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Saturday, Jun 25, 2022
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Midday Report: loanDepot, Eledon Decline

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Indexes were up in midday trading before an expected announcement from the Federal Reserve about raising its benchmark interest rate.

The S&P 500 rose 0.9% to 3,770.69 while the Dow 30 climbed 0.5% to 30,592.92 and the Nasdaq was up 1.7% to 11,012.26.

Crude oil fell 25 to $116.59 a barrel.

Gold increased 0.3% to $1,820 an ounce.

The yield on a 10-year bond fell 2.1% to 3.41%.

MORTGAGES

Foothill Ranch-based loanDepot Inc. (NSYE: LDI) fell 6.8% to $1.87 and a $635 million market cap. Shares of the mortgage provider have dropped 86% in the past year as increasing interest rates have dampened demand.

BIOPHARMA

Eledon Pharmaceuticals Inc. (Nasdaq: ELDN) dropped 10% to $2.81 and a $39 million market cap. Shares of the researcher for an ALS cure are about 67% lower since their 52-week high in November. The  Business Journal will have an article in its June 20 print edition about the company.

 

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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