11 stories mentioning RKTUpdated 17d ago
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Rocket (RKT) has named Alessio Sanfilippo as chief executive officer of its Redfin unit, effective immediately, the company said Monday.Sanfilippo most recently served as vice president of insights for Meta Platforms' (META) Reality Labs, Rocket said.Price: $13.33, Change: $-0.45, Percent Change: -3.23%
Rocket Companies (RKT) faces near-term revenue pressure from higher interest rates, though its progress on cost synergies is improving its outlook, Oppenheimer said in a Friday research report.The investment firm said in a Friday research report that Q3 revenue is expected to come in about 10% below the Street estimate. It said higher rates weighed on purchase and refinance activity during the quarter. It lowered its 2026 and 2027 revenue estimates by 5% and 9%, respectively.The company is making progress in meeting its synergy targets. The brokerage anticipates $400 million of annual run-rate cost savings to be completed by year-end and another $100 million expected in the first half of 2027, according to the note.Oppenheimer said it views Q2 and Q3 adjusted net income could represent a floor for earnings, with any improvement in interest rates providing incremental high-margin revenue.Rocket has created a strong top of funnel and competitive moat through its acquisitions of Redfin and Mr. Cooper. The acquisitions are expected to drive revenue synergies and share gains over the long term, the note added.Oppenheimer reiterated its outperform rating and price target of $20 per share on the stock.Price: $13.71, Change: $-0.02, Percent Change: -0.11%
Rocket Companies (RKT) reported Q2 adjusted earnings late Thursday of $0.16 per diluted share, up from $0.04 a year earlier.Analysts polled by FactSet expected $0.16.Revenue in the three months ended June 30 rose to $2.78 billion from $1.45 billion a year ago.Analysts projected $2.81 billion.The company expects Q3 adjusted revenue of $2.5 billion to $2.7 billion. Analysts project $2.86 billion.Rocket's shares fell 10% in after-hours trading.
Rocket Companies (RKT) has an average rating of overweight and mean price target of $19.23, according to analysts polled by FactSet.
Tech stocks were higher late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 1% and the State Street SPDR S&P Semiconductor ETF (XSD) rising 2.3%.The Philadelphia Semiconductor index climbed 2.2%.In sector news, Jeff Bezos' Blue Origin is raising about $10 billion in its first external funding round, valuing the rocket company at about $130 billion, news outlets reported. The reports said Bezos is expected to invest $2 billion, while Coatue Management plans to contribute about $4 billion. The remaining $4 billion has attracted strong investor demand and is expected to come from several major investors, CNBC reported.In corporate news, Alibaba (BABA), ByteDance, and DeepSeek may receive permission from China to buy a limited volume of Nvidia (NVDA) H200 chips to offset a shortage due to increasing demand for AI chips, The Information reported. Nvidia shares rose 3.8%.Apple (AAPL) said Wednesday Broadcom (AVGO) will produce chips to be used in Apple's products in a deal likely worth more than $30 billion. Apple shares rose 1.1%, and Broadcom jumped 5.5%.Zillow (Z) and Rocket's (RKT) Redfin are headed to trial in August in the Federal Trade Commission's challenge to their apartment-listing partnership after the US District Court for the Eastern District of Virginia declined the government's request for an early ruling, Bloomberg reported. Zillow shares fell 1.9%, and Rocket shed 3.3%.Amazon.com-backed (AMZN) Anthropic's Claude Code was flagged by China's National Vulnerability Database over an alleged security "backdoor" risk in versions 2.1.91 through 2.1.196, Reuters reported. The agency advised users to uninstall the affected versions or upgrade to the latest release and urged organizations to strengthen network monitoring to help prevent unauthorized data transfers, the report said. Amazon shares were down 1.4%.
Zillow Group (Z, ZG) and Rocket Companies' (RKT) Redfin are headed to trial in August in the Federal Trade Commission's challenge to their apartment-listing partnership after the US District Court for the Eastern District of Virginia declined the government's request for an early ruling, Bloomberg reported Wednesday.US District Judge Anthony Trenga said at a hearing in Alexandria the case involves too many disputes to decide before a trial, which is scheduled to begin Aug. 24 and last two weeks, according to the report.At Wednesday's hearing, FTC lawyer Allyson Maltas said the deal between Zillow and Redfin reduced competition for internet listing services on apartment rentals, the report added."The FTC asked the court to partially resolve this case before Zillow has the opportunity to present its full evidence at trial - evidence that will demonstrate the pro-competitive effects of this partnership for renters and housing providers. We are pleased with the court's decision today, and look forward to presenting the full record at trial next month," Zillow said Wednesday in a statement.Rocket Companies did not immediately respond to a request for comment by.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $31.66, Change: $-1.13, Percent Change: -3.43%
Rocket Companies (RKT) has an average rating of overweight and mean price target of $19.88, according to analysts polled by FactSet.
