Market Updates
U.S. Movers: Banks, Chewy, Crypto Stocks, KB Home
Scott Peters
11 Jan, 2024
New York City
KB Home declined 3% to $61.28 after the home builder reported its fourth-quarter results.
Revenue in the quarter decreased to $1.67 billion from $1.94 billion, net income dropped to $150.3 million from $216.4 million, and diluted earnings per share fell to $1.85 from $2.47.
Homes delivered in the quarter decreased 10% to 3,407, and the average selling price declined 4.5% to $487,300 from $510,400 a year ago.
However, demand for new homes increased in the final quarter, and the cancellation rate declined.
Net orders for the fourth quarter were up 176% to 1,909, and net order value grew 157% to $932.6 million.
However, the backlog of home orders declined to 5,510 from 7,662, and the backlog value fell to $2.67 billion from $3.69 billion a year ago.
Bitcoin-focused stocks traded higher after the SEC approved the launch of spot bitcoin-focused ETFs.
Robinhood Markets rose 4.4% to $12.63, Marathon Digital Holdings gained 6.6% to $27.30, and MicroStrategy jumped 4.9% to $593.20.
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