Core Viewpoint - Fair Isaac Corp. announced it will license its credit scores directly to mortgage resellers, which has raised concerns about margin pressure for major credit bureaus like Experian, Equifax, and TransUnion [1][6][12] Company Impact - Fair Isaac's shares surged by 26% following the announcement, potentially erasing all losses for the year [3] - The direct licensing model is expected to eliminate the approximately 100% markup that credit bureaus currently charge for FICO scores, leading to increased competition and price transparency in the market [2][10] - Citigroup analysts indicated that this move would negatively impact the margins of Experian and Equifax, as they would lose the markup on FICO scores [6][13] Industry Dynamics - The Federal Housing Finance Agency (FHFA) has supported Fair Isaac's initiative, suggesting it could lead to more creative solutions for consumers [3][11] - The introduction of direct competition for FICO scores in the mortgage market may hinder Fair Isaac's ability to continue increasing prices [9] - Analysts predict that credit bureaus could see earnings decline by an average of 10% to 15% due to the new licensing model, as they will need to negotiate prices directly with lenders [12][13]

Berkshire Hathaway is buying Occidental Petroleum’s chemical division for $9.7 billion in what may be the last big acquisition involving the consummate dealmaker, Warren Buffett.Buffett wasn’t mentioned anywhere in materials released by Berkshire Hathaway discussing the deal Thursday, potentially signaling a passing of the torch to Vice Chair Greg Abel, to whom Buffett will hand the CEO title in January.Buffett will remain chairman at Berkshire and will still be involved in deciding how to spend the conglom ...

Tesla’s third-quarter deliveries trounced Wall Street estimates on Thursday, powered by an unusual sales boost from US EV buyers rushing to lock in popular tax credits before their expiration at the end of September.The Elon-Musk-led carmaker had frequently talked up the expiration, using it alongside discounts and financing deals to spur sales and leases of its EVs.However, worries over cooling sales in the upcoming quarters due to the withdrawal of the $7,500 federal tax credit weighed on the company’s sh ...

The race to succeed Disney CEO Bob Iger is now down to two final candidates, according to a report, which cited sources as saying that the growing consensus both within the House of Mouse and among industry observers points to the head of the theme parks division emerging on top.Josh D’Amaro, who currently holds the title of chairman of Disney Experiences, has been out front in recent months — attending movie premieres, speaking at investor conferences and holding court with company employees, Bloomberg New ...

Amazon announced Wednesday the launch of Amazon Grocery, a new private-label brand that merges popular items from Amazon Fresh and Happy Belly into one “grocery essentials” collection.The retail giant’s new brand features more than 1,000 grocery items, ranging from milk and olive oil to produce, meat and seafood, with most products priced under $5.The launch comes “during a time when consumers are particularly price-conscious,” according to Jason Buechel, vice president of Amazon Worldwide Grocery Stores an ...

BMW is recalling over 145,000 vehicles in the US as an overheated starter could increase the risk of a fire, the National Highway Traffic Safety Administration said Wednesday.The issue affects vehicles across 2020 340I, X7, and X5 models, the auto safety regulator said.The issue affects vehicles across 2020 340I, X7, and X5 models, the National Highway Traffic Safety Administration said. REUTERSBMW dealers will replace the engine starter, free of charge, NHTSA said in the notice. Earlier this week, NHTSA sa ...

Core Insights - Private payrolls in the US unexpectedly dropped by 32,000 in September, marking the largest decline in two and a half years, which is significantly below the expected addition of 50,000 jobs [1][2][4] - This decline follows a revised decrease of 3,000 jobs in August, down from an initial estimate of a 54,000 job increase [2][5] - The potential government shutdown may delay the release of key economic data, including the Bureau of Labor Statistics' nonfarm payrolls report, which is considered more comprehensive than the ADP report [5][6] Labor Market Trends - The September job losses were somewhat offset by a 33,000 increase in education and health services, attributed to the reopening of schools and ongoing strong hiring in healthcare [11] - The leisure and hospitality sector experienced a loss of 19,000 jobs as the vacation season ended, while other sectors such as professional and business services, trade, transportation, and utilities also saw declines [12][13] - Companies with fewer than 50 employees shed 40,000 jobs, contrasting with companies that employ 500 or more, which added 33,000 jobs [13] Economic Implications - The weaker-than-expected payroll data increases the likelihood of the Federal Reserve issuing another quarter-point interest rate cut at their upcoming meeting, following a previous cut in the prior month [7][10] - Despite a strong economic growth rate of 3.8% in the second quarter, concerns over the labor market persist, with the unemployment rate remaining at 4.3% [8][10] - Wage growth has slowed, with job changers seeing a 6.6% increase in pay, the lowest in a year, while those remaining in the same role experienced a 4.5% gain [15]

Zillow Group and Redfin were sued on Wednesday by five states for allegedly conspiring to thwart competition in online rental listings, including when Zillow paid Redfin $100 million to stop running apartment ads.Attorneys general of Virginia, Arizona, Connecticut, New York and Washington filed their antitrust lawsuit in the Alexandria, Virginia federal court. The Federal Trade Commission filed a similar lawsuit there on Tuesday.Both cases stemmed from a February agreement between Zillow and Redfin, which t ...

Tesla has raised lease prices for all its vehicles in the US after a $7,500 federal tax credit that helped boost electric vehicle sales expired, according to the company’s website on Wednesday.The change follows the end of tax incentives under sweeping legislation passed by Congress, which eliminated the $7,500 credit for new EV leases and purchases, as well as a $4,000 credit for used EVs, effective Sept. 30.Elon Musk’s Tesla and its rivals had been passing these credits on to customers through competitive ...

The S&P 500 and Nasdaq indexes fell at the start of Wednesday’s trading session as Wall Street pondered the long-term implications of a federal government shutdown and its impact on the US economy.The S&P shed 0.2% while the Nasdaq Composite lost 0.3%, falling more than 70 points just after the opening bell on Wednesday.The Dow Jones Industrial Average hovered near flat after an early 52-point decline. 3 The major stock indexes fell on Wall Street on Wednesday as investors digested the news of a federal g ...