Quicken Loans' parent Rocket Companies shows $3.4B profit in first earnings report
Detroit-based Rocket Companies, the new publicly traded firm that includes Dan Gilbert’s Quicken Loans, announced a massive profit Wednesday in its first earnings report since its IPO last month.Rocket reported net income of $3.4 billion in the second quarter that ended June 30, compared to a net loss of $54 million during the same three-month period last year.The company also did a record $72.3 billion in closed loans, which was 126% more than the same period in 2019.Rocket closed Wednesday at $31.30, up about 2%.“Record low interest rates are driving demand for home loans,” Rocket Companies ...
Detroit Free Press
Vanguard, other financial websites go down Monday, as Apple shares split
Vanguard and multiple Wall Street brokerage firms reported online outages and technical problems on Monday after both Apple and Tesla split their stocks.“Earlier today, Vanguard experienced intermittent connectivity issues impacting our websites, mobile apps, and phones,” said spokeswoman Dana Grosser. “The issue has been resolved and we encourage clients to clear their internet cache and cookies, and recycle their web browser, before logging back on to our system. We apologize for the inconvenience and thank clients for their patience.”Also, she said, “we have no reason to believe the issue w...
The Philadelphia Inquirer
Rocket Companies' IPO raises $1.8 billion, launches trading on Wall Street
Detroit billionaire Dan Gilbert celebrated his $1.8 billion Rocket Companies IPO Thursday by talking up the possibility of acquiring more financial-technology companies down the road.“We want to use our stock as currency and potentially acquire more fin-tech organizations and put them in the vault,” Gilbert said on CNBC. “We’re excited about it.”Rocket stock began trading on the New York Stock Exchange Thursday around 11 a.m. opening at the IPO price of $18 a share. The stock was gaining ground and trading around $18.65 a share shortly after 11:30 a.m. In early trading, the stock swung from a ...
Detroit Free Press
Rocket Companies IPO could be priced a billion less than estimates
DETROIT — The IPO for Rocket Companies, the parent of Detroit-based Quicken Loans, appeared Wednesday to lose some power before liftoff, according to IPO experts.The stock is expected to begin trading on the New York Stock Exchange Thursday morning. But experts say some reports indicate the deal involving the initial public offering, expected to be priced later Wednesday, could bring about a billion dollars less to the table for the mortgage giant than first forecast.Rocket is now seeking to raise $2 billion in an initial public offering, down from an estimated $3.3 billion, according to a Blo...
Detroit Free Press
GoHealth raises $914 million through IPO and plans to expand its Medicare offerings
CHICAGO — GoHealth, an online health insurance marketplace, raised $914 million through an initial public offering Tuesday, but shares of the Chicago-based company fell 7.3% on Wednesday’s first day of trading.The company will use the funds raised through the IPO to expand, said Brandon Cruz, co-founder and chief strategy officer.The company’s IPO of 4.6 million shares was priced at $21 a share, higher than the expected range of $18 to $20 a share. Shares closed at $19.46 a share Wednesday. GoHealth is trading under the ticker GOCO.Founded in 2001, GoHealth uses data to identify potential cust...
Quicken Loans files paperwork for IPO under name Rocket Companies
DETROIT — Quicken Loans, the nation’s largest mortgage lender, has filed paperwork with the U.S. Securities and Exchange Commission to move forward with taking the company public under the name Rocket Companies.Although the Detroit-based company has not yet announced the number or price of shares that would be offered on the New York Stock Exchange, experts have speculated an initial public offering by Quicken could raise tens of billions of dollars. No date was given for the proposed IPO.Under the proposal made public Tuesday, Quicken founder Dan Gilbert would retain a controlling stake in Ro...
The Detroit News
Wells Fargo expects dividend cut as coronavirus roils financial system
Wells Fargo expects it will shrink its dividend when it announces second-quarter earnings in July, the San Francisco-based bank said Monday.It will be the bank’s first dividend cut since the financial crisis.The move came after the Federal Reserve released the results of its annual stress tests of the country’s largest banks Thursday, in which it barred them from buying back their own stock or increasing dividend payouts to shareholders in the third quarter.Despite the restrictions, the regulator said that banks were generally still well-capitalized during the economic downturn caused by the c...
The Charlotte Observer