November, and by 38.2% year-over-year, to a seasonally adjusted annual rate of 420,000 units.
Sales plunged in all regions, but plunged the most in the West. Year-over-year percent change (NAR map of regions):
Active listings jumped by 55% from a year ago, to 68,900 in December (active listings = total inventory for sale minus properties with pending sales). Just before the holidays, lots of sellers pull their homes off the market, and then put them back on the market for the spring selling season. This happens every year; active listing start to drop before Thanksgiving and don’t rise again until the spring (data via realtor.com):
Active listings, though up hugely from a year ago, are still relatively low as potential sellers are determined to wait out what they expect to be a brief ripple in the market, and meanwhile they’re putting their vacant homes on the rental market and they’re trying to bring in some cash by putting their vacant home out there as a vacation rental. And many are just sitting on their vacant homes that they hadn’t sold because they’d wanted to ride up the market all the way to the top with huge gains of 20% or 30% a year. But that show is over. And now what?
Median days on the market, before the frustrated seller pulls the home off the market, or before the home is sold, rose to 67 days (data via realtor.com):
Price reductions: Active listings with price reductions hit a new high for any December in the data by realtor.com going back to 2016: 25% of the active listings in December 2022 had price reductions, up from for example 17% in the pre-pandemic December 2019.
December or January is usually the seasonal low point for price reductions. Rather than cutting prices, many sellers pull their homes off the market and wait for the spring selling season, before they re-list it. That sellers are cutting prices over the holidays to this extent shows that they’re getting a little more aggressive.
Hoping for a quick reversal of this downturn: This combination of plunging sales, dropping prices, rising active listings, rising days on the market before the home gets pulled or sold, an increase of active listings with price cuts, but still tight supply, indicates that many potential sellers are still hoping for a quick reversal of this downturn. And they’re letting the vacant home sit to wait for better days, or they’re putting it on the rental market or try to make a go of it as a vacation rental, rather than dealing with the reality of a mind-blowing housing bubble that has loudly popped.
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Chemists create an ‘artificial photosynthesis’ system ten times more efficient than existing systems
For the past two centuries, humans have relied on fossil fuels for concentrated energy; hundreds of millions of years of photosynthesis packed into a convenient, energy-dense substance. But that supply is finite, and fossil fuel consumption has tremendous negative impact on Earth’s climate.
“The biggest challenge many people don’t realize is that even nature has no solution for the amount of energy we use,” said University of Chicago chemist Wenbin Lin. Not even photosynthesis is that good, he said: “We will have to do better than nature, and that’s scary.”
One possible option scientists are exploring is “artificial photosynthesis”—reworking a plant’s system to make our own kinds of fuels. However, the chemical equipment in a single leaf is incredibly complex, and not so easy to turn to our own purposes.
A Nature Catalysis study from six chemists at the University of Chicago shows an innovative new system for artificial photosynthesis that is more productive than previous artificial systems by an order of magnitude. Unlike regular photosynthesis, which produces carbohydrates from carbon dioxide and water, artificial photosynthesis could produce ethanol, methane, or other fuels.
Though it has a long way to go before it can become a way for you to fuel your car every day, the method gives scientists a new direction to explore—and may be useful in the shorter term for production of other chemicals.
“This is a huge improvement on existing systems, but just as importantly, we were able to lay out a very clear understanding of how this artificial system works at the molecular level, which has not been accomplished before,” said Lin, who is the James Franck Professor of Chemistry at the University of Chicago and senior author of the study.
‘We will need something else’
“Without natural photosynthesis, we would not be here. It made the oxygen we breathe on Earth and it makes the food we eat,” said Lin. “But it will never be efficient enough to supply fuel for us to drive cars; so we will need something else.”
The trouble is that photosynthesis is built to create carbohydrates, which are great for fueling us, but not our cars, which need much more concentrated energy. So researchers looking to create alternates to fossil fuels have to re-engineer the process to create more energy-dense fuels, such as ethanol or methane.
