Market Updates
U.S. Movers: Big Banks, IAC, KB Home, Signet Jewelers
Scott Peters
14 Jan, 2025
New York City
KB Home increased 10.6% to $70.86 after the home builder reported better-than-expected quarterly results.
Revenue in the fourth quarter increased 19% to $1.99 billion from $1.67 billion, net income advanced 27% to $190.6 million from $150.3 million, and diluted earnings per share rose to $2.52 from $1.85 a year ago.
Homes delivered in the quarter increased 17% to 3,978 homes, and net orders and net order value for the quarter both increased by 41%, reaching 2,688 and $1.32 billion, respectively.
IAC Inc. increased 1.8% to $43.35 after the parent of Daily Beast and Match.com announced its plans to spin off home improvement marketplace Angi.
Big banks traded higher ahead of their earnings releases on Wednesday.
JPMorgan Chase jumped 0.1% to $244.40, Wells Fargo increased 0.7% to $71.0, and Citigroup advanced 0.8% to $73.35.
Signet Jewelers Ltd. plunged 16% to $62.12 after the parent company of Zales lowered its fourth quarter outlook.
The company estimated total sales in the fourth quarter to range between $2.32 billion and $2.335 billion, compared to the previous estimate between $2.38 billion and $2.46 billion.
Same-store sales outlook in the quarter was lowered to a range between a decline of 2.0% and 2.5%, compared to the previous range between flat and an increase of 3.0%.
The diamond jeweler said same-store sales in the ten-week period to January 11 declined 2% from a year ago.
The company blamed the sales decline on "merchandise assortment gaps at key gifting price points" and customers seeking more items with promotional discounts.
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