Closing Bell Movers: KB Home slips on earnings miss

Skepticism crept into the “pathway to Iranian conflict offramp” narrative that boosted risky assets on Monday, and stocks fell on Tuesday, with Communication Services and Tech – particularly software names – suffering some of the bigger losses.  Tuesday evening, however, Israeli media reported that US negotiators are seeking a one-month ceasefire with Tehran as the two sides hammer out a status quo amenable to both administrations – the White House is hoping to secure promises of commitment from Tehran not to develop a nuclear arsenal or to support rogue militias in exchange for helping the country develop a nuclear program for energy use.  Separately, the WSJ also reported that mediators from Turkey, Egypt and Pakistan are working to secure a dialogue between Tehran and Washington.  S&P 500 futures reopened up 0.7% on the latest developments while WTI Crude Oil retreated further below $89 per barrel.

Among notable movers afterhours, Braze spiked 20% after the company’s better than expected Q4 revenue with above-consensus top-line guidance.  KB Home, however, was lower after a Q1 earnings miss, with homes delivered falling 14% from last year and average selling price compressing to $452,100, from $500,700, sending housing gross margins down to 15.5% from 20.3%.

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS –

• Braze (BRZE) up 20.1%
• Paysign (PAYS) up 2.7%

ALSO HIGHER –

• Robinhood Markets (HOOD) up 1.9% after announcing $1.5B buyback

DOWN AFTER EARNINGS –

• Absci (ABSI) down 14.1%
• Velo3D (VELO) down 9.3%
• KB Home (KBH) down 4.2%
• Worthington Enterprises (WOR) down 2.6%
• GameStop (GME) down 0.2%

ALSO LOWER –

• Forgent Power Solutions (FPS) down 10.6% after equity offering
• DigitalOcean Holdings (DOCN) down 8.4% after equity offering