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FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.
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-- now with some more business headlines for -- -- Hey tunnels and shares of Pep Boys are down more than 20% in the premarket after the auto parts retailer agreed to cancel -- takeover deal with private equity firm gores group.
Pep Boys will get fifty million dollars in termination fees and we'll also be reimbursed.
For some merger related expenses after years of trying to sell itself the company struck a deal with gores group in January for about 791.
Million dollars in cash.
But earlier this month the gores group sought a delay in the by -- after Pep Boys reported had barely made a profit.
In the latest quarter so Pep Boys did call off that deal meanwhile the number of mortgage applications filed in the US last week slipped one point 3%.
From the prior week according to the Mortgage Bankers Association.
The job comes after the average rate on a thirty year fixed rate mortgage rate fell to three point 91%.
The lowest rate in the survey's history.
Refinancing activity fell one point 5% from the previous week.
Many homeowners have taken advantage of low mortgage rates to refinance their loans but tougher lending requirement still keep many prospective homeowners from taking -- new debt tunnel.
I had time and Diana say though there.
