U.S. Homebuilder Confidence Improves Much More Than Expected In February

A report released by the National Association of Home Builders on Wednesday showed a much bigger than expected improvement in U.S. homebuilder confidence in the month of February.

The report said the NAHB/Wells Fargo Housing Market Index jumped to 42 in February from 35 in January. Economists had expected the index to inch up to 37.

With the much bigger than expected increase, the housing market index reached its highest level since hitting 46 last September.

“While the HMI remains below the breakeven level of 50, the increase from 31 to 42 from December to February is a positive sign for the market,” said NAHB Chief Economist Robert Dietz.

He added, “Even as the Federal Reserve continues to tighten monetary policy conditions, forecasts indicate that the housing market has passed peak mortgage rates for this cycle.”

The bigger than expected jump by the housing market index came as all three component indices posted gains for the second consecutive month.

The index gauging current sales conditions surged to 46 in February from 40 in January, the component charting sales expectations in the next six months spiked to 48 from 37, and the gauge measuring traffic of prospective buyers jumped to 29 from 23.

On Thursday, the Commerce Department is scheduled to release its report on new residential construction in the month of January.

Toast Falls After Reporting Q4 Loss

Toast, Inc. (TOST) shares are sliding more than 22 percent on Thursday morning trade after reporting net loss for the fourth quarter, compared to a profit last year.

The quarterly loss for the cloud-based digital technology platform was $99 million or $0.19 per share, compared to profit of $2 million or loss per share of $0.23.

Looking ahead to the first quarter, the company expects revenue in the range of $745 – $775 million, while Wall Street analysts are looking for $751.14 million.

Currently, shares are at $20.07, down 22.71 percent from the previous close of $25.96 on a volume of 5,502,733.

Shopify Stock Slips 16% On Quarterly Results

Shares of Shopify Inc. (SHOP) are slipping over 16% on Thursday morning after reporting fourth-quarter results.

SHOP is currently trading at $44.74, down $8.65 or 16.20%, on the Nasdaq. The stock opened its trading at $51.00 after closing Wednesday’s trading at $53.39. The stock has traded between and $23.63 and $78.00 in the past 52-week period.

Shopify reported fourth-quarter loss of $623.7 million or $0.49 per share, compared to $371.3 million or $0.30 per share last year.

Adjusted earnings were $91.0 million or $0.07 per share for the period. Analysts expected a loss of $0.01 per share for the quarter.

Revenues for the quarter were $1.73 billion, up $1.38 billion last year.

A Fast Way to Orange Rolls, the Citrusy Sister of Cinnamon Rolls

Whether or not you have nostalgia for these breakfast treats, you’ll want to bake these homemade ones from Genevieve Ko.

Send any friend a story

As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.

By Genevieve Ko

Freedom Holding Shares Jump 20% As It Agrees To Buy Maxim Group

Shares of Freedom Holding Corp. (FRHC) are gaining nearly 20% on Thursday morning after the company said it reached a deal to acquire investment bank Maxim Group to expand its presence in the U.S.

FRHC is currently trading at $76.19, up $12.43 or 19.49%, on the Nasdaq, on a volume of 1.9 million shares, above average volume of 150 thousand. The stock opened its trading at $63.76 after closing Wednesday’s trading at $75.31. The stock has traded between $38.17 and $77.97 in the past 52-week period.

Freedom Holding reached a deal to acquire Maxim Group LLC and its registered investment advisory affiliate Maxim Financial Advisors LLC for a combination of cash and common stock.

Including deferred payments and retention bonuses, the total consideration for the acquisition will be around $400 million.

Freedom continues its strategy of acquisitions following its 2020 purchase of Prime Executions, Inc., an institutional trading firm with operations on the floor of the New York Stock Exchange which was recently approved to conduct investment banking and equity capital market businesses under Freedom Capital Markets.

Roku Gains On Better Q4 Revenue Than Expected

Shares of Roku, Inc. (ROKU) are gaining more than 14 percent on Thursday morning trade after reporting fourth-quarter revenue of $867.1 million, while its earlier projection was for revenue of $800 million.

The shares have been on a bullish trend since February 13.

Currently, shares are at $73.31, up 15.47 percent from the previous close of $63.49 on a volume of 13,056,141.

Crocs Stock Gains 9% On Q4 Results, Strong Outlook

Shares of Crocs, Inc. (CROX) are gaining nearly 9% on Thursday morning after its fourth-quarter earnings beat Street estimates, and issued a strong outlook.

CROX is currently trading at $136.84, up $11.17 or 8.88%, on the Nasdaq. The stock opened its trading at $132.85 after closing Wednesday’s trading at $125.67. The stock has traded between $46.08 and $143.47 in the past 52-week period.

Crocs fourth-quarter profit slipped to $137.74 million or $2.20 per share, compared to $154.85 million or $2.57 per share last year. Adjusted earnings of $165.58 million or $2.65 per share for the period. Analysts expected earnings of $2.26 per share.

Revenues for the quarter rose to $945.16 million from $586.63 million last year.

For the first quarter, the company expects adjusted earnings of $2.06 to $2.19 per share on revenue growth of about 27 to 30 percent. Analysts currently expect earnings of $2.02 per share on revenue growth of 25.0 percent to $825.48 million for the quarter.

For the fiscal 2023, the company expects adjusted earnings of $11.00 to $11.31 per share on revenue growth of about 10 to 13 percent. The Street is looking for earnings of $10.86 per share on revenue growth of 12.0 percent to $3.97 billion for the year.