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Infrastructure, Jobs & Covid Relief

  • Infrastructure, Jobs & Covid Relief Infrastructure, Jobs & Covid Relief 10:52
    Stock Summer Swoon Coming? Stock Summer Swoon Coming? 9:15
2:45 a.m. Nov. 15, 2021 - By Tomi Kilgore
WeWork loss narrows but revenue falls in first quarterly report as a public companyShare of WeWork Inc. edged up 0.2% in premarket trading Monday, after the flexible workspace company reported its first quarterly report through a merger with a special purpose acquisition company (SPAC), with losses narrowing but revenue falling. The company reported a third-quarter net loss of $802.4 million, or $4.54 a share, after a loss of $941.3 million, or $5.51 a share, in the year-ago period. Revenue dropped 18.5% to $661.0 million. The were no analyst expectations compiled by FactSet. The company said its global real estate portfolio included 764 locations in 38 countries, supporting about 932,000 workstations and 546,000 physical memberships. "Q3 saw a continuation of the strong momentum seen in the second quarter of 2021," the company stated. The company said it had 84,000 new desk sales in the quarter, and had 25,000 preliminary new desk sales in October. The stock has tumbled 10.1% so far in November, while the S&P 500 has gained 1.7%.
1:50 a.m. Nov. 9, 2021 - By Ciara Linnane
DR Horton shares rise premarket as earnings beat offsets soft guidanceShares of homebuilder D.R. Horton Inc. rose 1.4% in premarket trade Tuesday, after it beat earnings estimates for its fiscal fourth quarter ended Sept. 30. The Arlington, Tx.-based company said it had net income of $1.339 billion, or $3.70 a share, for the quarter, up from $829.0 million, or $2.24 a share, in the year-earlier period. Revenue rose to $8.109 billion from $6.400 billion a year ago. The FactSet consensus was for EPS of $3.39 and revenue of $7.829 billion. Homebuilding revenue rose 24% to $7.6 billion from $6.2 billion in the same quarter of fiscal 2020. Homes closed in the quarter increased 8% to 21,937 homes. "Housing market conditions remain very robust, with homebuyer demand exceeding our current capacity to deliver homes across most of our markets," Chairman Donald R. Horton said in a statement. However, "we have continued to experience significant disruptions in our supply chain, including shortages and delivery delays in certain building materials along with tightness in the labor market," he said. The company has intentionally restricted its home sales pace by selling homes later in the construction cycle "to align with our production levels and better ensure the certainty of home close dates for our homebuyers." The company is now expecting fiscal 2022 revenue of $32.5 billion to $33.5 billion, compared with a current FactSet consensus of $40.3 billion. Shares have gained 34.5% in the year to date, while the S&P 500 has gained 25%.
3:00 a.m. Nov. 8, 2021 - Barrons.com
Infrastructure, Jobs & Covid ReliefAmid a litany of positive catalysts, U.S. markets continue trading at record levels. Anastasia Amoroso, chief investment strategist at iCapital, unpacks her bullish outlook for real estate, semiconductors and energy. Plus, Emil Michael, former chief business officer for Uber, discuss the future of electric vehicles and the ride-sharing economy.
2:57 a.m. Nov. 3, 2021 - By Steve Gelsi
Jones Lang LaSalle net income increases 80%Jones Lang LaSalle Inc. said Wednesday its third-quarter net income rose to $237.2 million, or $4.57 a share, from $131.9 million, or $2.52 a share, in the year-ago quarter. Adjusted earnings increased to $4.56 a share from $2.99 a share. Total revenue rose to $4.89 billion from $3.98 billion. Fee revenue increased to $2.07 billion from $1.42 billion. Analysts expected the company to earn $3.58 a share, according to a FactSet survey. Shares of JLL are up 73.9% this year, compared to an increase of 23.3% by the S&P 500.
