Cart (0)
business newsMorning Roundup: Import Prices Rise, Empire State Index Tumbles
By
Nick Gwiazda Sep 15, 2010 11:30 am
Stocks skidded in early trading as import prices shot up in August and mortgage applications fell for the second week.
PRINT
 |
|
Fannie Mae’s Economics and Mortgage Analysis Group also reported that it sees very moderate economic growth. The Group expects 2.2% growth for 2010 and a slightly higher 2.5% growth rate for 2011, as supply and demand imbalances in housing sales continue a long-overdue correction in the housing sector.
The Mortgage Bankers Association reported early this morning that US mortgage applications fell 8.9%, creating a two-week losing streak and bringing application levels down to early August lows. The MBA reports that historically low interest rates haven't been enough to spur purchases and refinancing.
Mastercard (MA) has just approved a $1 billion buyback of its Class A shares. Mastercard looks to return cash to shareholders with the proceeds of the buyback.
Honeywell (HON) has completed its acquisition of protective clothing manufacturer Sperian Protection for $1.1 billion, or $1.4 billion including outstanding debt. The deal close comes months after Honeywell’s bid to buy Sperian in May, and will help better furnish Honeywell’s light safety division.
While on the subject of billions, Kraft (KFT) sees an additional $1 billion in revenue and $750 million in cost savings by 2013 as a result of its acquisition of Cadbury. Cadbury will improve Kraft’s gross profit margins as overseas sales become a more substantial part of Kraft’s business model.
Warren Buffett reported to the SEC late last night that Berkshire Hathaway (BRK.A) has sold 1.35 million shares of Moody’s (MCO) for a price between $25.10 and $25.22 per share. Berkshire still controls more than 12% of Moody’s stock, and still holds 29.4 million shares.
Trade ETFs? Take a 14-Day Free Trial to Mike Paulenoff's MPTrader newsletter. Receive specific trades and strategies across all sectors. Learn more.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