In nature, photosynthesis is performed by several very complex assemblies of proteins and pigments. They take in water and carbon dioxide, break the molecules apart, and rearrange the atoms to make carbohydrates—a long string of hydrogen-oxygen-carbon compounds. Scientists, however, need to rework the reactions to instead produce a different arrangement with just hydrogen surrounding a juicy carbon core—CH4, also known as methane.
This re-engineering is much trickier than it sounds; people have been tinkering with it for decades, trying to get closer to the efficiency of nature.
Lin and his lab team thought that they might try adding something that artificial photosynthesis systems to date haven’t included: amino acids.
The team started with a type of material called a metal-organic framework or MOF, a class of compounds made up of metal ions held together by an organic linking molecules. Then they designed the MOFs as a single layer, in order to provide the maximum surface area for chemical reactions, and submerged everything in a solution that included a cobalt compound to ferry electrons around. Finally, they added amino acids to the MOFs, and experimented to find out which worked best.
They were able to make improvements to both halves of the reaction: the process that breaks apart water and the one that adds electrons and protons to carbon dioxide. In both cases, the amino acids helped the reaction go more efficiently.
Even with the significantly improved performance, however, artificial photosynthesis has a long way to go before it can produce enough fuel to be relevant for widespread use. “Where we are now, it would need to scale up by many orders of magnitude to make an sufficient amount of methane for our consumption,” Lin said.
The breakthrough could also be applied widely to other chemical reactions; you need to make a lot of fuel for it to have an impact, but much smaller quantities of some molecules, such as the starting materials to make pharmaceutical drugs and nylons, among others, could be very useful.
“So many of these fundamental processes are the same,” said Lin. “If you develop good chemistries, they can be plugged into many systems.”
More information:
Guangxu Lan et al, Biomimetic active sites on monolayered metal–organic frameworks for artificial photosynthesis, Nature Catalysis (2022). DOI: 10.1038/s41929-022-00865-5
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Existing home sales fall to a 10-year low in September
Real estate broker Rebecca Van Camp places a “Sold” placard on her sign in front of a home in Meridian, Idaho, on Wednesday, Oct. 21, 2020.
Darin Oswald | Tribune News Service | Getty Images
Existing homes are selling at the slowest pace since September 2012, with the exception of a brief drop at the start of the Covid 19 pandemic.
Sales of previously owned homes fell 1.5% in September from August to a seasonally adjusted annual rate of 4.71 million units, according to a monthly survey from the National Association of Realtors.
That marked the eighth straight month of sales declines. Sales were lower by 23.8% year over year.
Sharply higher mortgage rates are causing an abrupt slowdown in the housing market. The average rate on the 30-year fixed home loan is now just over 7%, after starting this year around 3%. That is making an already pricey housing market even less affordable.
Despite the slowdown in sales, inventory continues to drop. There were 1.25 million homes for sales at the end of September, down 0.8% compared with September 2021. At the current sales pace, that represents a 3.2-month supply. Six months is considered a balanced supply.
“Despite weaker sales, multiple offers are still occurring with more than a quarter of homes selling above list price due to limited inventory,” said Lawrence Yun, chief economist at the NAR. “The current lack of supply underscores the vast contrast with the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today.”
Tight supply continues to put pressure on home prices. The median price of an existing home sold in September was $384,800, an increase of 8.4% from September 2021. Prices climbed at all price points. This makes 127 consecutive months of annual increases.
Prices are cooling, however. September marked the third straight month-to-month price decline, which usually fall this time of this year.
They’re falling harder this year, though, particularly on the lower end of the market, where inventory is much leaner. Homes priced between $100,000 and $250,000 dropped 28.4% from a year ago, while sales of homes priced between $750,000 and $1 million declined 9.5%.
Homes did sit on the market slightly longer in September, an average of 19 days, up from 16 days in August and 17 days in September 2021.
Higher mortgage rates aren’t just spooking potential buyers. They’re keeping sellers on the sidelines as well, which adds to the inventory crunch.
