Movers: Capital One, Dish Network, Home Depot, Nu Holdings

Scott Peters
16 May, 2023
New York City

Stocks traded sideways and lacked momentum after retail sales highlighted stretched consumer budgets and sales at gasoline stations declined despite the rise in gasoline prices. 

The S&P 500 index decreased 0.34% to 4,122.34 and the Nasdaq Composite fell 0.06% to 12,358.06.

Home Depot Inc decreased 2.2% to $282.54 after the home improvement retailer said fiscal year revenue is expected to decline. 

The home improvement chain blamed the sale decline on softening of lumber prices and poor weather conditions in several parts of the U.S. 

Home Depot forecasted same store and comparable sales in 2023 to decrease  between 2% and 5%. 

Sales in the first quarter decreased 4.2% to $37.3 billion and comparable sales declined 4.5% and in the U.S. store fell 4.6%, operating margin rate between 14.0% and 14.3% and diluted earnings per share to fall between 7.0% and 13.0% a year ago. 

Dish Network Corp increased 7.2% to $6.57 after director James DeFranco said in a regulatory filing the purchase of 3 million shares. 

Capital One Financial Corp increased 6.5% to $94.95 after Warren Buffett controlled Berkshire Hathaway acquired a new stake in the company for $950 million. 

Nu Holdings Ltd increased 5.7% to $6.42 after the fintech company reported first-quarter revenue of $1.6 billion and adjusted earnings of $182.4 million. 

Brazil-based online bank said revenue in the first quarter increased 85% to $1.6 billion from $877.2 million and the company swung to a net income of $141.8 million from a loss of $45.1 million a year ago. 

The company added 4.5 million customers on its digital platform in the quarter and reached a total of 79.1 million. In Brazil, the company added 1.5 million net new customers on its digital platform. 

Deposits in the quarter increased 34% on currency neutral basis to $15.8 billion and total loans surged 54% to $12.8 billion. 

Net interest margin increased 2.2 percentage points and 7.2 percentage points from the previous year to a record high of 15.7%. 

Nu's customers in Brazil now account for 46% of the country’s adult population, versus 44%  in the previous quarter and in Mexico increased 52% to 3.2 million and in Colombia soared 200% to 635,000.