Select a category
July Existing Home Sales Edged Up From Near Rock Bottom
More Homes Are Up For Sale, But Not...
Investopedia
21 m
10
:max_bytes(150000):strip_icc()/GettyImages-2166319135-bd3f798dbd654671ab1dcffb86b418a0.jpg)
More homes are up for sale, but not enough to drive prices down or break the slow housing market from the doldrums.The volume of sales for existing homes rose 1.3% in July from June but remained near the lowest ever, the National Association of Realtors said Thursday. Houses sold at a seasonally adjusted annual rate of 3.95 million, the slowest pace for any July since 2010. It was the first time in five months that sales had risen.Despite an uptick in inventory—up 0.8% from June and 19.8% over the last 12 months—high prices and lack of selection continue to stifle sales. There were 1.33 million homes on the market in July, far fewer than the 1.9 million for sale in July 2019 before the pandemic hit. The median existing-home sales price was $422,600, 4.2% higher than the previous July.
The figures highlighted how daunting the housing market has become for first-time buyers since the pandemic hit—home prices are up 49% from July 2019, when the median home sold for $283,600.It's made for "quite a sizable gain over the past five years," Lawrence Yun, chief economist at the National Association of Realtors, said on a conference call with reporters. "Definitely very good news for homeowners getting all of those gains, but frustrating news for people who want to enter the homeownership market."
Mortgage rates have been falling in recent months, and economists say that could help break the high-price, low-sales dynamic that's defined the housing market for the past few years. According to Freddie Mac, the average rate offered for a 30-year mortgage was 6.46% this week, down from the recent peak of 7.79% last fall. Rates have fallen as financial markets anticipate the Federal Reserve will cut its influential fed funds rate next month as it winds down its battle against inflation.
For-sale inventory has been low because many homeowners have been reluctant to trade in home loans they secured when fixed rates were lower, but the recent drop in rates is eroding this "lock-in effect."However, Yun noted inventory is still low enough that buyers have to compete for the relatively few homes on the market, keeping upward pressure on prices.
"Inventory is trying to increase back up to normal, but it's not back up to normal yet," he said.
Do you have a news tip for Investopedia reporters? Please email us at [email protected]Read more on Investopedia
Peloton Stock Turbocharged By Surprise Revenue Growth
Peloton Interactive (PTON) Shares R...
Investopedia
1 h
14
:max_bytes(150000):strip_icc()/GettyImages-2167023551-637333e4dcc748beb040247941dcbe73.jpg)
Peloton Interactive (PTON) shares raced more than 35% higher in intraday trading Thursday after the company posted year-over-year quarterly revenue growth for the first time in more than two years.
The home fitness equipment and subscription company posted revenue of $643.6 million in its fiscal fourth quarter, up 0.2% year-over-year—its first quarterly gain since Q2 2022—and well above analysts' expectations, per Visible Alpha. Subscription revenue was $431.4 million, 2.3% higher.
Peloton also delivered a narrower-than-expected loss of $30.5 million, or 8 cents per share, compared with $241.8 million, or 68 cents per share, a year earlier.
"Our improvement in profitability reflects our continued focus on aligning our costs with the size of our business," Peloton said. "We made substantial progress toward achieving over $200 million run-rate cost savings from our restructuring plan announced in May, delivering approximately $15 million in cost savings in the quarter."
Peloton called for fiscal 2025 revenue of $2.4 billion to $2.5 billion, which would be a 9% drop from fiscal 2024 at the midpoint and below Visible Alpha consensus of $2.68 billion.
In May, Peloton announced new cost-cutting measures, including layoffs, and that CEO Barry McCarthy was stepping down. On Thursday, it noted that its process to find a new CEO "is well underway and we look forward to sharing more when we have an announcement."
Shares of Peloton surged 37% to $4.60 as of 1:15 p.m. ET Thursday.
Do you have a news tip for Investopedia reporters? Please email us at [email protected]Read more on Investopedia
BJ's Wholesale Stock Tumbles On Disappointing Guidance
BJ’s Wholesale Club (BJ) Shares S...
Investopedia
2 hrs
9
:max_bytes(150000):strip_icc()/GettyImages-2166983410-9ddc998a0c5e46ca94e0d3990db520c7.jpg)
BJ’s Wholesale Club (BJ) shares sank after the retailer gave soft guidance as it looks to invest more money into the business.
