Zacks Equity Research, Chicago, has declared Affordable Residential Communities Inc., Englewood, Colo., its "Bear of the Day" -- a stock expected to underperform the markets over the next three to six months -- for April 10.Zacks said ARC "is valued well above better-positioned peers," though its results improved "slightly" in the fourth quarter as a result of cost-cutting and the sale of underperforming assets. The company's portfolio occupancy "continues to drop, as it appears that ARC's cost-cutting efforts have negatively affected resident retention," the research firm said. Zacks added, however, that fallout from the turmoil in the subprime market "could help ARC and the entire manufactured housing industry in the next year." Zacks can be found online at http://www.zacks.com.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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The San Diego company was back in the black with a net income of $28.5 million in the first quarter of 2024, up from a net loss of $93 million the previous quarter.
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The agreements at the heart of the hearing did not cover the one reached with the National Association of Realtors or those people that only bought homes.
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Feds say Chicago businessman Mark Steven Diamond defrauded at least 80 victims and caused at least $6 million in losses.
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Fannie Mae's tool, used by originators to determine income levels for self-employed borrowers, aims to help them avoid potential underwriting errors, the government-sponsored enterprise said.
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