“Homeowners love their 3% mortgage rate, and they don’t want to give that up,” Yun said.
Tesla begins model year 2023 production, adds some 2023 Model 3 LR cars to existing inventory
Earlier this year Tesla stopped taking orders for the Model 3 Long Range citing high demand for the electric sedan. While it is still not available on the Design Studio, you can get your hands on a brand new one through the existing inventory section of Tesla’s website.
As an added bonus, it will be a brand new 2023 model year car.
Tesla Model Year 2023 Production
If you follow us on Twitter, you would have known that earlier this week Tesla began model year 2023 production for the Model 3, as well as the Model X.
According to an internal communication sent to Tesla employees on Wednesday, a copy of which was obtained by Drive Tesla, Model 3 built on or after October 4 will be a 2023 model year, while the same applies to Model X built on or after October 3.
For now the Model Y and Model S are still on 2022 production, with the email stating more information will be coming soon on these two vehicles.
If you receive a VIN for your new car, you will know it is a 2023 model year by looking at the 10th digit, which will now be P (2023) instead of N (2022).
Based on our information there have been no substantive changes with the model year switch, other than the removal of the ultrasonic sensors which we reported on earlier this week.
2023 Model 3 Existing Inventory
With the start of 2023 Model 3 production, Tesla has been quick to add them to their existing inventory website, adding over 100 them on Friday night as noted by inventory tracker WaitingForTesla.com.
Unfortunately none are available in Canada at the time of publication (h/t: @BLKMDL3)
The Model 3s are available from coast to coast in all possible paint, interior colour, and wheel selection combinations, all at the same pricing as it was in August when it was removed from the website.
According to the individual listings, they are estimated to arrive and be ready for delivery in November or December.
If you are interesting in buying one, head over to WaitingForTesla.com or check out Tesla’s Model 3 existing inventory website and enter your zip code.
Act soon because they usually don’t last long.
Existing home sales fall in August, and prices soften significantly
Sales of previously owned homes fell 0.4% in August from July to a seasonally adjusted annualized rate of 4.80 million units, according to the National Association of Realtors. That is the slowest sales pace since June 2020, when activity stalled very briefly due to the start of the pandemic.
Outside of that, it is the slowest pace since November 2015. Sales were 19.9% lower than in August 2021.
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With inflation still high, the Fed may be a long way from where it can stop hiking
The sales figures represent closings, so contracts that were likely signed in June and July, when mortgage rates spiked higher and then pulled back. The average rate on the popular 30-year fixed mortgage began June at around 5.5% and then shot up over 6% by the middle of the month, according to Mortgage News Daily. It then pulled back a bit, hanging in the 5.7% range for most of July before dropping further to the low 5% range at the end of the month.
The 30-year fixed started this year at 3%. It is now close to 6.5%.
Even with interest rates making housing even less affordable, prices were still higher than a year ago. The median price of an existing home sold in August was $389,500, up 7.7% from a year ago. Home prices historically drop from July to August, due to seasonality, but the drop this year was wider than usual, suggesting a significant softening.
From June through August, prices usually decline about 2%, but this year they have fallen about 6%.
“The housing market is showing an immediate impact from the changes in monetary policy,” said Lawrence Yun, chief economist for the Realtors, noting that he will revise his annual sales forecast down further due to higher mortgage rates. “Some markets may be seeing price declines.”
Sales fell in all price categories, but more sharply on the lower end. Sales of homes priced between $250,000 and $500,000 were down 14% year over year, while sales of those priced between $750,000 and $1 million were down just 3%. Much of that has to do with supply, which is leanest on the lower end of the market.
Prices are still being bolstered by tight supply. There were 1.28 million homes for sale at the end of August, unchanged from a year. At the current sales pace, that represents a 3.2-month supply.
“In July, we saw the first sign that the housing market’s refresh may affect homeowners’ eagerness to sell, and that hesitation continued in August, as the number of newly-listed homes sank by 13%,” said Danielle Hale, chief economist for Realtor.com.