1:15 a.m. Nov. 3, 2021 - By Tomi Kilgore
Lumber Liquidators stock set to fall after profit and sales fall below expectationsShares of Lumber Liquidators Holdings Inc. were indicated down more than 2% in premarket trading Wednesday, after the wood flooring retailer reported third-quarter profit and sales that missed expectations, citing an "increasingly challenging" supply chain and inflationary environment. Net income fell to $8.8 million, or 30 cents a share, from $15.5 million, or 53 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to 29 cents from 67 cents, missing the FactSet EPS consensus of 30 cents. Sales declined 4.6% to $282.2 million, below the FactSet consensus of $289.0 million. Cost of sales slipped 1.3%, lowering gross margin to 37.3% from 39.4%. Same-store sales fell 4.5%, while the range of two estimates from analysts surveyed by FactSet was down 2.0% to down 1.5%. "As anticipated, our sales to DIY customers were down versus last year, reflecting a shift in consumer spending to other product and service categories, as well as tough comparisons to the nesting spending that we saw in the third quarter of 2020," said Chief Executive Charles Tyson. Looking ahead, the company said it expects higher material and transportation costs to weigh on gross margins in the fourth quarter and into 2022, and will look to offset these higher costs through pricing and promotion strategies. The stock has slipped 3.2% over the past three months while the S&P 500 has gained 4.7%.
3:25 a.m. Oct. 15, 2021 - By Tomi Kilgore
Prologis stock jumps after earnings beat expectations, amid record increases in market rentsShares of Prologis Inc. rallied 1.7% toward a fifth straight gain Friday, after the real estate investment trust focused leasing logistics facilities reported third-quarter earnings that rose above expectations, and boosted its full-year outlook, amid record increases in market rents and valuations. Net income more than doubled to $722.0 million, or 97 cents a share, from $298.7 million, or 40 cents a share, in the year-ago period. Core funds from operations per share increased to $1.04 from 90 cents, beating the FactSet consensus of $1.03. Total revenue rose 9.3% to $1.18 billion, above the FactSet consensus of $1.04 billion. Average occupancy was 96.6%, up from 96.0% in the second quarter, and with 98.0% of property leased as of Sept. 30. Cash rent change was up 12.9%, with cash same-store net operating income grew 6.7%. For 2021, the company raised its core FFO guidance range to $4.11 to $4.13 from $4.04 to $4.08, compared with the FactSet consensus of $4.07. "Our third quarter results were underpinned by record increases in market rents and valuations," said Chief Executive Hamid Moghadam. "With vacancies at unprecedented lows, space in our markets is effectively sold out." The stock has rallied 36.2% year to date through Thursday, while the SPDR Real Estate Select Sector ETF has advanced 26.3% and the S&P 500 has gained 16.8%.
1:28 a.m. Oct. 14, 2021 - By Tomi Kilgore
Caterpillar stock bounces off 8-month low after Cowen says buy ahead of first 'megacycle' in 14 yearsShares of Caterpillar Inc. rallied 1.2% in premarket trading, to bounce of an eight-month closing low in the previous session, after the construction and mining equipment got a bullish endorsement from Cowen analyst Matt Elkott, who said he believes the next "megacycle" is underway. Elkott started coverage of Caterpillar's stock with an outperform rating and price target of $241, which implies 28% upside from Wednesday's closing price. Elkott expects Caterpillar to show revenue growth, gross and operating margin expansion and earnings-per-share increases for three consecutive years, the first period of "megacycle" growth the company has enjoyed in 14 years, and only the second in modern history. "We see potential for incremental revenue opportunities of $35 billion for [Caterpillar] from autonomous solutions in the next 10 years," Elkott wrote in a note to clients. "We estimate that at least 75% of CAT's markets will work to reduce emissions. We expect strong growth in services, organically and via acquisition." The stock, which closed Wednesday at the lowest price since Feb. 1, has lost 10.7% over the past three months while the Dow Jones Industrial Average has slipped 1.6%.
2:30 a.m. Oct. 12, 2021 - By Steve Gelsi
Fastenal sales rise 10% but costs increase Fastenal Co. said Tuesday its third-quarter net income rose to $243.5 million or 42 cents a share from $221.5 million or 38 cents a share, in the year-ago quarter. Sales increased by 10% to $1.55 billion. A survey of analysts by FactSet estimated earnings of 42 cents a share on sales of $1.54 billion. Employee-related costs increased by 16.8%. The company said it'll continue to take actions in the fourth quarter to mitigate transportation and product costs, amid upward price pressure related to materials. The construction products distributor said it saw "strong growth in underlying demand for manufacturing and construction equipment and supplies." While the company recorded an uptick in sales of certain COVID-related supplies, relative to the prior year, "the impact on our net sales of the current increase in infections and hospitalizations is significantly reduced from what was experienced in the year earlier period," the company said. Shares of Fastenal fell 2.6% in pre-market trades Prior to Tuesday, the shares were up 7% in 2021, compared to a rise of 16.1% in the S&P 500 .
