KBH, HPE, GM and more
Check out the companies making headlines before the bell: Flutter Entertainment — Shares jumped more than 9% after the FanDuel parent unveiled a $5 billion share buyback program and outlined a long-term growth plan. Progress Software — The tech stock advanced nearly 7% after better-than-expected fiscal third-quarter results. Progress posted adjusted earnings of $1.26 per share on revenue of $178.7 million. Analysts polled by FactSet were expecting $1.14 per share on revenue of $176.2 million. KB Home — Shares plunged more than 6% following weaker-than-expected fiscal third-quarter earnings. KB Home earned $2.04 per share, or 2 cents below the estimate of analysts surveyed by LSEG. The homebuilder’s year-over-year housing gross margin also fell. Bilibili — Shares lost more than 5% despite JPMorgan naming it a top pick among Chinese-based digital entertainment names. The firm pointed to the company’s mobile “Sanmou” game and its third-quarter earnings as potential drivers for the stock. Rithm Capital — The real estate investing stock fell more than 4% after announcing a secondary offering of 30 million shares. Proceeds will be used for general corporate purposes, Rithm said, and total about $342.9 million. Hewlett Packard Enterprise — The technology stock added almost 3% on the back of a Barclays upgrade to overweight from equal weight. Barclays called Hewlett Packard the best play as enterprise hardware rebounds. Worthington Enterprises — Shares slid nearly 5% on weaker-than-expected first-quarter results. The company earned 50 cents per share, excluding items, on $257.3 million in revenue. Analysts were expecting 71 cents per share on revenue of $296.1 million, according to FactSet. Alibaba — Shares of the Chinese e-commerce giant moved nearly 3% lower after gaining almost 8% in the previous session. On Tuesday, China’s central bank rolled out new stimulus measures , fueling a rally in U.S.-listed shares of Chinese companies. General Motors , Ford Motor — The auto stocks fell following downgrades from Morgan Stanley’s Adam Jonas due to rising China competition and a weakening U.S. consumer. The analyst downgraded Ford Motor to equal weight from overweight, while General Motors was lowered to underweight from equal weight. Shares of General Motors and Ford fell roughly 3% and 2%, respectively. — CNBC’s Alex Harring, Sarah Min and Lisa Kailai Han contributed reporting.
