Closing Bell Movers: Futures up on Iran/Israel truce, KB Home slips on outlook
In the opening hour of the evening session, U.S. equity futures have opened with moderate gains as President Trump messaged on Truth Social that Iran and Israel have reached a ceasefire agreement 'at which point the War will be considered, ENDED.' S&P 500 September contract is up 0.5%, Nasdaq is up 0.6%, and Dow Industrials are up 0.4%. Conversely, with geopolitical risk premium flowing out, WTI Crude Oil futures are down nearly 5% around $65 per barrel and while Gold and Silver are down about 1%.
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Earlier on Monday, Consumer Discretionary and Real Estate were the top performing sectors on the S&P 500 while Energy was the worst performing sector. Tesla was the best performing name on the index with a rally of over 8% following the launch of its cybercab in Austin. Widely followed Tesla bull Dan Ives of Wedbush Securities wrote that he was 'very impressed' with the launch, saying it has 'lit the spark' for autonomous driving, though a Bloomberg report late in the session indicated that NHTSA was looking into some instances where the cybercab autonomous driving violated some of the traffic rules.
Afterhours, homebuilder KB Home reported Q2 results with a beat on top and bottom line, though the company also guided lower its FY25 housing revenue midpoint range as well as the average home sales price, sending the stock down by just over 2%.
Check out this evening's top movers from around Wall Street, compiled by The Fly.
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KB Home (KBH) down 2.3%
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The Hill
7 minutes ago
- The Hill
Israel and Iran accept ceasefire
BEERSHEBA, Israel (AP) — Israel and Iran on Tuesday accepted a ceasefire plan proposed by U.S. President Donald Trump to end their 12-day war that roiled the Middle East, after Tehran launched a retaliatory limited missile attack on a U.S. military base in Qatar. The acceptance of the deal by both sides came after Tehran launched a final onslaught of missiles targeting Israel that killed at least five people early Tuesday morning, while Israel launched a blitz of airstrikes targeting sites across Iran before dawn. Prime Minister Benjamin Netanyahu said Israel had agreed to a bilateral ceasefire with Iran in coordination with Trump. Netanyahu said that he had reported to Israel's security cabinet Monday night that Israel had achieved all of its war goals in the 12-day operation against Iran, including removing the threat of Iran's nuclear and ballistic missile programs. Israel also damaged Iran's military leadership and several government sites and achieved control over Tehran's skies, Netanyahu said. 'Israel will respond forcefully to any violation of the ceasefire,' Netanyahu said. Heavy Israeli strikes continued in Iranian cities until shortly before 4 a.m., followed by Iranian barrages that sent Israelis hurrying into bomb shelters as the sun rose, killing at least five people and injuring eight others, Israel's Magen David Adom rescue services said. Writing over an hour after a deadline passed for Iran to halt its attacks, Trump wrote on Truth Social: 'THE CEASEFIRE IS NOW IN EFFECT. PLEASE DO NOT VIOLATE IT! DONALD J. TRUMP, PRESIDENT OF THE UNITED STATES!' Iranian state television reported that the ceasefire went into effect at 7:30 a.m., but Iranian officials have not commented since Trump's announcement. Hours earlier Iran's top diplomat said the country was prepared to halt airstrikes. 'As of now, there is NO 'agreement' on any ceasefire or cessation of military operations,' Iranian Foreign Minister Abbas Araghchi wrote in a post on X. 