Shares of FedEx (FDX) rose 5.4% in premarket trading after the shipping company reported fiscal first-quarter earnings that beat analysts’ estimates and expanded operating margins amid cost-cutting measures. FedEx also raised its fiscal year guidance, saying it expects adjusted profit of $17 to $18.50 per share, up from its previous forecast of $16.50 to $18.50. Rival United Parcel Service (UPS) was up 0.9%.
Klaviyo (KVYO) fell 3.6% to $31.58 in premarket trading, 23% above its initial offering price of $30, and up 9.2% to $32.76, after the Boston-based marketing software company opened for trading at $36.75 on Wednesday. Closed.
KB Home (KBH) reported better-than-expected fiscal third quarter earnings and raised its fiscal year revenue forecast. Chairman and Chief Executive Jeffrey Mezger said in a statement that demand remained “steady” during the third quarter “even as mortgage interest rates rose as the quarter progressed.” The stock fell 2.2% in after-hours trading Wednesday.
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CrowdStrike Holdings (CRWD) was up 2.8% in premarket trading after the cybersecurity company announced in a briefing at Fall.Con that it is raising its new target model of subscription gross margin to 82%-85% of revenue. , which is up 400 basis points. Its previous target, and raising its operating margin target by 900 basis points from 28% to 32%. The company said the timeline for meeting those goals is three to five years.
Broadcom (AVGO) was falling 5.6% in premarket trading after Alphabet (GOOGL) reported that Google has discussed leaving Broadcom as a supplier of artificial intelligence as early as 2027.
DR Horton (DHI) joins Paul J. Named Romanowski as chairman and chief executive effective October 1. In October 2021, he was named co-chief operating officer of the home builder. As CEO, Romanowski replaces David V. Auld, who will transition to Executive Vice Chairman of the Board. Auld has served as Chairman and CEO since October 2014. The stock declined 0.8%.
Darden Restaurants (DRI) and FactSet Research Systems are expected to report earnings Thursday
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(FDS).
Write to Joe Woelfel at [email protected]
Source: www.barrons.com
