Dan Gilbert’s Rocket shares rise 70% as newest Reddit target
A Rocket Companies sign is displayed on the exterior of the New York Stock Exchange, Thursday, Aug. 6, 2020, in New York. Shares of Rocket Companies, parent of Quicken Loans, began trading Thursday during the Detroit company's IPO at the NYSE. Quicken is the largest retail mortgage originator in the U.S. (AP Photo/Mark Lennihan)DETROIT – The stock price of Rocket Companies, parent company of Dan Gilbert’s Quicken Loans, shot up more than 70% over the last 24 hours after the company became the newest “meme” stock of Reddit. Rocket reported stronger-than-expected fourth-quarter earnings last Thursday, which impressed some Wall Street analysts. More: GameStop’s saga may be over; its effect on Wall Street isn’t
Michigan businesses rethink political donations after deadly riot at U.S. Capitol
If it’s money that talks in politics, then Michigan businesses are speaking loudly. On Thursday, the Detroit Regional Chamber of Commerce announced its political action committee (PAC) is reevaluating who it gives its money too. In 2020, the chamber gave more than $20,000 in donations to candidates on both sides of the aisle, including Rep. Lisa McClain, voted to object the election results in Pennsylvania and Arizona. All of the companies rethinking their donations don’t contribute on their own, rather through action committees or other subsidiaries, but it is their voice in politics. Other major Michigan companies like Lear, Whirlpool and Kellogg’s have not said whether they’ll be suspending donations or changing how they spend their political dollars, but pressure is on.
Families attend first night of drive-in theater in Downtown Detroit
DETROIT – A new attraction in Downtown Detroit from Bedrock and Emagine is providing families entertainment during the coronavirus pandemic. Several families pulled up to the Monroe Street Drive-In Powered by Emagine on Friday in the Campus Martius area. READ: Bedrock, Emagine partner for drive-in movies in Downtown DetroitEmagine Entertainment CEO Anthony Laverde said the movie of the night was the 1993 film Jurassic Park. The drive-in movie attracted the Brooks family to come down. READ: Pop-up drive-in theater coming to Downtown Detroit“We’ve been cooped up for so long.
17 finalists compete for $1 million in Detroit Demo Day
DETROIT – The fourth Rocket Mortgage Detroit Demo Day is doing something a little different this year to help small businesses thrive in the pandemic. The 17 finalists have been announced for Rocket Mortgage Detroit Demo Day. For the last 3 years, Rocket Mortgage Demo Day has awarded hundreds of thousands of dollars to local small businesses with big plans to expand and make a difference. “Rocket Mortgage Detroit Demo Day is an annual event where we showcase Detroit’s best and brightest entrepreneurs and give them the chance to compete for a million dollars,” said James Chapman. More information can be found on the official Rocket Mortgage Detroit Demo Day website here.
Report: Quicken Loans is planning to go public
DETROIT – America’s largest mortgage lender, Quicken Loans, is planning an IPO, according to reports. According to CNBC, billionaire Dan Gilbert’s company has filed paperwork that let it go public by next month. Quicken Loans is working with Morgan Stanley, Goldman Sachs, Credit Suisse and JPMorgan to manage the deal, CNBC reports. The value is expected to be in the tens of billions of dollars worth. Gilbert founded Quicken 35 years ago and eventually moved its headquarters to Downtown Detroit where he has built a real estate empire.
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears
Fears of the coronavirus hitting financial markets have pushed bond yields down, yields which mortgage rates general track. While most borrowers are doing straight refinances to lower rates, some are doing cash-out refinances. While mortgage rates now hover around record lows, they are seeing some pushback to go much lower. That is because lenders are so overwhelmed by the volume, they are simply too busy to lower rates. The spread between mortgage rates and the 10-year Treasury is therefore widening.cnbc.com