The U.S. stock market indexes opened mixed. While the S&P 500 and Nasdaq are in the green, the Dow Jones is down. The two-year note yield rose to 1.463%, the 10-year Treasury yield rose to 2.321% and the 30-year bond yield was at 2.868%.
Shares of KB Home (KBH, Financial) were up more than 8% on the back of the company's quarterly results, which were released after the market closed Thursday. Third-quarter EPS came in at 51 cents and revenue was $1.14 billion, beating estimates. Revenue increased 24.8% year over year.
Chairman, President and CEO Jeffrey Mezger said the company has made significant progress in its three-year growth plan. He emphasized on good key financial metrics, specifically the gross profit margin on a year-over-year basis. Further, the company achieved a record-low spending, general and administrative expenses ratio and the operating income margin inched up 100 basis points.
“We believe we are well positioned as we move into the closing months of our fiscal year, with a backlog value of more than $2 billion and positive conditions in most of our served markets,” Mezger said.
Gainers
• Tyson Foods Inc. (TSN, Financial)”‹
• Wynn Resorts Ltd. (WYNN)”‹
• AmerisourceBergen Corp. (ABC, Financial)”‹
• Alliance Data Systems Corp. (ADS)
• Amphenol Corp. (APH, Financial)
• Invesco Ltd. (IVZ)”‹
• Navient Corp. (NAVI)
Losers
• Scana Corp”‹. (SCG, Financial)
• Freeport-McMoRan Inc. (FCX)
• GGP Inc. (GGP)
• Arconic Inc. (ARNC, Financial)
• Marathon Oil Corp. (MRO, Financial)
• Newfield Exploration Co. (NFX)
• Range Resources Corp. (RRC, Financial)
• Avery Dennison Corp. (AVY, Financial)
Global markets
The main European stock markets traded higher. The FTSE 100 gained 0.68%, France's CAC 40 climbed 0.68%, Germany’s DAX was up 0.98% and the IBEX 35 increased 0.51%.
In Asia, Hong Kong’s Hang Seng Index, China’s Shanghai Composite Index and India’s BSE Sensex closed higher. Japan’s Nikkei 225 lost 0.03%.
Disclosure: The author holds no positions in any stocks mentioned.