5:03 a.m. Sept. 22, 2021 - By Jacob Passy
Existing-home sales retreat in August as buyers wait for better pricesExisting-home sales dropped 2% to a seasonally-adjusted, annual rate of 5.88 million in August, the National Association of Realtors said Wednesday. Compared with August 2020, home sales were down 1.5%. Economists polled by MarketWatch had projected existing-home sales to come in at 5.87 million. The median sales price of an existing home was up nearly 15% year-over-year at $356,700.
12:15 p.m. Sept. 20, 2021 - By Claudia Assis
Lennar stock falls after home builder misses home-delivery guidance on supply-chain snagsShares of Lennar Corp. dropped more than 3% in the extended session Monday after the home builder said its third-quarter earnings were hurt by "unprecedented supply-chain challenges" that are likely to continue "into the foreseeable future." Lennar said it earned $1.4 billion, or $4.52 a share, in the quarter, compared with $666.4 million, or $2.12 a share, in the year-ago period. Revenue rose to $6.9 billion from $5.9 billion a year ago. FactSet consensus called for EPS of $3.26 on revenue of $7.1 billion. Lennar said that as a result of the supply-chain snags, its third-quarter deliveries of 15,199 homes were about 600 homes below the low end of its guidance. The company also adjusted its fourth-quarter delivery guidance to about 18,000 homes, "reflecting this supply-chain constraint," it said. Despite that miss, Lennar said demand for new homes remains "strong" and outstrips "limited supply." The builder ended the quarter with $2.6 billion in cash. Shares of Lennar ended the regular trading day down 2.9%.
3:26 a.m. Sept. 20, 2021 - By Tomi Kilgore
Tesla, Nio stocks fall as Li Auto deliveries warning, Evergrande fears weighShares of China-based electric vehicle makers, and of Tesla Inc. , took a hit ahead of Monday's open, amid a one-two punch of Li Auto Inc.'s and worries that could default this week. Shares of Nio Inc. sank 4.0% toward a four-month low, Xpeng Inc. slid 4.4% and Li Auto shed 5.7%. Tesla's stock slumped 2.8%, putting them on track to snap a four-day win streak. Tesla recorded $5.90 billion in revenue from China in the first six months of 2021, or 26.4% of total revenue, after recording $2.30 billion in China revenue, or 19.1% of the total, in the same period in 2020. Earlier, Li Auto cut its third-quarter deliveries guidance to 24,500 from 25,000 to 26,000, as the slower-than-expected recovery in semiconductor supplies hampered results. And worries over a potential Evergrande default sent global equity markets reeling, as the iShares MSCI China ETF dropped 3.3% and futures for the Dow Jones Industrial Average sank 646 points, or 1.9%.
2:44 a.m. Sept. 8, 2021 - By Tomi Kilgore
PulteGroup stock falls after deliveries outlook cut as supply chain disruptions increasedShares of PulteGroup Inc. fell 0.6% in premarket trading Wednesday, after the home builder cut its third-quarter deliveries outlook, as increased supply chain disruptions and shortages of building products continue to hurt the pace of operations. The company now expects third-quarter closings to be up 8% from a year ago to 7,000 homes, but that's below the deliveries guidance range provided on July 27 of 7,300 to 7,600. "We continue to work closely with our suppliers, but shortages for a variety of building products, combined with increased production volumes across the homebuilding industry, are directly impacting our ability to get homes closed to our level of quality over the remainder of 2021," said Chief Executive Ryan Marshall. "In light of these challenges, we are providing routine updates on build schedules to our backlog of homebuyers, who remain committed to close on their new homes." The stock has shed 7.4% over the past three months through Tuesday, while the iShares U.S. Home Construction ETF has gained 2.2% and the S&P 500 has climbed 6.9%.
