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US Equity Investors to Focus on Fed Speak, Economic Health Data This Week Following Policy Tightening Forecasts in Economic Projections

US equity investors are expected to look out for Fed speak, purchasing managers' indexes, and Iran geopolitics this week as the Q2 earnings season heads toward closing.* Following the 25 basis point interest rate increase last week, and with expectations for more policy tightening this year, investors will focus on the macroeconomic data due this week to help gauge the Fed's path ahead. Jobless claims, new home sales, durable goods orders, and the University of Michigan consumer sentiment final with inflation expectations are among the data due this week, in addition to the S&P Global Composite PMIs.* On durables, Boeing (BA) posted only 15 net orders in August, which will likely translate to a 23% month-over-month decline in seasonally adjusted nondefense aircraft orders, according to a Jefferies note. This is going to drag down the headline to a decline of 1.2%.* This week, the seasonals won't push the jobless claims print quite as low as last week, but continued evidence that layoff activity remains "very muted" is expected, per the note.* Federal Reserve Governors Philip Jefferson and Michael Barr, along with regional Fed Presidents Austan Goolsbee, John Williams, Thomas Barkin, and Anna Paulson, are all scheduled to deliver public remarks this week.* "The fact that there are only two [Federal Open Market Committee] members who believe the central bank won't hike again this year suggests a broad hawkish repositioning has already occurred within the FOMC," according to an ING note. "The focus will therefore be on individual Fed speakers as markets gauge the timing of the next potential interest rate hike."* Quarterly earnings due this week include Costco (COST), Darden Restaurants (DRI), AutoZone (AZO), KB Home (KBH), Paychex (PAYX), and General Mills (GIS).

Dow JonesNasdaq CompositeS&P 500$AZO$COST$DRI$GIS$KBH$PAYX

US Markets4d ago

Lennar's Quarterly Results Trail Views as Affordability Challenges Weigh on Home Buying

Lennar's (LEN, LEN.B) shares declined early Thursday after the homebuilder reported weaker-than-expected fiscal third-quarter results as affordability challenges slowed home-buying activity.The company's adjusted earnings fell to $1.23 a share for the August quarter from $2 the year before, it said late Wednesday. The print trailed the FactSet-polled consensus of $1.29. Revenue declined to $8.05 billion from $8.81 billion, below Wall Street's $8.32 billion view.Lennar's class A stock decreased 2.6% in most recent premarket activity, having lost 24% this year through Wednesday close."Mortgage rates increased through the quarter, with the 30-year rate at approximately 6.8% at quarter end and even higher since," Chief Executive Stuart Miller said in a statement. "Rates are responding as inflation remains above the (Federal Reserve's) target, driven by geopolitical tension and higher oil prices. Additionally, consumer confidence has declined as rates and affordability have driven more consumers to slow their purchase decision."The Fed on Wednesday raised its benchmark lending rate by 25 basis points to combat sticky inflation and signaled another hike later this year. The Mortgage Bankers Association said the same day that mortgage applications declined last week as the rate for 30-year fixed mortgages with conforming loan balances jumped to its highest since May 2025.Crude oil has rallied past $100 a barrel this month amid intensifying hostilities in the Middle East, while diesel prices in the US has hit record highs.Lennar's homebuilding revenue retreated 6% year on year to $7.76 billion in the fiscal third quarter, driven by declines in the average sales price and the number of home deliveries, the company said. Homes delivered declined 3% to 20,840 units, missing the average analyst estimate that called for 20,960.The company offered incentives to homebuyers and adjusted the base price to "sustain volume in a market where affordability remains the defining constraint," Miller said.Ahead of Lennar's results, Truist Securities said that homebuilders will likely have to increase buyer incentives due to elevated mortgage rates and weak demand.Lennar's new orders fell 9% on a yearly basis to 20,879 homes, with an average sales price of $359,000 versus $367,000 in the 2025 quarter."This does not read well to the rest of the entry level market given that it is the worst new order ASP since 2015, albeit product mix has shifted since then," Truist said in a separate note released after Lennar had published its results.The National Association of Home Builders and Wells Fargo said Wednesday that homebuilder confidence reached a 12-month low in September amid high mortgage rates and increasing material costs.Lennar lowered its 2026 delivery target to about 80,000 to 81,000 homes from the prior 82,000 to 83,000 range, Miller said.Still, the overall housing environment "remains constructive" as home shortages drive demand from primary buyers and investors looking to generate rental income, Miller said.For the ongoing quarter, Lennar expects to deliver between 22,000 and 23,000 homes, while the Street is looking for 24,011. New orders are pegged at 19,500 to 20,500 homes and the average sales price is forecast between $370,000 and $380,000.In July, D.R. Horton (DHI) lowered its full-year revenue outlook despite reporting fiscal third-quarter sales above market estimates. KB Home (KBH) is slated to release its quarterly results next week.

