The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
Any loans to Iran or engagement by the international community is "appeasement," the minister claimed.World Politicsread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
Invitation Homes, the largest U.S. home rental company, raised $1.54 billion in an initial public offering on Tuesday, the company said, setting the stage for a pick-up in IPO activity in 2017.
The stock market debut is the largest by a U.S real estate investment trust (REIT) since Paramount Group raised $2.29 billion in 2014 and represents a big win for its private equity owner Blackstone Group and Jonathan Gray, who runs the firm's real-estate business.
The New York-based buyout firm founded Invitation Homes in 2012, about five years after the housing market began crashing and it started buying foreclosed homes in bulk. It has spent about $10 billion on the 48,000-home portfolio, representing one of Blackstone's biggest bets.
Invitation Homes priced 77 million shares at $20 on Tuesday, within its previously indicated range of $18 and $21.
REITS such as Invitation Homes became popular after the recession, as investors sought to benefit from low mortgage rates and property values.
Housing prices have since rebounded significantly and late last year stood at their highest levels since 2007, according to the S&P CoreLogic Case-Shiller composite index of 20 metropolitan areas. They remain about 7 percent below their peak.
Invitation Homes' houses are predominantly located in western and southeastern U.S. states. Nearly 15 percent of its homes are in South Florida, while 12.4 percent are in Southern California.
Only 66 REITS have gone public since 2007, with the greatest number occuring in 2013 with 16 REITs. That number fell sharply thereafter, with three in 2014 and six in 2016. Last year, there were two REIT IPOs, raising a total of $1.5 billion, according to Thomson Reuters data.
Invitation's two closest rivals, American 4 Rent and Colony Starwood have seen their shares rise by around a third and nearly 40 percent respectively since the end of 2015.
Tuesday's IPO was the biggest so far this year, which has seen $2.3 billion raised from seven offerings. That amount is up a staggering 2,700 percent from the $81 million raised on only one offering in January last year.
Invitation Homes will begin trading Wednesday on the New York Stock Exchange (NYSE) under the ticker "INVH."
Deutsche Bank Securities and J.P. Morgan Chase are leading underwriters for the IPO.