3:29 a.m. Sept. 1, 2021 - By Tomi Kilgore
Medical Properties Trust raised earnings outlook, announces deal to sell an interest in 8 hospitals for a premiumShares of Medical Properties Trust Inc. rose 0.6% in premarket trading Wednesday, after the real estate investment trust announced a deal to sell an interest in acute care hospitals it owns and raised its earnings outlook. The REIT (MPT) said it reached an agreement with Macquarie Infrastructure Partners V (MIP V) to form a partnership in which an MIP V subsidiary buys a 50% stake in eight Massachusetts-based hospitals currently owned by MPT and operated by Steward Health Care System, in a deal that values the portfolio at $1.78 billion. "This transaction's portfolio valuation is a 48% increase over our original investment in these hospitals made in 2016, and the compelling value creation reflects the strength of MPT's underwriting process, which allows our team to identify operators and strategies that are likely to result in long-term and sustained improvement in operating results," said Medical Properties Trust Chief Executive Edward Aldag. Separately, MPT said based on year-to-date transactions, it raised its guidance for annual net income to $1.81 to $1.85 per share for normalized funds from operations, from $1.72 to $1.76. MPT's stock has lost 6.0% year to date through Tuesday, while the SPDR Real Estate Select Sector ETF has soared 30.4% and the S&P 500 has advanced 20.4%.
1:22 a.m. Aug. 20, 2021 - By Tomi Kilgore
Deere stock rises after reporting profit that more than doubled, raising full-year outlookShares of Deere & Co. rose 0.3% in premarket trading Friday, after the construction, agriculture and turf care equipment maker reported fiscal third-quarter profit that more than doubled and was well above expectations, and raised its full-year net income outlook. Net income rose to $1.67 billion, or $5.32 a share, from $811 million, or $2.57 a share, in the year-ago period. The FactSet consensus for earnings per share was $4.58. Revenue grew 29.2% to $11.53 billion, well above the FactSet consensus of $10.30 billion, as production and precision agriculture sales rose less than forecast but small agriculture and turf and construction and forestry sales increased more than expected. "Our strong results, driven by essentially all product categories, are a testament to the exceptional efforts of our employees and dealers to keep our factories running and customers served while enduring significant supply-chain pressures," said Chief Executive John May. The company raised its 2021 guidance range for net income to $5.7 billion to $5.9 billion from $5.3 billion to $5.7 billion, said it expected demand for farm and construction equipment to continue to benefit from favorable fundamentals. Deere's stock has run up 33.4% year to date through Thursday, while the S&P 500 has gained 17.3%.
3:50 a.m. Aug. 13, 2021 - By Tomi Kilgore
WeWork's Q2 net loss widens from a year ago but is less than half that of Q1 as recovery acceleratesWeWork reported Friday a second-quarter net loss that widened slightly from a year ago, but was less than half that of the first-quarter, as the flexible-office-space company said recovery trends that started earlier this year accelerated. by way of a merger with special purpose acquisition company (SPAC) BowX Acquisition Corp. WeWork reported a net loss of $888.85 million for the quarter ended June 30, compared with a loss of $863.83 million in the year-ago period but down from . Revenue fell 32.7% from a year ago to $593.48 million, and was down slightly from $598 million in the first quarter, but the company said revenue increased sequentially each month in the second quarter. The company expects third-quarter revenue to improve to $650 million to $700 million. "Regardless of how companies are thinking about the future of work, access to a space to collaborate, innovate, mentor and build culture remains critical," said Chief Executive Sandeep Mathrani. "The demand from businesses of all sizes accelerated through the quarter and steadily continued into July, delivering strong sales momentum that will drive occupancy and revenue growth." BowX Acquisition's stock edged up 0.1% in premarket trading.
2:34 a.m. June 28, 2021 - By Ciara Linnane
Alcoa sees Q2 gain of about $90 million after selling Maryland site for $100 million in cashAlcoa Corp. said Monday it has completed the sale of its former Eastalco site in Frederick County, Maryland to a joint venture of Quantum Loophole and TPG Real Estate Partners for $100 million in cash. The company expects to book a gain of about $90 million in the second quarter. The buyers are planning to develop the site into a next-generation data center community. Alcoa shares were up 1% premarket and have gained 55% in the year to date, while the S&P 500 has gained 14%.
