Homebuilder NVR, Inc. saw profit growth slow to begin 2024, but results from both construction and mortgage segments point to sustained interest in newly built properties. The parent company of Ryan Homes, NVHomes and Heartland Homes reported net income of $394.3 million for the three months ending March 31, equivalent to $116.41 per diluted share.
Webster Financial on Tuesday reported a steep rise in nonperforming loans and leases, but executives said the double-digit increase does not signal widespread credit problems ahead. Instead, the first-quarter surge in default loans and leases — which are up 53% year-over-year — involves just five credits, four in the commercial-and-industrial loan book and one in
General Motors’ first-quarter earnings are coming Tuesday morning. Investors will want to see progress offsetting higher wages following the 2023 labor negotiations with the United Auto Workers Union. For the first quarter, Wall Street is looking for earnings per share of $2.12 and an operating profit of $3.1 billion from sales of $42.1 billion. A
Dow Jones futures rose slightly Sunday night, along with S&P 500 futures and Nasdaq futures. Earnings from Microsoft (MSFT), Meta Platforms (META) and many more are on deck. Tesla, which reports Tuesday, slashed EV and FSD prices over the weekend. X The stock market suffered sharp losses in the past week. The Dow Jones actually
Mortgage rates topped 7% this past week for the first time in 2024, according to Freddie Mac . The increase comes at a pivotal time for the U.S. housing market, which saw existing-home sales hit a near-30-year low in 2023 as costs rose. Higher rates could reduce buyer demand, slow price growth, further crimp sales,
For years, both Fifth Third and Huntington have been eyeing growth opportunities outside of their home bases in the Midwest.Bloomberg Higher-for-longer interest rates are dampening commercial loan demand at regional banks, but Texas expansions are helping two midsize lenders, Fifth Third Bancorp and Huntington Bancshares , to lasso middle-market clients. The Ohio-based banks are seeing
Norway’s giant sovereign wealth fund on Thursday reported first-quarter profit of 1.21 trillion kroner ($109.9 billion), supported by robust returns on its investments in technology stocks. The so-called Government Pension Fund Global, the world’s largest sovereign wealth fund, said it had a value of 17.7 trillion kroner at the end of March. It described the
JPMorgan Chase CFO Jeremy Barnum said on the company’s first-quarter earnings call Friday that the bank had seen good momentum in investment banking, but was still cautious going forward. JPMorgan Chase has started to break out of the investment banking slump that hit the entire industry last year, though it continues to wait out a
Wells Fargo and JPMorgan Chase usually open the quarterly earnings seasons in the mortgage space, giving analysts something to chew on before nonbanks release their financial reports. In the first quarter of 2024, the big banks showed a challenging reality for originations. The banks’ Q1 2024 earnings, released on Friday, showed declining home loan volumes compared to the prior quarter
Companies are starting to report their first set of earnings for 2024, and they matter more than usual for stocks because the other main support for elevated markets—hope for rate cuts—is being chopped away. Companies are starting to report their first set of earnings for 2024, and they matter more than usual for stocks because