Share to Twitter Share to Linkedin Topline Mortgage rates tumbled last week to their lowest level in over a month, according to data released Wednesday morning by the Mortgage Bankers Association, as waning confidence in the U.S. banking system provides a reprieve to home buyers. Key Facts The average 30-year fixed mortgage rate slipped from 6.71% to 6.48% last week, falling to its lowest level since mid-February and its largest percentage decline since November. Mortgage applications rose 3% last week, according to the survey, as buyers take advantage of rapidly declining home prices. That followed a wild stretch for the banking sector – headlined by the failures of Silicon Valley Bank and Signature Bank, the nation’s second and third-biggest such failures ever – causing investors to pack into safer assets such as government bonds. Yields for 10-year U.S. Treasury notes sank 70 basis points to 3.4% in the two-week period … [Read more...] about Housing Market: Mortgage Rates Sink To 5-Week Low Amid Bank Havoc
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Should You Buy FedEx Stock After Q3 Earnings Beat?
Share to Twitter Share to Linkedin FedEx stock (NYSE: FDX) is up 13% in a week, compared to a 3% rise for the broader S&P500 index. After its recent surge, FDX stock looks appropriately priced, in our view. Due to a decline in delivery volumes, FedEx FDX and other logistics companies have had a tough year. The big e-commerce surge seen through the lockdown phase of the Covid-19 pandemic has now cooled off. Furthermore, the weakening U.S. economy and high inflation further add to the woes. Our analysis of FedEx’s Revenue details how the company’s revenues are trending. Last week, the company reported its Q3 fiscal 2023 results (the fiscal year ends in May), with revenue of $22.2 billion, down 6% y-o-y, and falling below our estimate of $22.8 billion, primarily due to softening volume. Average daily package volume was down 11% during the quarter. However, yields continued to improve, with composite package yield rising by 3%. The company’s … [Read more...] about Should You Buy FedEx Stock After Q3 Earnings Beat?
Petition Fails To Recall Mayor Of Crime-Stricken Blue City After Majority Of Signatures Deemed Invalid
A recall of New Orleans Democratic Mayor LaToya Cantrell has failed due to a large number of petition signatures being deemed invalid, according to The Associated Press. Most of the petition’s 67,000 signatures were deemed invalid by the registrar, leaving the petition short by roughly 18,000 signatures to recall the mayor, the AP reported . Democratic Gov. John Bel Edwards declared that just 27,243 were valid, while the petition would need 44,975 to become effective. “Now, with the divisiveness of the failed recall campaign officially behind us, we must heal and recommit ourselves to working collaboratively to continue the progress we’ve made towards reducing crime, increasing public safety, building a more sustainable and resilient city and creating economic and job opportunities that benefit all of our people,” Cantrell said in a statement provided to the Daily Caller News Foundation. The signatures could have been declared invalid for many reasons, like being … [Read more...] about Petition Fails To Recall Mayor Of Crime-Stricken Blue City After Majority Of Signatures Deemed Invalid