Movers: Autozone, Coinbase, Gamco, Homebuilders, Ralph Lauren, Theravance, Wix
- Barry Adams
- U.S.A. New York City
-
Autozone same store sales rise and repurchased $1 billion of its own stock. Ralph Lauren reiterated its fiscal year outlook. Airlines scale higher.
Stocks on Wall Street struggled to stay above the flat-line ahead of interest rate decisions from at least 13 central banks this week.
The S&P 500 index inched up 0.5% to 3,893.17 and the Nasdaq Composite index added 0.6% to 11,518.69.
Of the 11 sectors, health, energy and real estate sectors declined and the remaining sectors traded higher.
American Airlines, Delta Air and United Airlines gained between 2% and 3% after crude oil prices edged lower and on the expectations of a better-than-expected summer air travel traffic.
Autozone Inc declined 2.4% to 2,114.2 after the specialty retailer said same store sales in the fiscal fourth quarter ending on August 27 increased 6.2%.
Revenues in the quarter increased 8.9% to $5.4 billion from $4.9 billion a year ago.
Net income in the quarter jumped to $810.0 million from $785.8 million a year ago and diluted earnings per share rose to $40.51 from $35.72.
In the quarter, the retailer repurchased $1 billion of its own stock at an average price of $2,111 a share and for the fiscal year repurchased 2.2 million shares for $4.4 billion, at an average price of $1,964 a share.
At year end, the company had $1.1 billion remaining under its current share repurchase authorization.
Coinbase Global Inc plunged 8.8% to $67.52 after the popular cryptocurrency bitcoin declined to $19,039, the lowest since June 19.
Gamco Investors Inc plunged 12.1% to $17.56 after the company controlled by Mario Gabelli filed a voluntary delisting petition with the New York Stock Exchange.
Gamco has also filed an application with the OTC Markets Group for a quote-listing of its common stock.
Homebuilders were in focus after sentiment in the industry dropped for the ninth month in a row.
Homebuilder sentiment dropped to the lowest level since May 2014, except in the spring of 2020, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index released today.
The index declined 3 points to 46, any reading below 50 indicates negative or a decline.
The number of builders reducing home prices jumped to 24% from 19% in August.
Lennar Corp gained 2.5% to $77.64, Toll Brothers Inc added 1.3% to $44.24, PulteGroup added 2.5% to $40.34 and DR Horton Inc advanced 1.8% to $72.42.
Ralph Lauren Corp increased 2.4% to $95.72 after the company reiterated its fiscal 2023 outlook issued on August 9th.
"Over the next three years, from a base of Fiscal 2022 through Fiscal 2025, the Company expects an acceleration in revenue growth to a compound annual growth rate of mid- to high-single digits in constant currency.
Operating profit growth is expected to exceed the rate of top-line growth as a result of continued operating margin expansion. Operating margin is expected to expand to at least 15% by Fiscal 2025 in constant currency, " added the company in its investor update released Monday.
Theravance Biopharma Inc increased 2.7% to $10.35 after the company announced to buyback its shares in a tender offer of $95 million followed by a $60 million open market purchases to be completed by the end of 2023.
The company also agreed to acquire the entire stake of 9.6 million shares held by GSK for $9.75 a share.
Wix.com Ltd jumped 13% to $83.27 after activist investor Starboard Value controls 9% stake in the web site development company.
Annual Returns
Company | Ticker | 2024 | 2023 | 2022 |
---|---|---|---|---|
AutoZone Inc | AZO | 18% | 9% | 14% |
Gamco Investors Inc | GBL | 0% | 0% | -31% |
D R Horton Inc | DHI | 18% | 76% | -21% |
Theravance Biopharma Inc | TBPH | -10% | 4% | -2% |
Coinbase Global Inc. | COIN | 30% | 308% | -83% |
Lennar Corporation | LEN | 19% | 67% | -23% |
Ralph Lauren Corporation | RL | 46% | 37% | -12% |
Wix com Ltd | WIX | 27% | 47% | -47% |