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Lennar Corp (NYSE: LEN) is trading down in extended hours on Wednesday even though it reported better-than-expected financial results for its second quarter. Lennar’s guidance for the third quarterInvestors are concerned because the guidance failed to impress. $LEN now expects to deliver up to 21,000 homes in the second quarter. New orders, it added, will fall between 20,500 and 21,000 in Q2. Stuart Miller – the co-chief executive of Lennar Corp said in apress release today: Although affordability continued to be tested by interest rate movements and simultaneously challenged consumer sentimen...
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GameStop Corp lost another 13% on Monday after its annual meeting concluded without a concrete update on the retailer’s future plans. GameStop hosted annual shareholder meeting on MondayThe video gaming merchandise company could not host its annual shareholders meeting last week as servers crashed due to a massive surge in interest. $GME, therefore, held its yearly meeting today which did not offer any colour of what the management plans on doing to turn this ship around. Earlier in June, GameStop reported a 29% year-on-year hit to its net sales in the first quarter to $882 million versus anal...
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Autodesk Inc (NASDAQ: ADSK) is up 5.0% on Monday after Starboard Value revealed a sizable stake in the graphic designing software maker. Details of Starboard’s stake in AutodeskThe activist hedge fund led by Jeff Smith announced a $500 million stake in ADSK today. Autodesk failed to “disclose material malfeasance in accounting and disclosure practices” before its 2024 annual meeting of shareholders in April. The timing did not sit well with Starboard as it disabled an investor from nominating its own candidates. The activist fund also sees potential for margin improvement and expects better in...
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Workhorse Group (NASDAQ: WKHS) is in focus this morning after it started trading on a split-adjusted basis. Workhorse stock is losing after the stock splitLast week, the electric vehicles company announced a reverse stock split (1-for-20) to regain compliance with requirements to remain listed on Nasdaq. $WKHS must trade at a price of over $1.0 per share for ten consecutive days to satisfy the minimum bid rule. It has until September 16th to establish compliance with the aforementioned requirement. The stock split does not guarantee that Workhorse stock will remain listed on Nasdaq considering...
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The Aaron’s Company (NYSE: AAN) is up a whopping 35% in premarket on Monday after announcing a $504 million agreement with IQVentures Holdings. IQVentures values Aaron stock at $10.10IQVentures has agreed to pay $10.10 for each share of Aaron’s in cash which represents about a 34% upside on their previous close. $AAN will remain headquartered in Atlanta and operate under its existing brand name albeit as a privately held company once the transaction is complete. John W. Robinson III – chairman of the board of The Aaron’s Company said in a press release today: The Board conducted a thorough rev...
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Famed investor Jim Cramer remains convinced that the current environment is suitable for owning stocks. Here are the top three must-own stocks that he recommends buying for 2024. Okta Inc (NASDAQ: OKTA)Okta has lost roughly 20% over the past three months but the Mad Money host remains bullish as ever on the identity and access management company. “I think Okta is terrific” – that’s what Jim Cramer told a caller in May. The famed investor expressed confidence in the leadership of Todd McKinnon as well (chief executive of $OKTA) who, he’s convinced, “learned” from the recent hacking attack that ...
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Super Micro Computer Inc (NASDAQ: SMCI) was among the most shorted S&P 500 tech stocks in May. Shares of the AI firm are up close to 200% for the year at writing. What was Supermicro stock short interest in May?Information technology weighs the most on the benchmark index and bets against it were up at large last month. In May, short interest in the S&P 500 tech stocks climbed to 1.56% on average versus 1.42% in April. But short interest in the high-flying SMCI stock far exceeded the average. At 7.26%, it was behind only two names in S&P 500 technology stocks in terms of short interest: Enphas...
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Apple Inc (NASDAQ: AAPL) has regained its crown of the world’s most valuable company after AI announcements at its 2024 WWDC. But Paul Meeks of Harvest Portfolio Management remains unimpressed. AI announcements not enough for Apple stockWall Street analysts rushed to raise their price targets on Apple stock after the multinational introduced a bunch of AI features as well as integration with ChatGPT. May dubbed it a “game changer” that will translate to a lift in iPhone sales. But Paul Meeks told CNBC in an interview this week: I will believe it when I see it. I don’t think we’re going to have...
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Bitfarms Ltd (NASDAQ: BITF) is gaining this morning after Riot Platforms Inc (NASDAQ: RIOT) increased its stake in the Bitcoin miner to about $14%. Riot now owns over 59 million Bitfarms sharesRiot Platforms loaded up on 1.43 million shares of Bitfarms on Thursday. In total, it now owns 59.2 million shares of BITF. RIOT also reiterated plans of calling a special meeting of those invested in Bitfarms on Friday where it intends to nominate several independent directors to the crypto miner’s board. The Nasdaq-listed firm has “serious concerns regarding the Board’s track record of poor corporate g...
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Adobe Inc (NASDAQ: ADBE) is rallying in extended hours on Thursday after reporting market-beating financial results for its second quarter. Adobe stock rallies on upbeat guidanceInvestors are rewarding the stock also because the management issued encouraging guidance for the future. $ADBE now forecasts its revenue to fall between $5.33 billion and $5.38 billion on up to $4.55 a share of adjusted earnings in Q3. Analysts, in comparison, were at $5.4 billion and $4.48 per share. Dan Durn – the chief financial officer of Adobe Inc said in a press release today: Our market-leading products, strong...
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