Apple Commits $2.5 Bln Towards Affordable Housing In California

Tech giant Apple Inc. (AAPL) Monday announced a huge $2.5 billion plan to help the housing availability and affordability crisis in California.

“Before the world knew the name Silicon Valley, and long before we carried technology in our pockets, Apple called this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live, have a family and contribute to the community,” said Tim Cook, Apple’s CEO.

“Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution.”

According to reports, nearly 30,000 people left San Francisco between April and June of this year and homeownership in the Bay Area is at a seven-year low.

Apple said it will invest $1 billion in affordable housing investment fund. The housing fund will provide the state and others with an open line of credit to develop and build additional new, very low- to moderate-income housing faster and at a lower cost.

The company will also invest another $1 billion in a first-time homebuyer mortgage assistance fund, which will provide new homebuyers with financing and down payment assistance.

Apple will also make available a company-owned land worth $300 million for the development of new affordable housing.

S&P 500 extends November breakout, Dow industrials belatedly tag record highs

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U.S. stocks are higher early Monday, rising amid continued signs of China-U.S. trade progress.

Against this backdrop, the S&P 500 and Nasdaq Composite have extended November breakouts — rallies to record territory — while the Dow Jones Industrial Average is vying for its first record close since July.

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Maryland sheriff rips 'disgraceful and disrespectful' ban on 'thin blue line' flag

"I see the dedication of the job that men and women do in law enforcement every day by going out there and… sometimes putting their lives at risk," he said. "They're dedicated. They're committed… Mr. Elrich doesn’t like anything about America, I don’t believe.

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"I go back to the fact — he has no respect for what law enforcement does," Jenkins continued. "This thin blue line is the difference between a civilized society and total chaos. And he has no regard for that whatsoever."

Asian countries agree on trade deal terms

Fifteen nations conclude talks on Chinese-backed economic partnership during ASEAN summit in Bangkok.

Asian countries have concluded negotiations on what could become the world’s biggest trade deal.

Fifteen nations agreed on the terms of a Chinese-backed economic partnership during the ASEAN summit in Bangkok.

India was the only country that did not join, but it can still do so before the pact is signed next year.

Al Jazeera’s Scott Heidler reports from Bangkok.

Utility stocks fall after CFRA downgrades S&P 500 subsector

CFRA analyst Sam Stovall downgraded his view of the S&P 500 utilities subsector to underweight from market weight on Monday, after a run up over several months sparked by investor uncertainty and the hunt for yield. "The sector currently trades at a 37% premium to its average P/E on next-12-month (NTM) EPS estimates since 2000," Stovall wrote in a note to clients. "In addition, it currently trades at a 13% premium to the S&P 500’s NTM average P/E versus its normal 7% discount." The group also has a lower-than-average number of constituents with a favorable rating, he wrote, while technically, its relative strength has started to deteriorate versus the overall index. The subsector’s component stocks were mostly lower, with 25 decliners compared with 3 gainers. CMS Energy CMS, -2.74% led the decliners and was last down 2.4%, followed by NextEra Energy Inc. NEE, -2.04% down 2.0% and Xcel Energy Inc. XEL, -2.05% down 2.0%. NRG Energy NRG, +0.00% was the biggest gainer, up 0.4%. The S&P 500 SPX, +0.46% was up 0.4%.

Insperity stock on track for biggest one-day decline in 17 years after profit miss

Shares of Insperity Inc. NSP, -31.95% tumbled 34% Monday, after the provider of human resources services posted weaker-than-expected profit for the third quarter amid a sharp rise in medical claims. Houston, Tx.-based Insperity said it had net income of $25.6 million, or 63 cents a share, in the quarter, down 28% from $35.7 million, or 86 cents a share, in the year-earlier period. Adjusted per-share earnings came to 75 cents, well below the $1.01 FactSet consensus. revenue rose 13% to $1.043 billion from $925 million, inching ahead of the $1.038 billion FactSet consensus. Revenue was boosted by a 12% increase in the average number of worksite employees, or WSEEs, paid per month. "While Q3 large medical claim activity in our plan was disappointing, our expectations for long-term trends in sales, pricing and direct costs remain solid," Chief Executive Paul J. Sarvadi said in a statement. The company said it now expects fourth-quarter adjusted EPS to range from 50 cents to 61 cents, below the 81 cent- FactSet consensus. The stock is on track for its biggest one-day percentage decline since Aug. of 2002, and has lost 21% in 2019, while the S&P 500 SPX, +0.47% has gained about 23%.