Redfin Sinks After Real Estate Company Is Downgraded Over ‘Flawed’ Model

Shares dropped almost 10% on Monday to $3.63, as Oppenheimer’s Jason Helfstein cut his recommendation to underperform from a hold-equivalent rating. He sees room for further pain and slashed his price target to a Street-low of $1.30.

“We believe that Redfin’s business is fundamentally flawed, as the company continues to use a fixed-cost model for agents,” the analyst writes. “This prevents the company from optimizing margins when the housing markets decline and limits share gains when markets rebound.”
Redfin said that any comments the company can share about its stock price move will be addressed on its earnings conference call on Wednesday after it releases results.

Redfin has plunged about 91% so far this year, as real estate technology firms have been slammed amid the housing market’s slowdown from rising mortgage rates.

Last week, Opendoor Technologies Inc. said it would lay-off about 18% of its headcount. The week before, Zillow Group Inc. cut about 5% of employees. Opendoor slumped 14% on Monday, and Compass Inc. slid 6.3%.

A strong jobs report these days runs counter to the Fed’s wishes. The line of thought is that if the job market is still too hot, the Fed won’t be keen on loosening its tight monetary policy in the ongoing efforts to tame inflation. And this is a scenario the market is keen to avoid after a series of 75 basis-point hikes this year. But J.P. Morgan Asset Management chief strategist David Kelly thinks the latest numbers flatter to deceive and believes the way the data is reported distorts the real.

Nio (NYSE: NIO) stock spiked Monday morning, but it didn’t take long for it to reverse course. The volatility shows just how dynamic the economic situation is in China. Shares of the Chinese EV maker jumped nearly 7% after the market opened, but by 12:40 p.m. ET, Nio stock was down by 1.6%.

Shares of enterprise software giants Snowflake (NYSE: SNOW), Datadog (NASDAQ: DDOG), and MongoDB (NASDAQ: MDB) were plunging on Monday, down by 8.7%, 6.4%, and 9.4%, respectively, as of 3:06 p.m. ET. There wasn’t much company-specific news today, although Snowflake reported earnings last week, and MongoDB will report tomorrow. Friday’s strong jobs and wages report, combined with today’s stronger-than-expected services Purchasing Managers’ Index (PMI) reading, showed the economy may be stronger than generally thought — surprising, especially since recent financial results and guidance in the software industry have been less than stellar.

A roundup of recent banking and finance news across Greater Philadelphia: A coalition of 13 Republican state attorneys general wants to stop Vanguard Group from buying shares in U.S. utilities companies due to the investment manager’s environmental, social and governance policies. The attorneys general filed a motion last week to the Federal Energy Regulatory Commission requesting it block Vanguard’s purchase.

In this article, we will discuss the 12 best undervalued energy stocks to buy. If you want to explore similar stocks, you can also take a look at 5 Best Undervalued Energy Stocks to Buy. 2022 has been the year for energy stocks. While all sectors of the economy fluctuated, the energy sector remained relatively .

Yahoo Finance Live looks at cannabis-tied shares following President Biden’s signing of a marijuana research bill.

Shares of small- and mid-cap Chinese stocks including Tuya (NYSE: TUYA), EHang (NASDAQ: EH), and Lufax (NYSE: LU) were moving higher today after China again took another step away from its zero-COVID policy, boosting investor confidence that the economy would fully reopen in the coming months. Over the weekend, Beijing and Shenzhen announced that they would lift requirements that commuters show negative COVID tests before travel.

Shares of telecom giant Lumen Technologies (NYSE: LUMN) plunged 25.7% in November, according to data from S&P Global Market Intelligence. It wasn’t difficult to ascertain why Lumen fell last month: The company announced on its Nov. 2 earnings call that it suspended its generous dividend. In the third quarter, Lumen once again disappointed the markets, with revenue declining 10.2% and non-generally accepted accounting principles (adjusted) earnings per share of $0.14 missing estimates by a wide $0.21.

Many people wonder whether they should be investing in qualified or non-qualified dividends and what the differences are. The largest difference is in how each is taxed. To help you determine what stock paying dividends could have a place in … Continue reading → The post Qualified vs. Non-Qualified Dividends appeared first on SmartAsset Blog.

(Bloomberg) — There’s a hidden risk to the global financial system embedded in the $65 trillion of dollar debt being held by non-US institutions via currency derivatives, according to the Bank for International Settlements. Most Read from Bloomberg‘Huge, Missing and Growing:’ $65 Trillion in Dollar Debt Sparks ConcernStocks Hit by Fed-Hike Jitters as US Yields Surge: Markets WrapElon Musk’s Impossible Electric Truck Is Getting the Last LaughAmbitious Plans to Build Indonesia a Brand New Capital.

With a yield of 9.62%, the recently expired Series I bond was understandably popular. With interest rates rising, bond funds are down this year and banks continue to offer miserly rates on deposit accounts. So it’s no wonder that a … Continue reading → The post It Pays to Procrastinate: The New 6.89% I bonds Will Beat the Old 9.62% Bonds in Just 4 Years appeared first on SmartAsset Blog.

GitLab Inc. (GTLB) delivered earnings and revenue surprises of 37.50% and 6.86%, respectively, for the quarter ended October 2022. Do the numbers hold clues to what lies ahead for the stock?.

Despite the soft economic backdrop, 2022 has still provided several large-scale takeovers. Microsoft’s acquisition of Activision Blizzard ($68.7 billion – expected to close next year), Broadcom’s of VMWare (~$61 billion – by the end of next year, too) and Oracle’s of Cerner ($28.3 billion), are all notable deals that readily come to mind. For companies, a lot of the time, larger is preferable; smaller businesses can take advantage of cost-savings that larger organizations have, while bigger enti.

Investors getting complacent after the recent stock-market rally should look at Monday’s punishing selloff and worry, several strategists told MarketWatch.
Elon Musk’s group and its Chinese rivals are often among the choices of investors betting on electric vehicles.

These high-octane income stocks, with yields ranging from 7.7% to 8.4%, are begging to be bought by opportunistic investors.

In this article, we will take a look at the 11 best quality stocks to buy now. If you want to see more stocks in this selection, go to the 5 Best Quality Stocks to Buy Now. During these uncertain times, when the Federal Reserve is on a mission to fight inflation by increasing benchmark .

As investors begin to see light at the end of the Federal Reserve rate-hike tunnel, real estate investment trusts (REITs) are bouncing back off their lows of six weeks ago. Now could be an ideal time to start building a basket of REIT stocks. But with 208 REITs to choose from, how does an investor know which ones make the best purchases? Take a look at five well-established REITs from diversified subsectors that have high-quality, long-term total returns (appreciation plus nonreinvested dividend.

In this piece, we will take a look at the 16 largest semiconductor companies by market capitalization. For more companies, head on over to 5 Largest Semiconductor Companies by Market Cap. The semiconductor industry is among the most popular and lucrative sectors in the world. With chips now starting to be heralded as the ‘new .