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Lennar said it expects third-quarter deliveries higher than forecasts.
Photograph by Daniel Acker/Bloomberg
Stock futures traded slightly lower Thursday after the Federal Reserve held interest rates steady but signaled the potential for more rate hikes later this year.
These stocks were poised to make moves Thursday:
Lennar
(LEN) reported better-than-expected fiscal second-quarter earnings and revenue. Orders and deliveries also exceed analysts’ expectations in the period. The home builder said it sees fiscal third-quarter deliveries in a range from 17,750 to 18,250 homes, higher than forecasts. The stock was rising 2.8% in premarket trading.
American depositary receipts of
XPeng
(XPEV) were up 1.9% after the Chinese electric-vehicle maker said it has received approval to launch its assisted-driving technology on major ring roads and expressways in Beijing.
Citigroup
(C) Chief Financial Officer Mark Mason said markets revenue at the bank has declined 20% so far this quarter and investment-banking revenue has dropped about 25% but he wasn’t changing guidance for the year, saying he still expects total revenue of $78 billion to $79 billion. “As we’ve gone through the second quarter here, continue to have very good corporate engagement, corporate dialogue, the debt ceiling concerns certainly did weigh on the investor client base in particular in April and May,” he told a
Morgan Stanley
conference on Wednesday. The stock fell 0.4% in premarket trading.
Domino’s Pizza
(DPZ) gained 2.5% to $313.47 after being upgraded to Buy from Hold at
Stifel
and its price target raised to $350 from $320.
Corning
(GLW) was rising 1.5% in premarket trading to $33.75 after shares of the specialty glassmaker were upgraded to Buy from Neutral at Citi. The price target was increased to $40 from $36.
The board of auto-parts retailer
AutoZone
(AZO) authorized the repurchase of an additional $2 billion to the company’s ongoing buyback program.
Adobe
(ADBE), which provides content development and marketing software tools, is scheduled to report fiscal second-quarter earnings after the closing bell Thursday. Analysts expect
Adobe
to post earnings of $3.79 a share on sales of $4.8 billion, up form the year earlier’s $4.4 billion. Wall Street also will be focused on the company’s generative AI strategy and its pending $20 billion bid for Figma, which provides collaborative design tools. Adobe was down 0.6% in premarket trading.
Grocer
Kroger
(KR) and
Jabil
(JBL), the contract electronics manufacturer, are scheduled to report quarterly earnings before the stock market opens.
Write to Joe Woelfel at joseph.woelfel@barrons.com