Homebuilders have been pulling back in the face of falling demand, but there was a small bump in single-family housing starts in August, according to the U.S. Census. That may have been due to a brief drop in mortgage rates during, which sparked more interest from buyers. But building permits, which are an indicator of future construction, fell as mortgage rates were expected to rise again.
Microsoft says Call of Duty will be on PlayStation for “at least several more years” beyond existing deal
As governmental scrutiny of Microsoft’s proposed $69bn USD acquisition of publisher Activision Blizzard grows – particularly in relation to its impact on PlayStation – Microsoft has revealed a commitment to keeping Call of Duty on PlayStation platforms for “at least several more years” beyond Sony’s existing marketing contract.
That’s according to The Verge, which says the commitment was made in a letter from Xbox boss Phil Spencer to PlayStation head Jim Ryan earlier this year.
“In January,” Spencer told the publication in a statement, “we provided a signed agreement to Sony to guarantee Call of Duty on PlayStation, with feature and content parity, for at least several more years beyond the current Sony contract, an offer that goes well beyond typical gaming industry agreements”.
When Microsoft previously discussed its continuing commitment to putting Call of Duty on PlayStation platforms back in February, it said it would “make them available… beyond the existing agreement and into the future”. Today’s talk of “at least several more years” adds a little more specificity to Microsoft’s plans, but ultimately doesn’t mean much without knowledge of Sony’s existing deal with Activision Blizzard. Equally uncertain is what might happen once those “several more years” are through.
One thing we do know, however, is that Microsoft will be putting Call of Duty (and other Activision Blizzard big-hitters like Overwatch and Diablo) on Game Pass should its acquisition go through, while also committing to “making the same version of Call of Duty available on PlayStation on the same day the game launches elsewhere”. Exactly how long that commitment will be honoured, though, remains to be seen.
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Tesla, Netflix earnings, GameStop stock split, existing home sales top week ahead
Macro Intelligence 2 Partners co-founder Julian Brigden gives advice to investors on the state of the stock market on ‘Mornings with Maria.’
Investors are in for a slew of major corporate earnings this week along with fresh housing and manufacturing data.
A better-than-expected retail sales report helped power stocks to gains on Friday with the Dow Jones Industrial Average rising 2.1%, while the S&P added 1.9% and Nasdaq Composite jumped 1.8%. Despite the rally, all three of the benchmarks fell for the week after consumer and producer prices climbed to fresh highs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 31288.26 | +658.09 | +2.15% |
| SP500 | S&P 500 | 3863.16 | +72.78 | +1.92% |
| I:COMP | NASDAQ COMPOSITE INDEX | 11452.421129 | +201.24 | +1.79% |
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
COPPER PRICES SINK, FLASHING ANOTHER RECESSION WARNING
Monday 7/18
Kicking off the week for earnings will be Bank of America, Charles Schwab, Goldman Sachs, Prologis and Synchrony Financial before the market open. IBM will take the earnings spotlight after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BAC | BANK OF AMERICA CORP. | 32.25 | +2.12 | +7.04% |
| SCHW | THE CHARLES SCHWAB CORP. | 62.18 | +1.61 | +2.66% |
| GS | THE GOLDMAN SACHS GROUP INC. | 293.87 | +12.28 | +4.36% |
| PLD | PROLOGIS INC. | 121.01 | +2.88 | +2.44% |
| SYF | SYNCHRONY FINANCIAL | 31.39 | +1.41 | +4.70% |
| IBM | INTERNATIONAL BUSINESS MACHINES CORP. | 139.92 | +0.86 | +0.62% |
As for economic data, investors will be focusing on the NAHB housing market index.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 147.74 | +0.59 | +0.40% |
Also on Tuesday, Boeing will show off its newest versions of the 737 Max and 777X during the Farnborough International airshow.
