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S&P Lowers Its Outlook on KB Home to Negative
Standard & Poor's Ratings Services lowered its outlook on KB Home (NYSE:KBH) to negative today, after the builder agreed to settle several off balance sheet liabilities for a larger amount than the firm had anticipated.
The company's rating currently sits at B+, already four levels below investment grade territory.
The settlement was related to an agreement with a group of home builders, including KB Home, which had agreed to pay lenders as much as $340 million to settle an issue related to...
Related topics : kb homes las vegas
Strayer Education Slumps After Rival Dumps CEO, Expecting New Regulation
"Strayer Education Inc. (STRA) is down 1% this morning, following another for-profit educator lower as industry executives brace for possible new regulations.
Corinthian Colleges Inc. (COCO) last night pushed out its current CEO and replaced him with the chairman of the company's board of directors, saying it had no problem with the executive but wanted to prepare the firm if regulators slap for-profit school with new rules aiming to boost graduation rates in order to keep students eligible...
Related topics : federal student loan
Class lawsuit against Wells Fargo allowed to proceed
A federal judge ruled that a class action suit against Wells Fargo (WFC) alleging that the bank made false promises to mortgage holders can proceed, according to Courthouse News. The lead plaintiffs in the case claim that the bank promised that they could stay in their homes if they accepted a loan modification program, but then still foreclosed on their homes after they had made payments under the program for four consecutive months.
Related topics : mortgage loan modification wells fargo
JPMorgan Chase Shares Higher Following Attempt to Put KB Home Development Into Bankruptcy - Up 0.9%
"JPMorgan Chase (JPM) shares are higher after a report that the bank is looking to force a Las Vegas development by KB Homes (KBH) into bankruptcy, Bloomberg reported.
JPMorgan filed for an involuntary bankruptcy in Las Vegas, saying the builders of the project are trying to avoid liability for a $585 million loan.
JPMorgan shares are up 0.88%, or $0.37, to $41.18."
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Wells Fargo Bested Q4 Revenue Estimates, Saw Record Net Income For The Quarter
Wells Fargo (NYSE:WFC) reported Q4 EPS of $0.61, in line with consensus estimates. Revenues for the quarter fell 5% year-over-year to $21.5 billion, ahead of consensus estimates of $21.0 billion.
Chairman and CEO John Stumpf said, "In 2010 Wells Fargo saw solid growth in a variety of businesses, with record net income for the full year as well as the fourth quarter, As the U.S. economy showed continued signs of improvement, our diversified model continued to perform for our stakeholders, as...
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