Lennar’s results signal a pickup in the housing market. The home builder saw a rise in deliveries and prices, despite severe weather, which weighed on sales in some parts of the country. New orders also increased, which is a positive indication of the company’s future performance. Still, shares fell a fraction to $49.65.
Michaels posted earnings and revenue that beat during the holiday quarter, helped by the popularity of do-it-yourself projects. The company’s profit outlook for the year is soft, which it’s blaming on currency issues and West Coast port delays. Still, the stock closed a fraction higher at $29.42.
Hewlett-Packard is hiking its quarterly dividend again, this time by 10-percent. The new payout of about 18 cents a share has a yield of 2.1 percent. Still, shares of HP were down slightly to $32.84.
Nucor lowered its first-quarter earnings forecast because a high level of steel imports is pushing prices down. The company expects imports to slow down in the second quarter, but still remain at high levels. This as the stronger dollar has made imports cheaper and steel from china has flooded the market. Shares tumbled more than six percent to $46.10.
Shares of Yelp tumbling today after a documentary trailer was posted on a fund-raising website Kickstarter that accuses the company of extortion. The film called “Billion Dollar Bully” suggests the company features negative reviews for businesses that do not pay to advertise on the site. Shares were off 3.5 percent to $45.18.
Bank of America
Regulators have decided that Bank of America must allow shareholders to vote on whether the bank should form a plan to break itself up. The proposal comes from a member of a consumer advocacy group and calls for an independent director panel to develop a plan for divesting all of the banks non-core businesses. Shares fell more than two percent to $15.61.