Tuesday 7/19
On Tuesday, Ally Financial, Citizens Financial Group, Halliburton, Hasbro, Johnson & Johnson, Lockheed Martin and ManpowerGroup will deliver quarterly earnings results before the market open.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ALLY | ALLY FINANCIAL INC. | 34.43 | +1.29 | +3.89% |
| CFG | CITIZENS FINANCIAL GROUP INC. (RHODE ISLAND) | 36.80 | +1.87 | +5.35% |
| HAL | HALLIBURTON CO. | 27.86 | +0.52 | +1.90% |
| HAS | HASBRO INC. | 79.21 | -0.18 | -0.23% |
| JNJ | JOHNSON & JOHNSON | 178.23 | +2.55 | +1.45% |
| LMT | LOCKHEED MARTIN CORP. | 398.38 | -1.93 | -0.48% |
| MAN | MANPOWERGROUP INC. | 76.48 | +1.09 | +1.45% |
Stocks to watch for earnings after the bell on Tuesday include Cal-Maine, Interactive Brokers, JB Hunt Transport and Netflix.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CALM | CAL-MAINE FOODS INC. | 53.03 | -0.14 | -0.26% |
| IBKR | INTERACTIVE BROKERS GROUP INC. | 54.81 | +1.42 | +2.66% |
| JBHT | J.B. HUNT TRANSPORT SERVICES INC. | 167.58 | +2.03 | +1.23% |
| NFLX | NETFLIX INC. | 189.11 | +14.33 | +8.20% |
On the economic data front, investors will take in building permits and housing starts.
FILE – In this Feb. 26, 2019, file photo, former New York City Mayor Michael Bloomberg speaks at a news conference at a gun control advocacy event in Las Vegas. (AP Photo/John Locher, File) | AP Newsroom
Tuesday also marks the start of Goldman Sachs’ two-day Small Business Summit, which will bring together more than 2,500 small business owners from across the country.
Tuesday’s speakers will include former New York City mayor and Bloomberg L.P. co-founder and CEO Michael Bloomberg, Berkshire Hathaway chairman and CEO Warren Buffett, Goop CEO and founder Gwyneth Paltrow and Senators Ben Cardin, Krysten Sinema, Tim Scott and Marco Rubio.
CITI FORECASTS HISTORIC 100-BASIS POINT FED RATE HIKE AFTER INFLATION SHOCKER
Wednesday 7/20
Earnings on the docket for Wednesday include Abbott Labs, Biogen, M&T Bank and Nasdaq Inc. before the market open.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ABT | ABBOTT LABORATORIES | 108.82 | +3.11 | +2.94% |
| BIIB | BIOGEN INC. | 217.01 | +2.74 | +1.28% |
| MTB | M&T BANK CORP. | 156.21 | +5.64 | +3.75% |
| NDAQ | NASDAQ INC. | 157.07 | +3.55 | +2.31% |
Meanwhile, Alcoa, CSX, Equifax and Tesla will deliver quarterly earnings results after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AA | ALCOA CORP. | 43.06 | +2.25 | +5.51% |
| CSX | CSX CORP. | 28.86 | +0.68 | +2.41% |
| EFX | EQUIFAX INC. | 192.42 | +3.00 | +1.58% |
| TSLA | TESLA INC. | 720.20 | +5.26 | +0.74% |
Wednesday’s economic data will include existing home sales, weekly mortgage applications and the Energy Information Administration’s weekly crude stocks.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SWBI | SMITH & WESSON BRANDS | 13.15 | +0.15 | +1.15% |
| RGR | STURM RUGER & CO. INC. | 62.85 | +0.37 | +0.59% |
On Capitol Hill, the chief executives of Daniel Defense, Smith and Wesson and Strum Ruger have been invited to testify before the House Oversight Committee at a hearing on the topic of gun violence. The House Workforce Protections Subcommittee will also hold a hearing on assessing the H2 visa program’s impact on workers.