$DHI$KBH$LEN$LEN.B

US Markets5d ago

Meritage Homes Likely to Increase Homebuyer Incentives Amid High Mortgage Rates, Truist Says

Meritage Homes (MTH) and other homebuilders will likely need to increase buyer incentives amid elevated mortgage rates and weak demand, Truist Securities said in a Wednesday client note.The brokerage lowered its full-year 2027 estimates for several homebuilding companies across its coverage, including D.R. Horton (DHI), Meritage Homes, Lennar (LEN) and KB Home (KBH), on higher input costs related to lumber, tariffs, crude oil and diesel prices.Mortgage rates and softening demand trends are likely to make it difficult for builders to pass some of the costs through in pricing, according to Truist."With mortgage rates surging above 7% (and showing no signs of slowdown), we think builders are going to have to once again ramp incentive usage, reversing course from the last few quarters," Truist's senior analyst, Jonathan Bettenhausen, wrote in the note.Mortgage applications in the US declined for the week ended Sept. 11, as the 30-year fixed rate for conforming loan balances of $832,750 or less increased to 6.97% from 6.85%, the Mortgage Bankers Association said Wednesday.Truist downgraded its rating on Meritage Homes shares to hold from buy, citing the increased risk of incentive ramping. The brokerage previously saw the potential for a "recovery-driven" incentive decline at the company, but now sees this as unlikely for the "foreseeable future.""We now see increased risk of incentive ramping, thus the quick incentive pull through to gross margin that we found appealing when incentives were coming down could start to work the other way and be a headwind compared to the group," according to Bettenhausen.In July, Meritage Homes said it expected home closing volume and revenue in 2026 to be around 5% below last year's results, but noted that home closing revenue could trend lower if market conditions require higher incentives.Still, Truist expects Meritage Homes to be one of the first homebuilders to benefit from an industry recovery, but that would depend on mortgage rates coming down consistently to at least a low 6% range, improving consumer confidence, among other factors."However, we see no imminent sign of entry level market recovery," according to Bettenhausen.Lennar is scheduled to release its latest financial results after the markets close Wednesday, while KB Home is slated to release its quarterly earnings next week.

$DHI$KBH$LEN$MTH

US Markets11d ago

Housing Market Seeing Renewed Affordability Headwinds, With Fed Hike Prospects Likely to Worsen Situation, RBC Says

The US housing market is facing renewed affordability pressures amid elevated mortgage rates and prices, with prospects of Federal Reserve monetary policy tightening likely to complicate the picture for relief in the near term, RBC Capital Markets said Thursday.Housing affordability has worsened to "the most stretched levels" since last year's spring, following a slight improvement seen earlier this year, RBC analyst Mike Dahl said in a note to clients.The brokerage estimates that the top 40 markets account for more than 80% of public builder sales, and almost all of those markets are "well worse" than their long-term average affordability levels. RBC defines affordability as the monthly payment for a median-priced existing home as a percentage of median income. Mortgage rates have risen back to around 6.9% recently, according to the note."While rates remain volatile, potential for renewed Fed rate hikes amid stubborn inflation trends complicate the picture for potential near-term relief," Dahl wrote.Separately, official data showed Thursday that US producer prices rose at the fastest pace in three months in August amid higher fuel costs.Markets are now pricing in a roughly 72% probability that the Fed will increase interest rates by 25 basis points next week, up from 61% Wednesday, according to the CME FedWatch tool. The remaining 28% odds point to another pause.All of the homebuilder stocks that RBC covers -- such as D.R. Horton (DHI), Lennar (LEN), KB Home (KBH), PulteGroup (PHM), Smith Douglas Homes (SDHC), and Toll Brothers (TOL) -- "are significantly more exposed to areas seeing stretched affordability," Dahl said Thursday. "Even the larger diversified builders score worse than the national average given relative concentrations in less favorable markets.""Meaningfully lower" rates are likely required now to restore affordability amid stickiness in home prices, according to RBC. While homebuilders' continued use of higher incentives allows them to remain competitive, they still face order and margin risks.Although new home conditions in the US are also "stretched," they continue to be more favorable on a relative basis as homebuilders continue to modify home sizes and prices and lean into rate buy-downs, according to the note."A continued lack of progress on affordability and ongoing confidence/rate headwinds could also further delay a recovery in existing home sales and home improvement spend," Dahl said. "We remain cautious overall, and expect continued volatility across our stocks."Last month, government data showed that new home sales in the US decreased more than projected in July even as median prices moved lower.Price: $135.08, Change: $-3.85, Percent Change: -2.77%

