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(Photo by M. Anthony Nesmith/Icon Sportswire via Getty Images)WASHINGTON — The Supreme Court on Friday allowed West Point to continue to consider race in its admissions process for now, rebuffing a request made by a conservative group. The group says that its membership includes two "full qualified, but white" West Point applicants. In asking the Supreme Court to immediately intervene, the challengers said that West Point's program is inconsistent with the Supreme Court's ruling last year. West Point has been considering applications since August and has already made hundreds of offers, Prelogar said. Lower courts declined to immediately prevent West Point considering race while the litigation proceeds.
Persons: Anthony Nesmith, WASHINGTON —, Elizabeth Prelogar, Prelogar Organizations: Army, 124th Army, Navy, Gillette, Getty Images, WASHINGTON, Fair, Harvard, University of North, U.S . Army, Naval Academy, Air Force Academy Locations: Foxborough, University of North Carolina, New York, Maryland, Colorado, West
Dan Loeb's Third Point hedge fund took profits on a handful of chip stocks in the third quarter, instead buying into other, marquee technology names, regulatory fillings show. While contending with these challenges in the third quarter, the billionaire fund manager sold of his holdings in the three chip stocks. Those gains have come amid the artificial intelligence boom that has driven up chip makers and other stocks tied to the technology. In the same vein, Loeb raised the size of his Microsoft stake by 46% in the third quarter. In addition to the chip makers, Leob also sold out his entire stakes in HCA Healthcare and Black Knight , among others.
Persons: Dan Loeb's, Loeb, Warburg Pincus, Leob, Black Knight Organizations: Devices, Micron Technology, Nvidia, Securities and Exchange, VanEck Semiconductor, Nasdaq, Meta, Microsoft, Xbox, Intercontinental Exchange, Jacobs Solutions, Warburg, Jefferies, Citigroup, Taiwan Semiconductor, DuPont de Nemours, Healthcare, Black Locations: New York, Meta, California
Einhorn's hedge fund returned 12.9% in the third quarter, bringing its 2023 gains to 27.7%. "The complacent investor view that geopolitics should be ignored might be true, except for the times when it isn't. "Higher oil prices would squeeze the consumer and likely cause a recession. His stellar track record made him one of the most followed hedge fund managers on Wall Street. Einhorn said his biggest winners in the third quarter were Consol Energy , Capri Holdings and Black Knight.
Persons: Greenlight Capital's David Einhorn, Einhorn, Russia's, he's, Black Knight Organizations: CNBC, Federal Reserve, West, Cornell grad, Greenlight Capital, Wall, Consol Energy, Capri Holdings, Black Locations: Ukraine, U.S, West Texas
The people spoke to the AP on condition of anonymity because a formal announcement was still in the works. AAC Commissioner Mike Aresco was planning to attend a news conference at West Point, New York, with school officials later Wednesday. Army will replace SMU, which is moving to the Atlantic Coast Conference, to keep the American a 14-team football league. Army mostly competes in the Patriot League, but it has been an independent in football for most of the program's existence. The Black Knights competed in Conference USA from 1998-2004 and never won more than three football games in a season.
Persons: Mike Aresco, Ralph D, Russo Organizations: American Athletic Conference, Army, Associated Press, Wednesday, SMU, Atlantic Coast Conference, league, Navy, Patriot League, Black Knights, USA, AP Locations: West Point , New York
Why the housing market is going from tough to terrible
  + stars: | 2023-10-20 | by ( Anna Bahney | ) edition.cnn.com   time to read: +4 min
The current housing market offers a crushing affordability picture for would-be-homebuyers and is keeping many out of the market. The monthly payment on an average-priced home now requires 40% of the median household income, making housing the least affordable it’s been since 1984, according to ICE. “Longer term Treasury yields — which mortgage rates tend to follow — depend on expected economic growth and inflation expectations,” said Orphe Divounguy, senior economist at Zillow. The median household income was $74,580 in 2022, according to the US Census Bureau. “Good news in the economy causes rates to stay higher for longer — but the longer rates are higher, the more likely something in the market goes ‘boom.’”
