KB Home swung to a profit. Higher home prices helped the big builder post a solid earnings report. This is the first time KB Home has reported a first-quarter profit since 2007. The company also told investors its expecting a strong spring selling season. Shares of KB Home surged almost six percent to $18.72. Other homebuilders like Lennar, D.R. Horton and PulteGroup were up as well.
FedEx’s holiday results came in below analyst estimates. Harsh winter weather grounded flights, slowed shipments and increased costs. The world’s number two package delivery company also trimmed its profit forecast. Shares were off a fraction to $138.38.
Shares of Humana popped today, reacting to a J.P. Morgan research note out yesterday that raised its price target on the stock. The Obama administration’s latest estimates of five million Affordable Care Act enrollees and a more bullish outlook for associated premium rates next year also drove shares higher. Humana hit an all-time high, up three percent to $116.96. Wellpoint and Aetna also hit records.
Shares of Starbucks rose after the coffee chain’s annual shareholder meeting. CEO Howard Shultz said he doesn’t plan on upping prices at the company’s stores and he thinks the market overreacted about rising coffee costs. The stock perked almost two percent to $75.91.
Shares of Paylocity jumped in their market debut. The human resources online service raised $120 million from the sale. This is the start of a busy couple of weeks for initial public offerings, over the next eight trading days 21 IPOs are scheduled to price. Paylocity set the bar high with its shares closing 41 percent higher to $24.04.