U.S. Movers: KB Home, Intuitive Surgical, Netflix, P&G, Western Alliance

Scott Peters
19 Apr, 2024
New York City

Intuitive Surgical rose 3.3% to $385.0 after the robotic surgical equipment maker reported better-than-expected quarterly results. 

Revenue in the first quarter increased 11% to $1.89 billion from $1.70 billion, net income rose to $547.4 million from $360.8 million, and diluted earnings per share advanced to $1.51 from $1.01 a year ago. 

The company placed 313 da Vinci surgical systems, compared with 312 in the first quarter of 2023, and increased its installed base by 14% to 8,887 systems from 7,779 at the end of the first quarter of 2023. 

Western Alliance decreased 3.4% to $53.82 after the regional bank posted weaker-than-expected quarterly results. 

KB Home increased 1% to $61.04 after the home builder said its board of directors announced a new $1 billion stock repurchase plan. 

The new plan replaces the previous authorization with the remaining $113.6 million. 

The company intends to continue its share repurchases in 2024 in a projected range of between $200 million and $400 million for the full year, including $50 million of share repurchases completed during the company’s 2024 first quarter.

The home builder's board of directors raised quarterly cash dividend by 25% to 25 cent per share payable on May 23 to shareholders on May 9. 

The company declared first quarter results on March 20 and said it repurchased $50 million of its stock in the period. 

In the first quarter ending in March, revenue increased 6% to $1.47 billion from $1.38 billion, net income rose to $138.6 million from $125.5 million, and diluted earnings per share rose to $1.76 from $1.45 a year ago. 

Netflix declined 5.7% to $571.95 after the online streaming service provider reported better-than-expected quarterly results and added it will stop publishing paid subscriber counts starting in 2025. 

Revenue in the first quarter increased to $9.37 billion from $8.16 billion, net income rose to $2.13 billion from $1.30 billion, and diluted earnings per share advanced to $5.28 from $2.88 a year ago.