Nasdaq Hits Record High as Investors Await Big-Tech Earnings

Crocs Stock Tumbles as Heydude Sales Weakness Persists

19 minutes ago

Shares of Crocs, Inc. (CROX) plunged Tuesday after the company’s third-quarter earnings beat was overshadowed by sales weakness from its smaller Heydude brand.

The footwear company reported $1.06 billion in revenue, narrowly above estimates compiled by Visible Alpha, while profit of $199.8 million also beat estimates of $187.3 million.

Investor concerns seemed to stem from sales of Heydude shoes—a company Crocs acquired in 2022.

Heydude’s revenue fell short of estimates at $204 million, and the company also updated full-year projections, expecting Heydude sales to fall by a larger margin than previously reported.

CEO Andrew Rees said Crocs has seen positive results from its investments in new marketing for the brand, but noted that Heydude’s “recent performance and the current operating environment are signaling it will take longer than we had initially planned for the brand to turn a corner.”

The company said it expects fourth-quarter revenue to be roughly flat to up slightly year-over-year, as 2% growth in Crocs revenue will likely be offset by a 4% to 6% decline in Heydude sales.

Crocs shares were down 19% late Tuesday, trading at their lowest level since February.

–Aaron McDade

Stanley Black & Decker Falls After Weak Earnings

2 hr 32 min ago

Stanley Black & Decker (SWK) shares plunged as the toolmaker posted worse-than-expected results and narrowed its guidance, citing falling consumer demand and a slowdown in the auto sector.

The company reported third-quarter diluted earnings per share (EPS) of $0.60, with revenue down 5.1% to $3.75 billion. Analysts surveyed by Visible Alpha were looking for $0.87 and $3.80 billion, respectively. 

Sales at the Tools & Outdoors division declined 3% to $3.26 billion as volumes fell on a weak consumer and do-it-yourself (DIY) backdrop. Sales at the Industrial unit tumbled 18% to $488 million because of what the company called “market softness in automotive.”

Stanley Black & Decker now sees adjusted EPS in a range of $3.90 to $4.30 as compared to its previous outlook of $3.70 to $4.50. 

Shares of Stanley Black & Decker were down 8% in afternoon trading, falling into negative territory for the year.

–Bill McColl

D.R. Horton Tumbles on Weak Results, Outlook

4 hr 5 min ago

Shares of homebuilder D.R. Horton (DHI) sank Tuesday morning to lead S&P 500 decliners after the company’s quarterly results and projections for fiscal 2025 both fell short of analysts’ expectations.

For the fourth quarter of fiscal 2024, D.R. Horton reported $10.00 billion in revenue, down from $10.50 billion the same time last year and below the $10.22 billion consensus estimate of analysts compiled by Visible Alpha. The homebuilder reported $1.28 billion in net income, down from $1.51 billion and below the $1.37 billion analysts expected.

D.R. Horton’s outlook for fiscal 2025 revenue also came in short of analysts’ estimates. The company said it expects revenue between $36 billion and $37.5 billion, well below the $39.39 billion expectation.

Executive chairman David Auld said sales were slower than the company expected in the quarter. “While mortgage rates have decreased from their highs earlier this year, many potential homebuyers expect rates to be lower in 2025,” Auld said.

D.R. Horton shares were down 10%, trading at their lowest levels since July.

–Aaron McDade

Ford Stock Slides After Earnings—Key Levels to Watch

6 hr 34 min ago

Shares in Ford (F) were down 7% in premarket trading after the automaker late Monday posted third-quarter profit below Wall Street expectations and trimmed its full-year outlook.

The stock has consolidated within an ascending triangle, a chart pattern that can signal a move lower if formed within an established downtrend.

Investors should watch key support levels on Ford’s chart around $9.50, $8.70, and $7.50. A breakout above key resistance at $11.30 could act as a catalyst for a bullish trend reversal.

Read the full technical analysis piece here.

–Timothy Smith

Futures Point to Lower Open for Major Indexes

7 hr 5 min ago

Futures tied to the Dow Jones Industrial Average were down 0.4%.

S&P 500 futures were off 0.2%.

Nasdaq 100 futures were down 0.1%.