$DHI$KBH$LEN$PHM$SDHC$TOL

US Markets45d ago

Dream Finders to Acquire Rival Homebuilder Beazer in $2.2 Billion Deal

Dream Finders Homes (DFH) has agreed to acquire Beazer Homes USA (BZH) in a roughly $2.2 billion all-cash deal in a bid to create the sixth-largest homebuilder in the US, the companies said Friday.Under the terms of the deal, Beazer shareholders will receive $33.50 per share. The combined company's footprint is expected to cover 26 markets and about 520 active communities across the Southeast, Mid-Atlantic, Texas, the West, and the Midwest regions.The companies expect the deal to generate "significant" synergies and be double-digit percentage accretive to per-share earnings in year one, they said in a joint statement."This combination is the next meaningful step in our journey to become a top-5 national homebuilder, expanding our geographic reach, broadening the range of buyers we can serve, and strengthening the integrated services we offer families from contract to close," Dream Finders Chief Executive Patrick Zalupski said.In May, Beazer said its board rejected multiple unsolicited acquisition offers from Dream Finders, including a bid for $25.75 a share back then, saying it was "significantly" undervalued under those proposals."This transaction represents the culmination of a comprehensive review of opportunities to maximize value and provides Beazer shareholders with a significant and certain cash return in an uncertain market," Beazer CEO Allan Merrill said Friday.The transaction is expected to be close in the fourth quarter, subject to Beazer shareholders' approval and other conditions.Millrose Properties (MRP) announced a commitment to provide acquisition financing of up to $1.25 billion to support the Dream Finders-Beazer deal. Millrose intends to acquire home sites from the merged entity, the company said in a separate statement.Dream Finders shares were up 7.8% in Friday afternoon trade, while Beazer fell 1.1%. Millrose advanced 1.4%.Truist Securities said it will closely watch the proxy statement to be presented to Beazer shareholders, as it will likely reveal how many potential other bidders were involved, if any."We think there are buyers that could still be in the market for small- to mid-cap public homebuilders," the brokerage said in a note to clients, adding that the development could have implications for mid-cap builders, including KB Home (KBH) and Meritage Homes (MTH).Separately, Beazer reported Friday a fiscal third-quarter net loss of $0.16 a share, compared with a loss of $0.01 a year earlier. Revenue fell to $516.3 million from $545.4 million. The company withdrew its previously issued financial outlook, citing the Dream Finders deal. Dream Finders reaffirmed its 2026 guidance of approximately 9,250 home closings.Price: $14.52, Change: $+0.50, Percent Change: +3.53%

$BZH$DFH$KBH$MRP$MTH

Insider Trading68d ago

KB Home Insider Sold Shares Worth $1,140,548, According to a Recent SEC Filing

Robert V. McGibney, Director, President and CEO, on July 13, 2026, sold 20,621 shares in KB Home (KBH) for $1,140,548. Following the Form 4 filing with the SEC, McGibney has control over a total of 188,705 shares of the company, with 188,705 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/795266/000187145326000007/xslF345X05/wk-form4_1784150266.xml