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Thursday 7/21
Thursday will mark the busiest day for earnings with American Airlines, AT&T, AutoNation, Blackstone, DR Horton, Danaher, Domino’s Pizza and United Airlines among the companies reporting before the market open.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP INC. | 14.47 | +0.22 | +1.54% |
| T | AT&T INC. | 20.57 | +0.24 | +1.18% |
| AN | AUTONATION INC. | 114.46 | +2.83 | +2.54% |
| BX | BLACKSTONE | 93.00 | +3.37 | +3.76% |
| DHI | D.R. HORTON INC. | 73.46 | +0.82 | +1.13% |
| DHR | DANAHER CORP. | 255.78 | +7.72 | +3.11% |
| DPZ | DOMINO’S PIZZA INC. | 406.60 | +7.45 | +1.87% |
| UAL | UNITED AIRLINES HOLDINGS INC. | 38.78 | +0.93 | +2.46% |
Companies on deck for earnings after the bell will include Boston Beer, Capital One Financial, Mattel, Snap and Tenet Healthcare.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SAM | BOSTON BEER CO. INC. | 321.93 | +1.75 | +0.55% |
| COF | CAPITAL ONE FINANCIAL CORP. | 108.79 | +5.36 | +5.18% |
| MAT | MATTEL INC. | 21.63 | -0.07 | -0.32% |
| SNAP | SNAP INC. | 13.65 | +0.48 | +3.64% |
| THC | TENET HEALTHCARE CORP. | 55.55 | +2.12 | +3.97% |
Investors will also digest the Conference Board’s index of leading economic indicators, the Philadelphia Federal Reserve’s manufacturing index and the latest in continuing and initial jobless claims. Europe’s central bank will also release its decision on interest rates.
Friday 7/22
Wrapping up the week for earnings will be American Express, Cleveland-Cliffs, HCA Healthcare, NextEra Energy, Regions Financial, Roper Technologies, Schlumberger and Verizon before the market open.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AXP | AMERICAN EXPRESS CO. | 142.48 | +6.00 | +4.40% |
| CLF | CLEVELAND-CLIFFS INC. | 14.99 | +0.47 | +3.24% |
| HCA | HCA HEALTHCARE INC. | 171.61 | +4.12 | +2.46% |
| NEE | NEXTERA ENERGY INC. | 78.71 | -1.42 | -1.77% |
| RF | REGIONS FINANCIAL CORP. | 19.19 | +0.95 | +5.21% |
| ROP | ROPER TECHNOLOGIES INC. | 395.15 | +7.01 | +1.81% |
| SLB | SCHLUMBERGER NV | 32.30 | +0.97 | +3.10% |
| VZ | VERIZON COMMUNICATIONS INC. | 51.02 | +0.53 | +1.05% |
GameStop shares will also trade for the first time following the video game retailer’s 4-for-1 stock split.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 141.64 | +5.44 | +3.99% |
Stockholders of record at the close of business on July 18, 2022, will receive a dividend of three additional shares of GameStop’s class A common stock for each share they own. The stock dividend will be distributed after the close of trading on July 21, 2022.
Chevron to relocate head office within California, sell existing HQ
A Chevron gas station sign is seen in Del Mar, California, April 25, 2013. REUTERS/Mike Blake/File Photo
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June 24 (Reuters) – Chevron Corp (CVX.N) is planning to relocate its global headquarters to a new leased space in California and sell its existing head office in the state, a company spokesperson told Reuters on Friday.
“The current real estate market provides the opportunity to right-size our office space to meet the requirements of our headquarters-based employee population,” the company said in an email.
Chevron is expected to shift its headquarters to the new site during the third quarter of 2023.
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The U.S oil company will also cover moving costs for employees who opt to shift to its Texas campus, according to the Wall Street Journal, which reported the move earlier in the day.
The second largest U.S oil producer’s North American upstream operations are based out of Houston, Texas.
Rival Exxon in January also relocated its corporate headquarters from Irving, Texas to its campus north of Houston.
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Reporting by Rithika Krishna and Sabrina Valle; Editing by Vinay Dwivedi
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