Target (TGT:NYSE) outperformed quarterly earnings estimates by a wide margin, offsetting a revenue shortfall and a reduction in guidance. However, the retailer could not meet sales and profit goals after it suffered a backlash from its Pride Month campaign from consumers
Buffett bets big on homebuilders
Warren Buffett’s Berkshire Hathaway (BRK-A:NYSE) is betting on home builders. The conglomerate disclosed new positions worth more than $800 million in D.R. Horton, NVR (NVR:NYSE), and Lennar (LEN:NYSE). The investments were made at the end of June.
Homebuilders have seen a boom in business since mortgage rates shot up in 2022. Homeowners have been reluctant to sell due to elevated rates, leaving new construction as the most appealing option for many buyers.
U.S. Steel rejects bid from Cleveland-Cliffs
U.S. Steel’s (X:NYSE) stock soared after turning down a deal that would reshape the American steel industry.
The Pittsburgh manufacturer rejected an unsolicited offer from rival Cleveland-Cliffs (CLF:NYSE), which said that it offered U.S. Steel cash-and-stock worth $35 a share. The deal would value U.S. Steel at more than $7 billion.
Hawaiian Electric faces lawsuits
Hawaiian Electric (HE:NYSE) is facing lawsuits and a financial crisis as a result of indications that its power lines may have sparked the deadliest U.S. wildfire in more than a century, which destroyed the coastal Maui community of Lahaina.
The fires, which began on August 8, have caused at least 110 fatalities and billions of dollars in damage, according to estimates. Hawaiian Electric had been concerned about the risk of wildfires in the region for years but made little progress in preventing its power lines from emitting flames.
Investors have fled Hawaiian Electric in recent days, and its credit rating was downgraded to junk by S&P.
WeWork Plans 1-for-40 Reverse Stock Split to Save Listing
troubled co-working company, WeWork (WE:NYSE), is proceeding with a 1-for-40 reverse stock split in an effort to maintain its listing on the New York Stock Exchange.
The reverse stock split will become effective on September 1 at 4:01 p.m. New York time, and trading will resume on a post-split basis on September 5 at market open.
Since the company went public in October 2021, WeWork’s stock has dropped 99%, wiping out $9 billion in market value.
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