'However, provided that the Israeli regime stops its illegal aggression against the Iranian people no later than 4 am Tehran time, we have no intention to continue our response afterwards.' Araghchi added: 'The final decision on the cessation of our military operations will be made later.' Iran's barrage damaged at least three densely packed residential buildings in the city of Beersheba, police said. First responders said they retrieved five bodies from one building and were searching for more. At least 20 people were injured. Outside, the shells of burned out cars littered the streets. Broken glass and rubble covered the area. Hundreds of emergency workers gathered to search for anyone else trapped in the buildings. Police said some people were injured even while inside their apartments' reinforced safe rooms, which are meant to withstand rockets and shrapnel but not direct hits from ballistic missiles. The direct hit in the largest city in southern Israel came before Trump said the ceasefire had gone into effect. Trump's announcement that Israel and Iran had agreed to a 'complete and total ceasefire' came soon after Iran launched a limited missile attack Monday on a U.S. military base in Qatar, retaliating for the American bombing of its nuclear sites. The U.S. was warned by Iran in advance, and there were no casualties. Trump's announcement on Truth Social said the ceasefire beginning about midnight Washington time would bring an 'Official END' to the war. Trump gave the conflict between Israel and Iran a name: the '12 Day War.' That recalls the 1967 Mideast war, known by some as the 'Six Day War,' in which Israel fought a group of Arab countries including Egypt, Jordan and Syria. Trump's reference carries emotional weight for the Arab world, particularly Palestinians. In the 1967 war, Israel captured the West Bank and east Jerusalem from Jordan, the Gaza Strip and the Sinai Peninsula from Egypt, and the Golan Heights from Syria. Though Israel later gave the Sinai back to Egypt, it still holds the other territories. Trump communicated directly with Israeli Prime Minister Benjamin Netanyahu to secure the ceasefire, according to a senior White House official who insisted on anonymity to discuss the Monday talks. Vance, Secretary of State Marco Rubio and special envoy Steve Witkoff communicated with the Iranians through direct and indirect channels. The White House has maintained that the Saturday bombing helped get the Israelis to agree to the ceasefire and that the Qatari government helped to broker the deal. It's unclear what role Ayatollah Ali Khamenei, Iran's leader, played in the talks. He said earlier on social media that he would not surrender. Israel's Airports Authority said Iran's barrage forced them to close the country's airspace to emergency flights for several hours. Some flights were forced to circle over the Mediterranean Sea, according to Israeli media. Israel's airports have been closed since the war with Iran began, but a handful of emergency flights started arriving and departing over the past few days. By early Tuesday, Qatar Airways resumed its flights after Qatar shut down its airspace over the Iranian attack on Al Udeid Air Base. Flight-tracking data showed commercial aircraft again flying in Qatari airspace, signaling Doha believed the threat on the energy-rich nation had passed. In Israel, at least 29 people have been killed and more than 1,000 wounded in the war. Israeli strikes on Iran have killed at least 974 people and wounded 3,458 others, according to the Washington-based group Human Rights Activists. The group, which has provided detailed casualty figures from Iranian unrest such as the protests surrounding the death of Mahsa Amini in 2022, said of those killed, it identified 387 civilians and 268 security force personnel. The U.S. has evacuated some 250 American citizens and their immediate family members from Israel by government, military and charter flights that began over the weekend, a State Department official said. There are roughly 700,000 American citizens, most of them dual U.S.-Israeli citizens, believed to be in Israel. ___ Gambrell reported from Dubai, United Arab Emirates, and Lidman reported from Tel Aviv, Israel. Associated Press writers Josef Federman in Jerusalem, Qassim Abdul-Zahra in Baghdad, Abby Sewell in Beirut, Elise Morton in London, Geir Moulson in Berlin, Ella Joyner in Brussels, Edith M. Lederer at the United Nations and Stephanie Liechtenstein in Vienna contributed to this report.