1:54 a.m. June 7, 2021 - By Tomi Kilgore
Invitation Homes raises full-year FFO outlookInvitation Homes Inc. raised its full-year earnings outlook, following an update on May results. The single-family home leasing company now expects core funds from operation of $1.38 to $1.46, up from a previous guidance range of $1.34 to $1.42, and surrounding the FactSet consensus of $1.41. The company said same-store new lease rate growth was 14.1%, up from 10.8% in April, while same-store renewal growth rate of 5.9% was an improvement from April's 5.5% growth. Same-store average occupancy was 98.3%. The stock, which was still inactive in premarket trading, has rallied 24.3% year to date, while the S&P 500 has gained 12.6%.
2:22 a.m. May 27, 2021 - By Tonya Garcia
Dollar General sales fall but guidance raisedDollar General Inc. reported first-quarter net income of $677.7 million, or $2.82 per share, up from $650.4 million, or $2.56 per share, last year. Sales of $8.40 billion were down from $8.45 billion last year. The FactSet consensus was for EPS of $2.19 and sales of $8.27 billion. The company says results were impacted by government stimulus payouts. Same-store sales were down 4.6%, ahead of the FactSet consensus for a 6.8% decline. Same-store sales jumped 17.1% on a two-year-stack basis. Dollar General executed 800 real estate projects, including new store openings of the larger store formats, according to Chief Executive Todd Vasos. For the full year, Dollar General is guiding for net sales in the range of a 1% decline to an increase of 1%, up from previous guidance for a 2% decline, a same-store sales of decline of 3% to 5%, and EPS of $9.50 to $10.20. The FactSet consensus is for sales of $33.95 billion, suggesting a 0.6% increase, EPS of $9.63, and a same-store sales decline of 3.4%. Dollar General stock edged up 0.6% in Thursday premarket trading, and has fallen nearly 5% for the year to date. The S&P 500 index is up 11.7% for 2021 so far.
1:27 a.m. May 21, 2021 - By Tomi Kilgore
Deere stock jumps after big profit and revenue beats, but sees supply-chain pressures increasingShares of Deere & Co. rose 2.4% in premarket trading Friday, after the construction, agriculture and turf care equipment maker reported fiscal second-quarter profit and revenue that rose well above expectations, while warning that supply-chain pressures will increase through the rest of the year. Net income for the quarter ended May 2 nearly tripled, to $1.79 billion from $666 million, while earnings per share rose to $5.68 from $2.11. The FactSet EPS consensus was $4.51. Revenue grew 30% to $12.06 billion, beating the FactSet consensus of $10.57 billion, with equipment operations sales rising 34% to $11.00 billion. Cost of sales rose 26.0%, with gross profit as a percentage of sales increasing to 34.3% from 32.0%. "While the company is clearly performing at a high level, Deere expects to see increased supply-chain pressures through the balance of the year," said Chief Executive John May. "We are working closely with key suppliers to secure the parts and components that our customers need to deliver essential food production and infrastructure." The stock has rallied 32.0% year to date through Thursday, while the S&P 500 has gained 10.7%.
1:48 a.m. May 10, 2021 - By Tomi Kilgore
Procore Technologies sets IPO terms, to be valued at up to $8.3 billionProcore Technologies Inc. has set terms of its initial public offering, which would value the California-based construction management software company up to about $8.3 billion. The company is looking to raise up to $615.6 million, as it plans to offer 9.47 million shares in the IPO, which is expected to price between $60 and $65 a share. The stock is expected to list on the NYSE under the ticker symbol "PCOR." Goldman Sachs, J.P. Morgan, Barclays are Jefferies are the lead underwriters. The company plans to use the proceeds from the IPO to increase capitalization and financial flexibility, and create a public market for its common stock. Procore recorded a net loss of $99.2 million on revenue of $328.6 million in 2020, after a loss of $83.1 million on revenue of $236.0 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has dropped 25.8% over the past three months while the S&P 500 has gained 8.3%.
