download yahoo finance stock market live quotes business & finance news

Shares of Party City ( PRTY) plunged 37% after surging around that much earlier in the day and spiking 118% in Tuesday's session. The stock price was little changed.Įlsewhere, shares of two retailers on the brink of extinction continued to see intense trading.

The move by Wells Fargo, once a leading mortgage lender, comes amid a slowdown in the housing market as sky-high interest rates put a damper on property purchases and refinancing agreements. Wells Fargo ( WFC) was among companies in focus in early trading after the megabank said late Tuesday it would scale back its home lending business. Treasury yields pared their move higher from the previous session, with the benchmark 10-year note falling below 3.6%. Analysts, on average, had forecast 16,445 for the third quarter, and 63,755 for the year.U.S. Lennar said it expects to deliver 18,000 to 19,000 homes in the fiscal third quarter, and 68,000 to 70,000 for the year, up from a previous forecast of 62,000 to 66,000. “As consumers have come to accept a ‘new normal’ range for interest rates, demand has accelerated, leaving the market to reconcile the chronic supply shortage derived from over a decade of production deficits.” Home deliveries rose 3% from a year ago to 17,074, while analysts were forecasting 15,654.

“During the quarter, we continued to see the housing market normalize and recover from the Fed’s 2022 aggressive interest-rate hikes in response to elevated inflation,” said Stuart Miller, Lennar chairman, in a statement.

Analysts surveyed by FactSet had forecast $2.33 a share on revenue of $7.22 billion. Revenue fell to $8.05 billion from $8.36 billion in the year-ago quarter. The company reported fiscal second-quarter net income of $871.7 million, or $3.01 a share, compared with $1.32 billion, or $4.49 a share, in the year-ago period.

Lennar shares rose 3% after hours, following a 1.1% decline in the regular session to close at $114.75. LEN shares rose in the extended session Wednesday after the homebuilder’s quarterly results and raised forecast topped Wall Street estimates. Lennar stock rises after results top Street view, outlook hiked

Download yahoo finance stock market live quotes business & finance news