Persons: Freddie Mac, , Andy Walden, ” Walden, Orphe Divounguy, Nicole Bachaud, Bachaud, John Toohig, Raymond James, ” Toohig, Organizations: DC CNN —, ICE Mortgage Technology, Black, ICE, , Zillow, Census Bureau Locations: Washington
The median price for existing homes — which include single-family homes, townhomes, condominiums and co-ops — was $394,300 last month. That was up 2.8% from a year ago and marked the third consecutive month of year-over-year price increases, setting a record high price for homes in September. Low inventory and high prices contributed to sales of existing homes dropping 2% from August to September to a seasonally adjusted annual rate of 3.96 million units, just above analysts’ expectations. More than 90% of homeowners with a mortgage have rates at 6% or lower, according to ICE Mortgage Technology, which recently acquired mortgage data provider Black Knight. Part of this, of course, is because buyers with the means are working to avoid high mortgage rates by purchasing in cash.
Persons: , ” Lawrence Yun, , Yun Organizations: DC CNN —, National Association of Realtors, NAR, Federal, , ICE Mortgage Technology, Black, Homeowners Locations: Washington, Northeast, Midwest, South, homeownership
However, there are some key differences between the mechanics of credit cards and Helocs. Still, Helocs have far lower rates than credit cards, even for borrowers with strong credit scores. If interest rates climbed to 7% a year later, your payment would rise to $58 a month until the end of the draw period—unless interest rates move again or you draw more from the line. (Secured credit cards are an option for people with limited credit history; they require a cash down payment.) Consolidating credit card debt is another common use, since rates on credit cards can be as much as double what they are on home-equity loans.
Persons: Tanza Loudenback, Aly J, Helocs, you’ve, Robert Heck, won’t, Knight, Freddie Mac, You’re, Scott Fligel, , Eric Alexander, Heck, , ” Heck, Alexander Organizations: Yale, Federal, Federal Reserve, Northwestern Mutual, Income Locations: homeownership, Morty, Charlotte, N.C, Dallas
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInterest rates are putting home demand and supply in a gridlock, says Black Knight's Andy WaldenAndy Walden, Black Knight VP of enterprise research strategy, and CNBC's Diana Olick join 'The Exchange' to discuss higher rates crushing affordability for potential home buyers, the path to normalization in the housing market, and the lack of inventory leading to higher prices.
Persons: Black, Andy Walden Andy Walden, Diana Olick
Washington, DC CNN —Mortgage applications rose last week, even as mortgage rates remain stubbornly high, an indication that at least some buyers are determined to move forward with a home purchase in one of the most challenging markets in decades. “Mortgage applications increased last week, despite the 30-year fixed-rate edging back up,” said Joel Kan, MBA’s vice president and deputy chief economist. The increase in total mortgage applications was driven higher by a surprise increase in applications to refinance a mortgage. Refinance applications climbed 13% from the previous week, but were still almost 30% below the same week one year ago. The MBA noted that this week’s data is compared to the prior week’s data, which included an adjustment for the Labor Day holiday.
Persons: , Joel Kan, Jerome Powell, Kan, homebuyers, Black Knight Organizations: DC CNN —, Mortgage, Association, , Labor Locations: Washington, Black
Home prices may be on the verge of cooling off
  + stars: | 2023-09-01 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com   time to read: +2 min
The latest read on home prices shows they hit another all-time high in July, rising 2.3% from the same month last year, according to Black Knight. But prices weakened month to month, according to Black Knight. Behind the cooling off: mortgage rates. The jump in home prices since the start of the Covid pandemic, combined with much higher mortgage rates has crushed affordability. It now takes roughly 38% of the median household income to make the monthly payment on the median-priced home purchase, according to Black Knight.