Yahoo
17 minutes ago
- Yahoo
KB Home (KBH) Q2 2025 Earnings Call Highlights: Strong Financial Performance Amid Market Challenges
Total Revenue: $1.5 billion in the second quarter. Diluted Earnings Per Share (EPS): $1.50 in the second quarter. Gross Margin: 19.7%, excluding inventory-related charges. SG&A Expenses: 10.7% of housing revenues. Operating Income Margin: 9% of homebuilding revenues. Net Orders: 3,460 in the second quarter. Average Community Count: 254, a 5% increase year-over-year. Backlog: 4,776 homes valued at $2.3 billion. Average Selling Price: Approximately $489,000. Net Income: $108 million in the second quarter. Book Value Per Share: Nearly $59, a 10% year-over-year increase. Share Repurchases: $200 million in the second quarter. Land Investment: Over $513 million in land acquisition and development. Total Liquidity: $1.2 billion, including $309 million of cash. Debt to Capital Ratio: 32.2%. Release Date: June 23, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. KB Home (NYSE:KBH) delivered solid financial results in the second quarter, meeting or exceeding guidance ranges across key metrics. The company repurchased $200 million of its shares in the second quarter, demonstrating a commitment to returning cash to shareholders. Build times improved sequentially by seven days, returning to pre-pandemic levels, which contributed to exceeding delivery expectations. The company achieved a gross margin of 19.7%, excluding inventory-related charges, which was above the guidance range. KB Home (NYSE:KBH) maintained a high customer satisfaction level, receiving numerous division-level honors from Avid CX. Affordability challenges persist due to elevated mortgage interest rates and macroeconomic uncertainties, impacting consumer confidence and home purchase decisions. Net orders declined in April and May, not following the typical spring trajectory, leading to a revision of fiscal 2025 guidance. The average absorption pace per community decreased to 4.5% net orders compared to 5.5% in the previous year's second quarter. Municipal delays in utility signoffs and certificates of occupancy impacted the timing of community openings, affecting net orders. The company revised its revenue expectation for fiscal 2025 to between $6.3 billion and $6.5 billion, indicating a lower top line and contributing to lower margins. Q: What steps is KB Home taking to manage SG&A costs amid a revenue cut? A: Jeffrey Mezger, Chairman and CEO, explained that KB Home is focused on aligning overhead with revenue and scale. They are adjusting headcount based on delivery needs and exploring various cost-saving measures. The goal is to reduce the SG&A ratio back under 10% over time. Q: Can you explain the factors affecting the gross margin outlook? A: Robert Dillard, CFO, stated that the gross margin outlook is impacted by operating leverage, land costs, and regional mix. While construction cost reductions have offset some pricing pressure, the overall expectation for the full year is a margin between 19% and 19.4%. Q: How is KB Home planning to achieve its fourth-quarter closing targets? A: Rob McGibney, President and COO, highlighted improvements in build times as a key factor. The company needs to sell about 2,500 homes to meet delivery targets, which is less than last year. They are targeting high backlog turnover ratios and leveraging inventory homes for sales. Q: What is the strategy behind KB Home's pricing adjustments in response to market conditions? A: Jeffrey Mezger, CEO, emphasized that KB Home will continue to adjust pricing based on market conditions and community performance. The strategy involves offering the best value through base price adjustments rather than relying on incentives, which is already factored into their guidance. Q: How is KB Home addressing community opening delays and their impact on sales? A: Rob McGibney, COO, acknowledged that community opening delays impacted sales, resulting in missed opportunities for a couple of hundred sales. The company is enhancing coordination with municipal stakeholders to improve forecasting and responsiveness to such delays. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18 minutes ago
- Yahoo
UK welcomes ceasefire in Israel Iran conflict as 'fragile situation' remains
The UK has welcomed news of a ceasefire between Iran and Israel, as both sides announced they had agreed to stop fighting. Israel's government confirmed on Tuesday morning it had agreed to the ceasefire plan, proposed by US President Donald Trump. Mr Trump first claimed an agreement had been reached overnight, but both Israel and Iran were initially silent. Israel's Prime Minister Benjamin Netanyahu said his nation had agreed to the bilateral ceasefire in co-ordination with Tehran. It followed a final onslaught of missiles targeting Israel early on Tuesday, which killed at least four people. Israel in turn launched a blitz of airstrikes targeting sites across Iran before dawn. Mr Netanyahu reasoned to his security cabinet that Israel had achieved all its goals in its 12-day war against Iran, including removing the threat of its nuclear programme. 'Israel will respond forcefully to any violation of the ceasefire,' the Israeli prime minister warned. Speaking on BBC Breakfast after news of Israel's agreement to the deal broke, Cabinet Office minister Pat McFadden said it was 'good news, if the ceasefire holds'. He also told the BBC: 'I welcome the Israeli statement. It's obviously a fragile situation in the Middle East. 'A number of people have been killed overnight in missile strikes, but I think the whole world will hope that the ceasefire will hold and that Iran will come forward with a credible plan that shows that it will not pursue the development of a nuclear weapon.'