3:11 a.m. May 5, 2021 - By Tomi Kilgore
Jones Lang LaSalle profit rises to more than triple expectations, as estimates of real estate investments increasedJones Lang LaSalle Inc. reported Wednesday a first-quarter profit that was more than triple what was expected, boosted by a $34.7 million increase in the estimated value of investments in proptech companies. Shares of the real estate and investment management company were still inactive in premarket trading. Net income rose to $109.7 million, or $1.97 a share, from $25.8 million, or 10 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to $2.10 from 49 cents, beating the FactSet consensus of 66 cents. Revenue slipped 1% to $4.04 billion, while revenue before reimbursements declined 5% to $2.13 billion, but topped the FactSet consensus of $1.85 billion. Fee revenue was down 4% to $1.44 billion but beat expectations of $1.34 billion, and leasing revenue fell 9% to $49.5 million. The stock has run up 28.8% year to date, while the S&P 500 has advanced 10.9%.
11:45 a.m. May 4, 2021 - By Claudia Assis
Zillow stock rises 4% as real-estate company sees continued strength in housingShares of Zillow Group Inc. rose more than 4% in the extended session Tuesday after the real-estate company topped Wall Street expectations for its first quarter on continued strength of the housing market and more visitors to the company's apps and sites. Zillow said it earned $52 million, or 21 cents a share, in the first quarter, versus a loss of $163 million a year ago. Adjusted for one-time items, Zillow said it earned 47 cents a share in the quarter. Revenue rose 8% to $1.2 billion, the company said. Analysts polled by FactSet had expected Zillow to report adjusted earnings of 26 cents a share on sales of $1.1 billion. Zillow called for second-quarter sales between $1.236 billion and $1.284 billion, as growth trends will continue, the company said. Zillow called for consolidated adjusted EBITDA between $116 million and $140 million in the quarter. Traffic to Zillow's apps and websites rose 15% to 221 million average monthly unique users, driving 2.5 billion visits during the quarter, up 19% year-on-year, the company said. Shares of Zillow ended the regular trading day down 3.4%.
3:02 a.m. May 3, 2021 - Barrons.com
Stock Summer Swoon Coming?Deutsche Bank's Jim Reid discusses his firm's expectation for market volatility this summer and Mauricio Umansky, CEO of The Agency, analyzes the U.S. real estate market. Plus, Barron's Al Root and Carleton English preview upcoming earnings.
1:45 a.m. April 29, 2021 - By Ciara Linnane
Caterpillar shares jump 3% premarket as earnings blow past estimatesCaterpillar Inc. shares jumped 3% in premarket trade Thursday, after the maker of construction, energy and mining equipment blew past estimates for its first quarter. Caterpillar said it had net income of $1.530 billion, or $2.77 a share, in the quarter, up from $1.092 billion, or $1.98 a share, in the year-earlier quarter. Adjusted per-share earnings came to $2.87, well ahead of the $1.94 FactSet consensus. Sales rose to $11.9 billion from $10.6 billion a year ago, also ahead of the $10.9 billion FactSet consensus. "The increase was due to higher sales volume driven by higher end-user demand and the impact from changes in dealer inventories," the company said in a statement. "Dealers increased their inventories more during the first quarter of 2021 than during the first quarter of 2020." Shares have gained 27.6% in the year to date, while the Dow Jones Industrial Average has gained 10.5% and the S&P 500 has gained 11.4%.
3:27 a.m. April 19, 2021 - By Tomi Kilgore
Prologis beats profit expectations, raises guidance on continuing 'robust demand'Shares of Prologis Inc. rose 0.4% in premarket trading Monday, after the provider of real estate investment trust services reported first-quarter profit that beat expectations, and raised its full-year outlook, citing continued historically "robust demand." Net earnings fell to $366 million, or 49 cents a share, from $489 million, or 70 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted funds from operations per share rose to 97 cents from 83 cents, above the FactSet consensus of 94 cents. Total revenue grew 17.4% to $1.15 billion, topping the FactSet consensus of $986.6 million. Average occupancy was 95.4%, down from 95.8% in the fourth quarter, while retention fell to 69.1% from 78.4%. The company raised its 2021 adjusted FFO per-share guidance range to $3.96 to $4.02 from $3.88 to $3.98. "The robust demand from the fourth quarter has carried into 2021 and is as strong as I have seen in my career," said Chief Executive Hamid R. Moghadam. "Global supply chains are pushing to keep pace with accelerating economic activity, retooling for faster fulfillment and resilience." The stock has rallied 12.9% year to date through Friday, while the SPDR Real Estate Select Sector ETF has climbed 13.2% and the S&P 500 has advanced 11.4%.