Persons: Knight, That's, Andy Walden, Danielle Hale Organizations: Black, Realtor.com
Missouri and Texas A&M were the first teams to join the SEC in 20 years. Financial benefits and concerns about conference stability lured Boston College to become the A.C.C.’s 12th member in 2005. Penn State, one of the last major programs to remain independent, became the Big Ten’s 11th member in 1993, setting off a wave of realignment across college football. The Missouri Valley Conference stopped sponsoring football after the 1985 season. Arkansas departed for the SEC in 1991, signaling the beginning of the end for the Southwest Conference, long associated with N.C.A.A.
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Trojans UAB Blazers UCF Knights UTEP Miners UTSA Roadrunners Utah Utes Utah State Aggies Vanderbilt Commodores Virginia Cavaliers Virginia Military, Keydets Virginia Tech, Deacons Washington Huskies Washington State Cougars West Texas State Buffaloes West Virginia Mountaineers Western, Western Michigan Broncos Wichita State, Mary Tribe Wisconsin Badgers Wyoming Cowboys Yale Bulldogs, Big, Notre Dame, SEC, Boston College, Boise State, WAC, ESPN, Penn State, The Ivy League, The Southern Conference, AA, Arizona State, Missouri Valley Conference, Arkansas, Southwest Conference Locations: Santa, Santa Barbara Gauchos Central Michigan, Santa Barbara Gauchos Central Michigan Chippewas Charlotte 49ers Chattanooga Mocs Cincinnati Bearcats Clemson Tigers Coastal Carolina, Golden Panthers Florida State Seminoles Fresno State Bulldogs Furman Paladins George Washington Colonials Georgia Bulldogs Georgia Southern Eagles Georgia State Panthers Georgia Tech Yellow Jackets Harvard Crimson Hawaii Rainbow Warriors Houston Cougars Idaho Vandals Illinois Fighting Illini Illinois State Redbirds Indiana Hoosiers Indiana State Sycamores Iowa Hawkeyes Iowa State Cyclones Jacksonville State Gamecocks James Madison Dukes Kansas Jayhawks Kansas State Wildcats Kent State Golden Flashes Kentucky Wildcats LSU Fighting Tigers Liberty Flames Long Beach, Michigan Wolverines Michigan State Spartans Middle Tennessee State Blue Raiders Minnesota Golden Gophers Mississippi State Bulldogs Missouri Tigers Navy Midshipmen Nebraska Cornhuskers Nevada Wolf Pack Nevada, Green Northern Illinois Huskies Northwestern Wildcats Notre Dame Fighting Irish Ohio Bobcats Ohio State Buckeyes Oklahoma Sooners Oklahoma State Cowboys Old Dominion Monarchs Ole Miss Rebels Oregon Ducks Oregon State Beavers Pacific Tigers Penn State Nittany Lions Pennsylvania Quakers Pitt Panthers Princeton Tigers Purdue Boilermakers Rice Owls Richmond Spiders Rutgers Scarlet Knights SMU Mustangs Sam Houston State Bearkats San Diego State Aztecs San Jose State Spartans South Alabama Jaguars South Carolina Gamecocks South Florida Bulls Southern Illinois Salukis Southern, Deacons Washington Huskies Washington State Cougars West Texas State Buffaloes West Virginia Mountaineers Western Carolina, Western Kentucky, Notre, . Missouri, Texas, Arizona
Home prices may be turning lower
  + stars: | 2023-09-01 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHome prices may be turning lowerAndy Walden, vice president of enterprise research at Black Knight, and CNBC's Diana Olick join 'The Exchange' to discuss why home prices may be on the verge of cooling off, the state of the housing market, and more.
Persons: Andy Walden, Black Knight, Diana Olick Organizations: Black
[1/2] A screen displays the logo for Black Knight on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2022. REUTERS/Brendan McDermid Acquire Licensing RightsAug 31 (Reuters) - The U.S. Federal Trade Commission (FTC) on Thursday said it had secured a settlement resolving antitrust concerns over NYSE-owner Intercontinental Exchange's (ICE.N) proposed purchase of data vendor Black Knight (BKI.N). The proposed settlement ensures Black Knight's divestiture of Empower and Optimal Blue, two businesses that provide services in the mortgage origination process, the FTC said. Black Knight said in mid-July it would sell its Optimal Blue business for $700 million. Optimal Blue provides data and technology to price and trade mortgages.
