Movers: Coinbase, CoStar Group, Dillard's, Haverty Furniture, Intel, Palo Alto Networks, Toll Brothers

Scott Peters
22 Feb, 2023
New York City

Coinbase Global Inc declined 6.4% to $58.12 despite the cryptocurrency exchange exceeding revenue expectations. 

Revenue in the fourth quarter declined to $605 million from $2.5 billion a year ago and the company swung to a loss of $557 million from $840 million a year ago. 

Diluted loss per share was $2.46 compared to a profit of $3.32 in the previous year. 

In 2022, revenue declined to $3.2 billion from $7.8 billion and the company reported a loss of $2.6 billion compared to a profit of $3.2 billion a year ago. 

Diluted loss per share was $11.83 compared to a profit of $14.50 in the previous year. 

The company said 2022 total trading volumes and transaction revenues declined 50% and 66% from the previous year, respectively. 

CoStar Group Inc dropped 5.2% to $72.30 after the online real estate marketplace operator and information provider's current year outlook disappointed some investors. 

Revenue in the fourth quarter increased 13% to $573 million and net income increased 34% to $124 million from $94 million a year ago. 

Diluted earnings per share increased to 31 cents from 24 cents a year ago. 

The real estate company expects revenue in the range of $2.46 billion to $2.48 billion for the full-year of 2023, representing an increase of 13% from the previous year at the midpoint of the range. 

Revenue in the first quarter in the range of $575 million to $580 million, representing an increase of 12% from the previous year at the midpoint of the range.

The company also confirmed that it is no longer in discussion with News Corp regarding the purchase of Realtor.com. 

Dillard's Inc increased 1.5% to $342.16 after the retailer said comparable store sales were unchanged and inventories rose 4% from the previous year. 

Revenue in the fourth quarter was flat at $2.1 billion and net income declined to $289.2 million from $321.2 million a year ago.

The latest quarterly earnings included pre-tax gain of $13.8 million, after-tax gain of $10.8 million or 63 cents a share, and tax benefits of $16.3 million linked to dividend payments linked to employee stock plan and $13.6 million related to state net carry loss forward.  

Diluted earnings per share increased to $16.89 from $16.61 in the previous year. 

 In 2022, sales increased 5% to $6.7 billion from $6.6 billion and net income rose to $891.6 million from $862.5 million and diluted earnings per share increased to $50.81 from $41.88 a year ago.  

Haverty Furniture Companies, Inc increased 6.4% to $37.27 after the retailer reported comparable store sales increased 5.8% in the fourth quarter. 

Revenue in the fourth quarter increased 5.5% to $280.6 million and net income declined to $23.7 million from $24.2 million a year ago. 

Diluted earnings per share increased to $1.45 from $1.35 in the previous year. 

In 2022, revenue slightly edged up to $1.4 billion from $1.01 billion and net income edged lower to $89.4 million from $90.8 million or diluted earnings per share increased to $5.24 from $4.90 in the previous year. 

Average sales ticket in 2022 increased to $3,171 from $2,865 in 2021 and sales per square foot rose to $256 from $232 in respective years.    

Intel Corporation declined 1% to $25.81 after the chipmaker announced a cut of 65.7% for its quarterly dividend to 12.5 cents from 36.5 cents, a first cut in dividend since 2000. 

The dividend is payable on June 1 to stockholders of record on May 17. 

The company also reaffirmed its 2023 first quarter adjusted earnings outlook of 15 cents and did not provide full-year guidance citing economic uncertainties.  

Palo Alto Networks Inc jumped 11.8% to $186.66 after the company revised higher its full-year outlook. 

Revenue in the fiscal second quarter ending in January increased 26% to $1.7 billion and the company swung to a net income of $84.2 million from a loss of $93.5 million a year ago. 

Diluted earnings per share was 25 cents compared to a loss of 32 cents in the previous year. 

The cyber security company lifted its full-year revenue to increase between 25% and 26% in the range of $6.85 billion and $6.91 billion and total billings in the range of $9.1 billion and $9.2 billion.  

Toll Brothers Inc increased 3.7% to $57.77 after the luxury home builder reported better-than-expected earnings. 

Home sales in the fiscal first quarter ending in January increased 4% to $1.7 billion. 

In the quarter, the company delivered 1,826 homes, 5% fewer homes than in the previous year.

Net income increased to $191.5 million from $151.9 million and diluted earnings per share rose to $1.70 from $1.24 a year ago. 

Backlog value of homes fell 21% to $8.6 billion and the number of homes in the backlog dropped 32% to 7,733. 

The company reaffirmed its full-year fiscal 2023  guidance of an adjusted gross margin of 27.0% and $8.00 to $9.00 of earnings per share. 

The homebuilder repurchased approximately 187,300 shares at an average price of $49.95 per share for a total purchase price  of approximately $9.4 million.