7:03 a.m. Jan. 20, 2021 - By Tomi Kilgore
Bank of New York Mellon's stock drops to lead S&P 500 losers after profit missShares of Bank of New York Mellon Corp. dropped 7.0% in midday trading Wednesday, enough to pace the S&P 500's decliners, after the bank reported fourth-quarter profit that fell more than forecast as continued low interest rates hurt results. The stock was on track for the biggest one-day loss since March 16, 2020, when it plunged 14.5% as the COVID-19 pandemic weighed. The bank reported net income that fell to $702 million, or 79 cents a share, from $876 million, or 98 cents a share, in the year-ago period, missing the consensus analyst EPS estimate of 88 cents, according to FactSet. The bank said the results included $159 million, or 18 cents a share, in litigation, severance, losses on business sales and real estate charges, and a $460 million, or 50 cents a share, gain on the sale of an equity investment. Chief Executive Todd Gibbons said he expects low interest rates will be "a significant headwind" in 2021. The stock has advanced 14.9% over the past three months, while the SPDR Financial Select Sector ETF has rallied 24.3% and the S&P 500 has gained 11.6%.
1:57 a.m. Jan. 19, 2021 - By Ciara Linnane
Halliburton narrows loss as revenue tops estimatesOil services company Halliburton Inc. said Monday it had a net loss of $235 million, or 27 cents a share, in the fourth quarter, narrower than the loss of $1.654 billion, or $1.88 a share, posted in the year-earlier period. Adjusted to exclude severance and other charges, the company had per-share earnings of 18 cents, ahead of the 15 cents FactSet consensus. Revenue fell to $3.237 billion from $5.191 billion, but also beat the $3.213 billion FactSet consensus. Chief Executive Jeff Miller said he is "optimistic" about activity momentum in North America and expects international activity to bottom in the first quarter. The company booked $446 million of pre-tax impairments and other charges in the quarter, mostly due to a contemplated structured transaction for its North American real estate assets. Shares rose 2.4% premarket, but have fallen 13.4% in the last 12 months, while the S&P 500 has gained 13%.
5:32 a.m. Jan. 11, 2021 - By Tomi Kilgore
Dream Finders Homes sets IPO terms, which could value the company at more than $1.3 billionDream Finders Homes Inc. has set terms of its initial public offering, in which the Florida-based home builder looks to raise up to $144 million and to be valued at over $1 billion. The company expects to offering 9.6 million Class A shares in the IPO, which is expected to price between $12 and $15 a share. The stock is expected to list on the Nasdaq exchange under the ticker symbol "DFH." With 30.86 million Class A shares and 60.23 million Class B shares expected to be outstanding after the the IPO, the expected pricing could value the company at up to $1.37 billion. BofA Securities, RBC Capital Markets and BTIG are the lead underwriters. For the nine months ended Sept. 30, the company recorded net income of $40.9 million on revenue of $672.7 million, after net income of $22.8 million on revenue of $490.9 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has surged 20.5% over the past three months while the S&P 500 has gained 9.6%.
9:14 a.m. Dec. 4, 2020 - By Tomi Kilgore
HD Supply's stock slips after profit matches expectations but sales come up shortShares of HD Supply Holdings Inc. slipped 0.2% in afternoon trading Friday, after the wholesale distributor to the maintenance, repair and operations industries reported a fiscal third-quarter profit that matched expectations and sales that came up short. Net income for the quarter to Nov. 1 rose to 1.66 billion, or $10.06 a share, from $131.6 million, or 80 cents a share, boosted by the gain on the sale of its construction and industrial business. Excluding non-recurring items, adjusted earnings per share inched up to 47 cents from 46 cents, compared with the FactSet consensus of 47 cents. Sales increased 0.3% to $827.5 million, but that was below the FactSet consensus of $836.3 million. For the month of November, the company said sales were about $222.0 million, representing an average daily increase of about 2.9% from a year ago. On Nov. 15, the company announced an agreement to be acquired by Home Depot Inc. . HD Supply shares have run up 42.1% over the past three months while the S&P 500 has gained 7.7%.
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