Persons: Knight, Brendan McDermid, Henry Liu, Joe Biden, Jasper Ward, David Ljunggren, Cynthia Osterman, Bill Berkrot Organizations: New York Stock Exchange, REUTERS, U.S . Federal Trade Commission, NYSE, Intercontinental, FTC, Competition, Constellation Software, Constellation Web Solutions, ICE, Thomson Locations: New York City, U.S, FTC's
New York CNN —Central bank officials from across the world have descended upon Jackson Hole, Wyoming this week to discuss policy decisions that will shape the economy for years to come. That’s because Jackson Hole is the most economically unequal place in the United States, according to the Economic Policy Institute. What’s happening: The snow kissed peaks and verdant valleys of Jackson Hole, Wyoming — where Federal Reserve Chair Jerome Powell is due to give a highly anticipated speech on Friday — aren’t just awe-inspiring. Among the top 1% in Teton County (where Jackson Hole is located), the average annual income is a jaw-dropping $22.5 million. The extreme wealth disparity in Jackson Hole is a perfect example of that dichotomy.
Persons: Jackson, Jerome Powell, aren’t, They’re, , Kenan Fikri, , they’re, Powell, ” Jackson, That’s, Allison Morrow, Krystal Hur, it’s, Anna Bahney, Black Knight, Knight, Andy Walden Organizations: CNN Business, Bell, New York CNN, Economic, Institute, Census Bureau, Economic Innovation, Nvidia, Revenue, Wall, Federal Reserve, Black Locations: New York, Jackson Hole , Wyoming, United States, Teton County, Wyoming, Jackson, Teton, Santa Clara , California
Home affordability is the worst it has been since 1984
  + stars: | 2023-08-24 | by ( Anna Bahney | ) edition.cnn.com   time to read: +5 min
Washington, DC CNN —Buying a house requires a much bigger slice of people’s income now — making this the most unaffordable housing market since 1984, by one measure. The number of cost-burdened renters increased by 1.2 million, to a record 21.6 million households, between 2019 and 2021. In all, 40.6 million households were housing-cost burdened in 2021, including 20.3 million who were severely burdened. Affordability picture remains grim this yearHopeful house hunters continued to face challenging affordability conditions in July as rising mortgage rates and historically low housing inventory pushed prices higher, said Edward Seiler, the Mortgage Bankers Association’s associate vice president for housing economics. “Unfortunately, given today’s lack of inventory and affordability levels, it may take years before home affordability returns to more ‘normal’ levels,” he said.
Persons: Black Knight, Knight, , , Andy Walden, Edward Seiler, Seiler, Joel Kan, Walden, ” It’s Organizations: DC CNN, Federal Reserve, Black, Joint Center for Housing Studies of Harvard University, Mortgage, Moody’s Investors Service Locations: Washington
Merger arbitrage investors have been struggling this year. Play the gap Merger arbitrage can be a tricky strategy for regular investors to incorporate. Investors can buy into the following funds for exposure to merger arbitrage: The Arbitrage Fund (ARBNX) The Merger Fund (MERIX) The NexPoint Merger Arbitrage fund (HMEAX) The First Trust Merger Arbitrage ETF (MARB) The IQ Merger Arbitrage ETF (MNA) To be sure, many of these funds charge a hefty fee. Kroger and Albertsons , the two largest biggest grocers by revenue, just notched a regulatory win after a judge dismissed a consumer lawsuit challenging the $25 billion merger. Tower Semiconductor is trading for around $34 a share such that the arbitrage spread stands at more than 50%.