Rocket Companies (RKT) has an average rating of overweight and mean price target of $19.88, according to analysts polled by FactSet.
Rocket Companies' (RKT) subsidiaries Rocket Mortgage and Redfin have launched a new homebuyer and seller incentive program offering savings of up to $20,000 for eligible customers, the company said Tuesday.The program provides combined lender credits and commission discounts for customers who buy, sell and finance homes through Redfin agents and Rocket Mortgage, with savings varying based on transaction type and client status, the companies said.Rocket said the initiative is designed to improve housing affordability and streamline the homebuying process by integrating brokerage and mortgage services within its ecosystem.Shares of Rocket Companies were down 3% in Tuesday trading.Price: $12.67, Change: $-0.35, Percent Change: -2.69%
Upcoming results of several key payment-focused and financial technology companies are likely to either meet or exceed expectations, though firms are seen having a cautious outlook on the consumer amid war-driven inflationary pressures, RBC Capital Markets said in a note e-mailed Monday.PayPal (PYPL), Fiserv (FISV), Shift4 Payments (FOUR), Affirm (AFRM), Block (XYZ), Corpay (CPAY), Global Payments (GPN), Fidelity National Information Services (FIS), Jack Henry & Associates (JKHY), Rocket (RKT), Toast (TOST), and NCR Voyix (VYX) are among the companies scheduled to report their latest quarterly financial results this week."We believe that the payments group will deliver in-line to better-than-expected results, except for (Shift4), which we believe will be impacted by seasonally weaker and Middle East-impacted Global Blue; PayPal, and (NCR)," RBC analyst Daniel Perlin said in a note to clients. "While we expect higher tax returns to benefit spending trends this quarter, we expect management teams to have a cautious outlook on the consumer on the basis of higher fuel prices and a general inflationary environment impacting discretionary spending."High recurring revenue and a strong demand backdrop likely insulate Jack Henry and Fidelity National from broader economic volatility, according to the brokerage. "The macro is not in the driver seat for them, and we expect management teams to continue reinforcing their view that the cores have a data and compliance moat from (artificial intelligence) disruption," Perlin said.Recently, Visa's (V) latest quarterly results showed payments volume growth in the US, while Mastercard (MA) saw purchase volume growth in that market, according to RBC. This indicates that restaurant and retail has likely "held up," though cross-border and travel continue to be areas of caution, Perlin said.PayPal's branded checkout performance in the first quarter will likely be pressured due to exposure to the Middle East conflict and pullback from low-income consumers. However, the investors will be focused on the company's potential future strategic direction instead of just the quarterly results, according to the note.RBC expects Global Payments to face "modest" headwinds in the first half of 2026 due to its exposure to Middle Eastern airlines and the ongoing conflict in the region. Despite having minimal Middle East ties, inflation and small- and medium-business exposure could challenge Fiserv in the near term.Affirm is seeing robust consumer demand despite high fuel costs, RBC said. "Affirm's potential Middle East exposure is more of a knock-on effect associated with higher oil prices crowding out overall consumer spending, and with (Affirm's) tilt toward lower-end consumers, it's probable to assume some potential weakness in that cohort."Block's Cash App Borrow offering is likely to see strong demand amid consumer pressure, according to the brokerage. "As for (the first quarter), intra-quarter conversations suggest overall volume trends in both Cash App and Seller appear to be holding up, with additional levers benefiting (the second quarter)," Perlin said.Energy prices have surged as the US-Israel war with Iran curtailed shipments through the crucial Strait of Hormuz. The conflict paused following a recent ceasefire between Washington and Tehran, but a framework for a permanent truce is yet to be reached. The war started at the end of February.Price: $50.52, Change: $+0.08, Percent Change: +0.16%
Rocket Companies (RKT) has an average rating of overweight and mean price target of $21.25, according to analysts polled by FactSet.
