D.R. Horton’s stock soared on the news that its profit rose 86 percent. The homebuilder upped its revenue because of higher closings, orders and sale prices. The company said improving housing market conditions helped drive the earnings beat. Shares surged almost ten percent to $23.
Comcast added quarterly video customers for the first time in more than six years, which helped the cable operator offset a slight profit miss. Earnings came in below estimates, as its tax rate was higher than expected, but revenue beat. Comcast also upped its dividend and buyback program. Shares were up more than 1.5 percent to $53.35. Comcast is the parent company of CNBC, which produces Nightly Business Report.
J.C. Penney slashed the threshold on its shareholder rights plan by about half, making it more difficult for an investor to take over the retailer. Now, activist will need board approval to purchase more than 4.9 percent of the company’s shares. It also extended this poison pill plan until 2017. Shares were off more than one percent to $6.42.
Cliffs Natural Resources
Activist hedge fund Casablanca Capital disclosed a 5.2 percent stake in Cliffs Natural Resources. The firm is urging the mining company to spin off its international assets along with other changes. Shares were up more than two percent to $19.81.