Stock Market Today: Apple's China Delay and Lennar's Big Quarter
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
The Dow Jones Industrial Average is set to rise by 45 points at the opening bell, according to index futures. But investors can expect to see volatile trading today, with a highly anticipated policy announcement from the Federal Reserve due for release at 2 p.m. EST. Meanwhile, news is breaking this morning on a few stocks that could see heavy trading in the session, including Apple , Lennar , and General Mills .
Apple might have to wait a while longer before it can sell its iPhones on China Mobile's massive network. The two companies are still in talks over the deal that's expected to add billions to the tech giant's sales next year, according to Reuters. Earlier reports, including from The Wall Street Journal, had indicated the deal was already signed. Although the extra discussions don't mean the agreement won't happen, it might be enough to pressure Apple's shares, which are up a stellar 22% in just the last three months. The stock is down 1.8% in premarket trading.
Lennar reported solid earnings results this morning for its fiscal fourth quarter. The homebuilder said new home deliveries were up 27% in the quarter, which helped push revenue 49% higher, to $1.9 billion. Profit also jumped to $0.73 a share as the company logged the second-highest gross margin in its history. Lennar did see a slowdown in new sales orders in the quarter, which it attributed to price increases, along with "the political and interest rate environment." Still, it ended the quarter with a big backlog in orders of more than 4,800 homes. Lennar's stock is up 5% in premarket trading.
Finally, General Mills today reported flat sales growth for its fiscal second quarter. Revenue was $4.88 million, about even with last year's haul and slightly below the $4.94 million that analysts were expecting. Profit also came in below expectations, at $0.84 a share. New food products like its Yoplait Greek yogurt and low-calorie Fiber One bars failed to spark sales growth in the U.S., and a spike in costs pinched profits. However, General Mills expects earnings growth to accelerate over the next few quarters, and the snack giant affirmed its full-year profit guidance of about $2.90 a share. The stock is unchanged in premarket trading.
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The article Stock Market Today: Apple's China Delay and Lennar's Big Quarter originally appeared on Fool.com.
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