Ex-UT star Young partnering in real estate firm
Vince Young, an NFL veteran and former University of Texas football star, has opened a residential real estate brokerage focused on Central Texas.
Young is starting Vince Young Realty Partners along with Chad Mize, a real estate agent and co-founder of local startup Network Systems Resale, and Rick Orr, a real estate agent and founder of RealSavvy, a home-search platform, and TabbedOut, a mobile application to pay restaurant and bar bills with a smart phone.
Young will be involved in the realty firm’s business development, expansion strategy and charitable ventures. Mize will oversee most of the day-to-day operations and growth strategy.
Vince Young Realty Partners is developing a charity program in partnership with the Vince Young Foundation that will enable its clients to give back to underserved communities in Central Texas. Details will be announced later this year, Young said.
Losses for drugmakers, hospitals pull stocks lower
NEW YORK — U.S. stocks declined for the third time in four days on Tuesday as health care companies took center stage.
Drugmakers fell after President Donald Trump said he wants to bring drug prices down. Insurers rose and hospital companies dropped after Republicans in Congress introduced a bill intended to replace the 2010 Affordable Care Act.
Pharmaceutical and biotechnology companies fell after Trump said in a morning tweet that he intends to bring down drug prices. The health care proposal gave big health insurers a boost, but hurt companies that do a lot of business with Medicaid.
Elsewhere, energy companies continued to slip and technology companies made smallish gains. Stocks hadn’t fallen for two consecutive days since the end of January, and set their latest record highs last Wednesday.
The Standard & Poor’s 500 index lost 6.92 points, or 0.3 percent, to 2,368.39. The Dow Jones industrial average lost 29.58 points, or 0.1 percent, to 20,924.76. The Nasdaq composite sagged 15.25 points, or 0.3 percent, to 5,833.93. Two stocks fell for every one that rose on the New York Stock Exchange.
U.S. credit card debt shrinks in January
WASHINGTON — Consumers pulled back on credit card debt in January, leading to the smallest increase in consumer borrowing in more than four years.
Total borrowing rose $8.8 billion in January compared to an increase of $14.8 billion in December, the Federal Reserve reported Tuesday. It was the smallest monthly gain since borrowing only went up $7.6 billion in July 2012.
The slowdown reflected a big reduction in the category that covers credit card debt, which fell $3.8 billion in January. It marked the first time credit card debt has declined since February 2016 and was the biggest reduction since October 2010.
Consumer borrowing is closely watched for signs of consumers’ willingness to take on more debt to support their spending. Consumer spending accounts for 70 percent of economic activity.
Borrowing for auto loans and student loans rose $12.6 billion in January, slightly more than in December.
Dick’s Sporting Goods’ profits dip in 4th quarter
PITTSBURGH — Dick’s Sporting Goods posted earnings of $90.2 million, or 81 cents per share, in the important holiday quarter, down from $129 million, or $1.13 per share, in the same period last year.
During the fourth quarter, the retailer incurred pre-tax charges totaling $93 million, which included a $46 million to write-down the value of its inventory that does not fit within the company’s new merchandising strategy, and $47 million related to its acquisitions of The Sports Authority and Golfsmith stores.
Net sales for the fourth quarter rose 10.9 percent to about $2.5 billion. Consolidated same store sales, or sales at stores open at least a year, increased 5 percent.
For the full year, Dick’s reported earnings of $287.4 million, or $2.56 per share, down from the prior year, when the company posted earnings of $330.4 million, or $2.83 per share.