$KBH

Insider Trading68d ago

Kb Home Insider Sold Shares Worth $15,211,672, According to a Recent SEC Filing

Jeffrey T Mezger, Director, Executive Chairman, on July 13, 2026, sold 274,952 shares in KB Home (KBH) for $15,211,672. Following the Form 4 filing with the SEC, Mezger has control over a total of 1,894,234 common shares of the company, with 1,894,234 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/795266/000107492326000011/xslF345X05/wk-form4_1784150282.xml

$KBH

US Markets89d ago

Update: Nasdaq, S&P 500 Extend Slide on AI-Chip Caution; Oil Sinks

(Updates with market moves at the end of the day.)The Nasdaq Composite and S&P 500 fell Wednesday for the third straight session amid caution on the AI-chip trade, while oil prices tumbled as supply concerns eased.The technology-heavy Nasdaq fell 0.4% to 25,476.6, erasing earlier gains, and the S&P 500 shed 0.1% to 7,358.2. The Dow Jones Industrial Average rose 0.4% to 51,850.9. Among sectors, energy posted the biggest drop, while industrials paced the gainers.Micron Technology (MU) shares fell 0.3% in regular trading Wednesday following a 13% drop in the previous session as part of the tech slump. The stock jumped 15% in after-hours trading after fiscal third-quarter results topped estimates.KB Home (KBH) shares jumped 17% a day after the homebuilder released second-quarter results. Truist Securities attributed the gain to the company's improving gross margins.Builders FirstSource (BLDR) shares rose 11%, the top gainer on the S&P 500.Qualcomm (QCOM) agreed to acquire software infrastructure firm Modular for about $3.92 billion in stock as the semiconductor giant looks to bolster its ability to deliver a more optimized AI compute layer. Qualcomm shares fell 3.3%.Paychex (PAYX) issued a fiscal 2027 outlook that implies slower growth in both profit and revenue. The human resources software provider's shares dropped 1.7%.West Texas Intermediate crude oil fell 4.7% to $69.79 a barrel in late trading, and Brent dropped 5.2% to $73.09. Tankers continued to move through the crucial Strait of Hormuz after being stuck due to the US-Iran war.Citing data analytics company Kpler, Stifel said 39 ships moved through the chokepoint on Monday. "Still well below the typical average of over 100, this is a vast improvement after more than three months of a complete halt of traffic," the brokerage said Wednesday in a report. "Both the US and Iran have signaled broad-based progress toward ending the war. That being said, the situation remains delicate as negotiations continue."US President Donald Trump, in a social media post, criticized oil companies for "not dropping their prices at the pump commensurate with the sharply lower prices they are paying for oil." Trump said he had instructed the Department of Justice "to immediately start looking into this."US Treasury yields were lower, with the 10-year rate last seen down 9.5 basis points at 4.41% and the two-year rate falling 4.3 basis points to 4.15%.In economic news, new-home sales in the US unexpectedly declined last month as prices moved higher, government data showed."New home sales were much weaker than expected in May, but we think the pace of sales in May probably marks the bottom of what will be a noisy range over the next few months rather than the start of a more sustained decline," Oxford Economics said in a note. "We expect sales to improve later in the year based on our forecast for mortgage rates to move lower."Gold was last seen down 3.2% at $4,017.60 per troy ounce, while silver slumped 7% to $57.72 per ounce.