Persons: Activision Blizzard, Andrew Beer, Dealmaking, John Orrico, Salvatore Bruno, VMware's, Black Knight, it's Organizations: Federal Trade Commission, Activision, FTC, Microsoft, Hedge Fund Research, Beta Investments, Global, Horizon Therapeutics, Activision Blizzard, Broadcom, VMware, Intercontinental Exchange, Black, CNBC, Kroger, Albertsons, Intel, Semiconductor Locations: Island, Water Island, British, Israel
The worst of the housing affordability crisis has already passed, Morgan Stanley said. Mortgage rates are expected to see a small decline while the inventory shortage improves only slightly. "Affordability remains very challenged. "Supply remains incredibly tight, but it's not getting tighter." Mortgage rates are expected to decline through the end of the year as interest rate volatility in the economy winds down.
Persons: Morgan Stanley, it's, Jim Egan, Morgan Stanley's, Egan, Price Organizations: Service, Mortgage Bankers Association, Black, National Association of Realtors Locations: Wall, Silicon
Home prices hit a new-all-time high across the US in June as the shortage in inventory drags on. Prices reached fresh peaks in 30 out of 50 housing markets tracked by Black Knight, the firm said in a new report. Meanwhile, the housing market is short around 3.8 million units, per an estimate from Freddie Mac. Across all markets, prices grew 0.8% year-per-year in June, surging from just a 0.2% increase reported in May. The average 30-year fixed mortgage rate inched higher to 6.9% the last week, according to Freddie Mac.
Persons: Black Knight, Freddie Mac, We've, Andy Walden, That's Organizations: Service, Knight Locations: Wall, Silicon
Americans don't feel good about the prospect of buying a house right now. 82% think it's a "bad time to buy" a new home, according to a Fannie Mae survey. Affordability has plunged due to soaring mortgage rates and low inventory levels. And just 64% of the people surveyed by Fannie Mae believe it's a good time to sell a house. "Unsurprisingly, consumers continue to attribute the challenging conditions to high home prices and unfavorable mortgage rates," he added.
Persons: Fannie Mae, Fannie, Black Knight, Freddie Mac, Fannie Mae's, Doug Duncan Organizations: Service, Housing Survey, Federal Locations: Wall, Silicon, Fannie Mae's, Black
A screen displays the logo for Black Knight on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2022. On Monday, New York Stock Exchange-owner ICE and mortgage data vendor Black Knight said the joint agreement will allow them to continue working toward a final settlement agreement with the FTC. Shares of Black Knight rose 4.7% to $74.89 in premarket trading. The agreement clears a major regulatory hurdle for ICE and Black Knight, which had been struggling to get a green light from regulators. Black Knight agreed to shed two of its units to ease the FTC's concerns but had said it was willing to go to court to save the deal if necessary.
Persons: Knight, Brendan McDermid, Black Knight, Ellie Mae, Niket, Nivedita Organizations: New York Stock Exchange, REUTERS, U.S . Federal Trade Commission, Intercontinental Exchange's, Black, ICE, Thomson Locations: New York City, U.S, Bengaluru
Black Knight: Housing affordability hits 38-year low
  + stars: | 2023-08-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlack Knight: Housing affordability hits 38-year lowAndy Walden, Black Knight VP of enterprise research strategy, joins 'The Exchange' to discuss affordability in the housing market, expectations for downward pressure on rentals, and why supply is driving the hottest U.S. home markets.
Persons: Andy Walden, Black Organizations: U.S
ICE cuts tortuous path through frosty trustbusters
  + stars: | 2023-08-07 | by ( Jonathan Guilford | ) www.reuters.com   time to read: +4 min
A screen displays the logo for Black Knight on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2022. The U.S. Federal Trade Commission agreed on Monday to drop a lawsuit against Intercontinental Exchange’s (ICE.N) $11.7 billion acquisition of mortgage technology provider Black Knight (BKI.N). ICE, as the New York Stock Exchange operator is known, said in May 2022 that it would snap up Black Knight for $13.1 billion. ICE’s Encompass processes nearly half of originations in the United States, with Black Knight’s Empower in second place, according to the FTC. ICE originally said on May 4, 2022, that it had agreed to buy Black Knight for $13.1 billion.
