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Monday, Dec 5, 2022
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Midday Trading: Tri Pointe, First American Lead Decliners

Markets dropped sharply a day after the Fed’s biggest interest rate increase since 1994 and amid recession fears.

The S&P 500 declined 2.9% to 3,679.72 while the Dow 30 was off 2% to 30,049.79 and Nasdaq dropped 3.8% to 10,681.74.

Crude oil increased 1.4% to $116.91 a barrel.

Gold rose 1.85 to $1,852 an ounce.

The yield on a 10-year bond declined 1.97% to 3.328%.

REAL ESTATE

Irvine-based Tri Pointe Homes Inc. (NYSE: TPH) dropped 12% to $15.74 and a $1.6 billion market cap. Shares of the residential homebuilder are off 45% since their 52-week high in December. The analyst firm B. Riley today downgraded the shares from buy to neutral and reduced the target price from $26 to $20.

First American Financial Corp. (NYSE: FAF) fell 5.8% to $49.57 and a $5.3 billion market cap. Shares of the Santa Ana-based provider of title insurance have dropped almost 40% since their 52-week high in February.

 

 

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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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