Dow JonesNasdaq CompositeS&P 500$BLDR$KBH$MU$PAYX

US Markets89d ago

KB Home Shares Jump as Truist Cites Stronger Margin Outlook

KB Home (KBH) shares jumped in Wednesday trading with Truist Securities attributing the market's positive post-earnings response to the homebuilder's improving gross margins.Late Tuesday, the company reported mixed fiscal second-quarter results, with per-share earnings coming in weaker than Wall Street's expectations even as revenue topped estimates. It issued third-quarter guidance and updated its full-year outlook.The shares rose 17% in Wednesday afternoon trading. They have climbed 9% this year."We were skeptical mid-quarter that (KB Home) would actually be able to execute on their back half margin expansion, but came away from the call more positive and have adjusted our estimates for 2027 back up to where they were following the company's (first-quarter) earnings release," Truist said Tuesday in a report.For the third quarter, KB Home is projecting deliveries of 2,600 to 2,800 homes and housing revenue of $1.2 billion to $1.35 billion. Those estimates reflect improvement from 2,395 deliveries and housing revenue of $1.11 billion in the prior quarter. They also indicate housing gross profit margin in the range of 16% to 16.6%, assuming no inventory-related charges, while Wall Street expected 15.7%, Truist said.The company raised its full-year guidance for deliveries to 10,500 to 11,000 homes from the previous range of 10,000 to 11,500 homes. It narrowed its full-year housing revenue outlook to $4.9 billion to $5.3 billion from the previous range of $4.8 billion to $5.5 billion. It introduced full-year housing gross profit margin guidance in the range of 16.1% to 16.5%, which Truist said was ahead of the 15.7% consensus."As we anticipated and is evident in our guidance, we are expecting sequential growth in deliveries, revenue and gross margin in our third quarter, and again, in our fourth quarter," CEO Robert McGibney said during an earnings conference call late Tuesday, according to a FactSet transcript. "Specific to our third-quarter deliveries, more than 80% of these homes are already in our backlog."Truist raised its EPS estimates for KB Home to $3.24 from $3.18 for 2026, and to $4.94 from $4.60 for 2027. It raised its price target on the stock to $56 from $50 and maintained its hold rating.Price: $61.59, Change: $+8.86, Percent Change: +16.79%

$KBH

US Markets89d ago

Update: Equity Markets Mixed Intraday Ahead of Micron Results; Oil Sinks

(Updates with latest market prices and developments.)US benchmark equity indexes were mixed intraday as markets awaited Micron Technology's (MU) latest quarterly results, while oil prices tumbled as tankers continued to move through the Strait of Hormuz.The Nasdaq Composite was down 0.4% at 25,479.2 after midday Wednesday, while the S&P 500 fell 0.2% to 7,347.6. The Dow Jones Industrial Average rose 0.2% to 51,767.7. Among sectors, energy saw the biggest drop, while consumer discretionary paced the gainers.Ahead of its results -- due after the closing bell Wednesday -- Micron shares were down 2.6%, following a 13% slump in the previous session amid a sell-off in chip-related stocks.Trip.com (TCOM), Jefferies Financial (JEF) and H. B. Fuller (FUL) are also scheduled to report after the markets close.KB Home (KBH) shares surged 17% after the homebuilder released its results. Builders FirstSource (BLDR) shares jumped 10%, the top gainer on the S&P 500.Paychex (PAYX) issued a fiscal 2027 outlook that implies slower growth in both profit and revenue. The human resources software provider's shares were down 1.5% intraday.West Texas Intermediate crude oil was down 4.2% at $70.17 a barrel, while Brent dropped 4.3% to $73.75, both off session lows.The price declines came as tankers continued to move through the crucial Strait of Hormuz after being trapped in the Persian Gulf due to the US-Israel war with Iran that started at the end of February.Three stranded tankers carrying about 5 million barrels of crude oil were exiting the narrow waterway Wednesday, with two heading to Asia, Reuters reported, citing shipping data."With shipping traffic steadily improving through the Strait of Hormuz, traders are increasingly focused on a growing queue of cargoes waiting to move," Saxo Bank said in a report.US President Donald Trump, in a social media post, criticized oil companies for "not dropping their prices at the pump commensurate with the sharply lower prices they are paying for oil." Trump said he had instructed the Department of Justice "to immediately start looking into this."Last week, the US and Iran signed a memorandum of understanding to end the war and reopen the Strait of Hormuz, a crucial chokepoint for crude flows that connects the Persian Gulf with the Gulf of Oman and the Arabian Sea.US Secretary of State Marco Rubio is in the Persian Gulf region, seeking to sell the US-Iran deal to the Bahrain, Kuwait, and the United Arab Emirates, which are expected to be among its biggest skeptics, CNN reported Wednesday.US Treasury yields were lower intraday, with the 10-year rate down 9.8 basis points at 4.40% and the two-year rate falling 5.1 basis points to 4.15%.In economic news, new-home sales in the US unexpectedly declined last month as prices moved higher, government data showed."New home sales were much weaker than expected in May, but we think the pace of sales in May probably marks the bottom of what will be a noisy range over the next few months rather than the start of a more sustained decline," Oxford Economics said in a note. "We expect sales to improve later in the year based on our forecast for mortgage rates to move lower."Gold was down 3.5% to $4,004.30 per troy ounce, while silver slumped 6.9% to $57.78 per ounce.