Persons: Knight, Brendan McDermid, Black, Lina Khan, Khan, litigate, Black Knight, Jeffrey Goldfarb, Oliver Taslic Organizations: New York Stock Exchange, REUTERS, Reuters, U.S . Federal Trade Commission, Intercontinental, Black, FTC, ICE, UnitedHealth, Change Healthcare, Exchange, Constellation Software, Thomson Locations: New York City, U.S, United States
Economic releases : The Labor Department releases its monthly consumer price index and producer price index on Thursday and Friday, respectively. For that reason, we'd be content if the July figure doesn't indicate a resurgence of rising wholesale costs, which is a concern given a recent uptick in energy prices. On Tuesday before the opening bell, Club holding Eli Lilly (LLY) reports. Finally, Club names Walt Disney (DIS) and Wynn Resorts (WYNN) will report on Wednesday after the closing bell. In preparation for these releases, be sure to check out our first-quarter earnings report card .
Persons: we'll, Knight, Eli Lilly, We'll, donanemab, Walt Disney, We're, Tyson, Henry Schein, Li Auto, Armour, WEN, Ralph Lauren, Price, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, Labor Department, Reserve, Manufacturing, ADP, Fitch, AAA, U.S ., PPI, Coterra Energy, Walt, Wynn Resorts, Disney, Tyson Foods, TSN, KKR, Energy, Paramount, UPS, Barrick, Duke Energy, Restaurant Brands, Warner Music, Fox Corp, NRG Energy, AMC, Bros, Endeavor, IAC, Sony, SONY, Brookfield Asset Management, WYNN, Trade, Novo Nordisk, US Foods, News Corp, Air Canada, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Getty Locations: United States, Mounjaro, Hollywood, Las Vegas, Boston, Macao, PENN, Valvoline, VVV, Credicorp, New York City
Home prices are on a tear again across much of the nation after falling for much of last year. Home prices in June hit record highs in 60% of U.S. markets, according to a new report from Black Knight, set to be released Monday. Higher mortgage rates have been a huge deterrent for current homeowners to list their homes for sale because they don't want to trade up to these higher rates on another purchase. Prospective homebuyers today are looking at paying more than 36% of their income on that payment thanks to higher home prices and higher rates. The average rate on the popular 30-year fixed mortgage hit 7.2% on Thursday, according to Mortgage News Daily.
Persons: Black Knight, Andy Walden, Black, Walden Organizations: Mortgage News Locations: U.S, Black
According to U.S. News and World Report, Hickory, North Carolina is the cheapest place to live in the U.S. This month, U.S. News and World Report released its ranking of the cities with the lowest cost of living, based on the median gross rent and annual housing costs for mortgage-paying homeowners. The average Hickory home value is $276,748, up 5.3% over the past year, according to Zillow's Home Value Index. Youngstown, Ohio is the second cheapest place to live in the U.S., according to U.S. News and World Report. Since 2010, new businesses have been popping up in its downtown, according to U.S. News and World Report.
Persons: it's, IN, TN Organizations: U.S . News, Black, U.S . Census Bureau, FBI, U.S . Department of Labor, Hickory, Hickory Furniture Mart, Huntsville, AL Fort Wayne, IL, . Census, Tri - State, Istock, Getty Locations: U.S, Hickory , North Carolina, Hickory , NC Hickory , North Carolina, Catawba County, Charlotte, Asheville, Hickory, North Carolina, Youngstown , Ohio, Hickory , NC Youngstown, Huntington, WV, Ashland , KY, IN Beaumont , TX Peoria, IL Green, , WI, IL Knoxville, Pittsburgh, Cleveland, Youngstown, Ashland , West Virginia , Kentucky, Ohio
Total: 25