Stock futures are seeing an increase on Friday following the Dow Jones Industrial Average reaching another all-time closing high. Additionally, the yield on the 10-year Treasury note has closed below 4% for the first time since July. This comes after the Federal Reserve's signal that interest rates may be cut three times next year.
Costco Wholesale Beats Estimates and Declares Special Cash Dividend
Costco Wholesale has reported better-than-expected earnings for their fiscal first quarter. The company has also announced a special cash dividend of $15 per share, totaling approximately $6.7 billion. Revenue for the quarter increased by 6.1% to reach $57.8 billion, and same-store sales were up by 3.8%. The boost in sales came from increased sales of food and sundries. As a result, shares of the warehouse retailer have risen by 1.9%.
Lennar Exceeds Expectations in Fourth Quarter
Lennar, a home builder, has reported higher-than-expected adjusted earnings for their fiscal fourth quarter. The company received 17,366 new orders during this period and delivered 23,795 homes. However, the gross margin on home sales was slightly lower than analysts' expectations, sitting at 24.2% instead of 24.6%. As a result, the stock has declined by 2.8%.
Darden Restaurants to Share Second-Quarter Earnings
Darden Restaurants, the parent company of Olive Garden and LongHorn Steakhouse, is scheduled to report their fiscal second-quarter earnings on Friday.
Sunrun Sees Upward Momentum with Buy Recommendation
Sunrun, the residential solar panel company, experienced a 2.8% increase, reaching $18.45 per share. This surge follows Jefferies' initiation of coverage on Sunrun's shares with a Buy recommendation and a price target of $25. In their research note, the analysts noted that during times of uncertainty, companies with exposure to utility-scale projects and strong financial positions present better risk/reward opportunities. The positive news resulted in a 20% jump in Sunrun's stock on Thursday, together with other solar stocks. Jefferies also assigned Buy ratings to First Solar, which saw a 1.2% increase in premarket trading, and Enphase Energy, experiencing a 12% surge on Thursday and an additional 2.2% rise in premarket trading.
Scholastic Faces Setbacks in Fiscal Second Quarter
During the crucial back-to-school period for educational publishers, Scholastic reported a 4% decline in revenue for its fiscal second quarter ended on November 30. Consequently, Scholastic adjusted its earnings guidance for the fiscal year, leading to a 12% drop in its stock during after-hours trading on Thursday.
Quanex Building Products Anticipates Mixed Outlook
Quanex Building Products disclosed that its fiscal fourth-quarter sales totaled $295.5 million, a 3.9% decrease compared to the previous year. Looking ahead to fiscal 2024, Quanex expressed caution about the first half due to ongoing macroeconomic challenges and typical seasonality affecting the business. However, the company remains optimistic that consumer confidence will gradually restore over time, leading to improved demand for its products in the second half of the fiscal year. Although Quanex did not provide specific guidance at this time, it plans to revisit its projections when reporting first-quarter earnings.
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