BJ’s CFO Laura Felice said full-year adjusted earnings per share (EPS) could be at the low end of its forecast of $3.75 to $4 because of long-term investments. Analysts were looking for $3.88, according to estimates compiled by Visible Alpha.
BJ’s posted second-quarter adjusted EPS of $1.09, with revenue increasing 4.5% from a year ago to $5.21 billion. Net sales were up 4.4% to $5.09 billion, and membership fees jumped 8.9% to $113.1 million. All were above analysts' estimates.
Selling, general, and administrative expenses (SG&A) rose 8% to $750.3 million.
CEO Bob Eddy said that the company had its 10th consecutive month of traffic growth, and that the quarterly results “demonstrate the meaningful progress we are making on our long term strategic initiatives.”
Shares of BJ's were down over 6% at $81.63 in intraday trading Thursday, though even with Thursday’s losses, they've gained more than 22% since the start of the year.
Do you have a news tip for Investopedia reporters? Please email us at [email protected]Read more on Investopedia
Instablog9ja
3 hrs
12
There is widespread anger in Ethiopia over the 25-year jail term handed to a landlord who br¥tally r@p£d and m¥rd£red his tenant’s seven-year-old daughter.
Heaven Awot was taking from her home, s3xually a§§aulted, mutil@ted, and k+lled by her mother’s landlord, Getnet Baye, in the northwestern city of Bahir Dar in August 2023.
He was sentenced to only 25 years in prison. However, the case attracted widespread attention after he recently launched an appeal. The case is now adjourned until October, BBC reports.
The case has sparked widespread cond£mnation and demands for justice, and over 200,000 people have signed an online petition calling for a review of the sentencing to “reflect the gravity of the crime” and to offer support for Heaven’s mother, Abekyelesh Adeba.
The Ethiopian Women Lawyers Association (EWLA) has also denounced the sentencing as “very light,” stating that “the m¥rder by itself should have been enough to sentence him to life imprisonment or to d£@th.
Bavarian Nordic Stock Jumps On Revenue Beat, Mpox Vaccine Order
Shares Of Bavarian Nordic A...
Investopedia
3 hrs
10
:max_bytes(150000):strip_icc()/GettyImages-2166303621-d531caf645fa40429f9df33c6ef6a3d1.jpg)
Shares of Bavarian Nordic are surging 12% in Danish trading after the company with the only approved mpox vaccine in the U.S. and Europe posted a quarterly revenue beat and announced a huge vaccine order.
Bavarian Nordic, which reported second-quarter revenue of 1.43 billion Danish kroner ($212.9 million) that beat analysts' consensus estimates, said it had signed a contract with an undisclosed European country to supply 440,000 doses of smallpox and mpox vaccine.
Last week, the World Health Organization (WHO) declared the mpox outbreak in Africa a global health emergency after a surge in recent cases in the Democratic Republic of Congo and some neighboring countries.
The order by the unnamed European country was "anticipated as part of the 2024 guidance," Bavarian Nordic Chief Executive Officer (CEO) Paul Chaplin said, adding it "has no impact on the remaining vaccine capacity."
Bavarian Nordic shares are up more than 45% in the past month.
Do you have a news tip for Investopedia reporters? Please email us at [email protected]Read more on Investopedia
Instablog9ja
4 hrs
10
The National Bureau of Statistics (NBS) says the retail price per litre of Household Kerosene (HHK) paid by consumers in July 2024 was N1,769.86
The NBS in its July report said this showed an increase of 13.81% compared to N1,555.11 recorded in June 2024.
According to the bureau, “On a year on-year basis, the average retail price per litre of the product rose by 40.37% from N1,260.81 in July 2023.
On state profile analysis, the highest average price per litre in July 2024 was recorded in Akwa-Ibom with N2,383.33, followed by Oyo with N2,375.00 & Delta with N2,309.52. On the other hand, the lowest price was recorded in Adamawa with N1,171.11, followed by Taraba with N1,191.30 & Borno with N1,381.58.
The average retail price per gallon of Household Kerosene paid by consumers in July 2024 was N5,762.10 indicating an increase of 1.11% from N5,698.68 in June 2024. On a year-on-year basis, this increased by 33.81% from N4,306.07 in July 2023.
