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Home Prices Rose in November
We started off slowly this week in terms of Q4 earnings results and economic data, but are catching up fast this morning. Aside from Beyond Meat (BYND - Free Report) shooting up 30% in today’s pre-market on a joint venture with PepsiCo (PEP - Free Report) to create plant-based snacks (terms of the deal not yet disclosed), we also get a new Case-Shiller home price index report.
The Case-Shiller numbers are from November, making it a lagging indicator on the already robust housing market. Thus, month-over-month and year-over-year gains were expected, and the report did not disappoint: +9.5% on the headline was an 110 basis-point improvement month over month, with the 20-City survey at +9.1% — its largest read since May 2014. Record-low interest rates, along with Americans moving away from the big cities, helped lead the charge. Tops again in November were Phoenix +13.8%, Seattle +12.7% and San Diego +12.3%.
Speaking of housing, homebuilder D.R. Horton (DHI - Free Report) put up better-than-expected numbers on both its top and bottom lines in its Q4 release this morning: $2.14 per share was nicely ahead of the $1.72 in the Zacks consensus, while $5.93 billion in quarterly revenues topped expectations by 6%. The numbers storm past the year-ago 99 cents per share on $4.02 billion in sales, and marks the eighth straight quarterly beat for the Zacks Rank #2 (Buy)-rated stock.
Johnson & Johnson (JNJ - Free Report) , the healthcare products giant with a Covid-19 vaccine candidate still in development, also posted positive beats: $1.86 per share on $22.48 billion outpaced expectations by 5 cents per share on the bottom line and 4% on the top. In the year-ago quarter, J&J posted $1.88 per share and $20.75 billion — demonstrating a clear money windfall for the company over the prolonged pandemic period. Shares are up 2% in today’s pre-market.
3M (MMM - Free Report) continues the Q4 beat-parade with $2.38 per share in earnings surpassing the $2.19 analysts were looking for. Sales in the quarter reached $8.58 billion, up 1.12% from expectations. Both numbers are improvements year over year, as well, further stringing out 3M’s comeback story. Shares had been down 3.3% year to date, but have made 1.7% of that back so far in early trading.