D.R. Horton Surges, Philip Morris Slumps, Northrop Grumman Earnings

On this edition of Stock Movers:

- D.R. Horton (DHI) shares rose the most in more than five years as the homebuilder posted earnings that beat expectations even as the US housing market remains sluggish. Horton shares surged as much as 14% after the company released results for the fiscal third quarter, the biggest intraday gain since April 2020. The builder’s stock had slipped more than 6% this year through Monday’s close. The company’s profit, orders and home closings beat analyst estimates, sending the stock higher.

- Philip Morris (PM) shares fell after shipments of its Zyn nicotine pouches accelerated by less than analysts had expected. Zyn shipments reached 191.3 million cans in the Americas in the second quarter, below expectations. Net revenue also missed estimates, while the company also lowered its outlook for total product shipments, dragged down by cigarettes. Shares of Philip Morris fell as much as 9.8% in New York, their biggest intraday drop since early in the pandemic in March 2020. They had soared 50% so far this year through Monday’s close.

- Northrop Grumman (NOC) shares rose today after the company raised its earnings guidance for the full year after getting a boost from its Sentinel ballistic missile and B-21 bomber programs. The maker of the B-2 bomber, which was used in the recent Iran campaign, now predicts annual profit per share of $25.00 to $25.40. The company also narrowed its full-year revenue forecast to between $42.05 billion and $42.25 billion, according to a statement on Tuesday. Shares of the defense company surged as much as 10% at the open, the most since Oct. 2023Northrop reported adjusted earnings of $8.15 a share for the quarter, while its operating profit was $1.43 billion. That’s better than the $6.80 earnings per share and the $1.18 billion operating profit that analysts had expected.

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