Dow JonesNasdaq CompositeS&P 500$BLDR$FUL$JEF$KBH$MU$PAYX$TCOM

Wire89d ago

KB Home's Q2 Margin Strength Offset by Weak Orders, Demand, RBC Says

KB Home's (KBH) Q2 results showed stronger gross margins, but homebuyer demand and order growth remained weak, RBC Capital Markets said in a note Wednesday.The analysts said the company reported a mixed quarter. Gross margins came in better than expected, supported by its continued shift toward a build-to-order model and a greater mix of higher-margin homes in the West Coast and Bay Area markets.The analysts said Q3 and full-year 2026 guidance pointed to stronger near-term margins, but softer orders are expected to weigh on revenue and selling, general and administrative expenses. Traffic remained healthy, but weak consumer confidence continued to limit conversion rates."March was softer, April improved after some price cuts, May became more challenged but orders were 'resilient', while June has decelerated in-line with seasonal norms," the analysts added.The analysts lowered their 2026 and 2027 earnings per share estimates to $3.19 and $3.88, respectively, from $3.28 and $4.37. These compare with prior Street estimates of $3.20 for 2026 and $4.45 for 2027.RBC maintained its sector perform rating and $53 price target on KB Home.Price: $61.16, Change: $+8.43, Percent Change: +15.98%

$KBH

US Markets90d ago

Stock Futures Down as Tech Sell-Off Weighs on Sentiment

US equity futures were tracking in the red on Tuesday amid a broader tech sell-off despite signs of easing tensions between the US and Iran.The S&P 500 declined 1.4%, the Dow Jones Industrial Average was off 0.7% and the Nasdaq dropped 2.3% in premarket activity. The indexes finished the previous trading session mixed, with the Nasdaq closing the day down 1.3%.Shares of several major technology companies, including Alphabet (GOOG, GOOGL), Amazon (AMZN) and Meta Platforms (META), were down pre-bell, after closing the previous session in the red. SpaceX (SPCX) fell 3.7% following a 16% fall at the end of the previous session.Super Micro Computer (SMCI) fell about 5%, reversing a 16% gain on Monday.The sell-off is driven by concerns over AI valuations, with South Korean memory chipmakers SK Hynix and Samsung Electronics also falling sharply, CNBC reported."Clearly this will cause selling pressure and white knuckles for tech stocks in the US this morning as investors worry the overheated (Korea Composite Stock Price Index) sell-off has a spillover impact to US tech stocks," Wedbush Securities said in a Tuesday client note.Treasury yields declined in premarket action, with the two-year rate retreating 4.2 basis points to 4.19% and the 10-year rate sliding 2.2 basis points to 4.49%.The US Treasury on Monday issued a broad 60-day exemption allowing Iran to produce and sell crude oil, petrochemical and petroleum products in US dollars, effectively easing key sanctions restrictions, CNBC reported.West Texas Intermediate crude oil slipped 0.5% to $73.49 a barrel before the opening bell, while Brent decreased 0.7% to $77.38.US Vice President JD Vance reportedly said Monday that Iran agreed to admit International Atomic Energy Agency inspectors into the country. On the status of the Strait of Hormuz, Vance said the crucial waterway is open, and negotiations with Iran are focused on setting up a "coordination mechanism" for demining and resuming trade, CNN reported.Tuesday's economic calendar has the S&P Global's (SPGI) flash purchasing managers' index for June at 9:45 am ET, followed by the Federal Reserve Bank of Richmond manufacturing index for the same month at 10 am.Parcel delivery giant FedEx (FDX) is scheduled to report its latest financial results after the markets close, along with KB Home (KBH). Carnival (CCL) and Korn Ferry (KFY) post earnings before the bell, among others.Gold fell 1.4% to $4,145 per troy ounce, while bitcoin dropped 3.1% to $62,354.

Dow JonesNasdaq CompositeS&P 500$AMZN$CCL$FDX$GOOG$GOOGL$IBM$KBH$KFY$META$SMCI$SPCX

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