Stock futures traded lower Thursday after equities dropped as the Federal Reserve held interest rates steady but signaled that one more quarter-point rate hike was possible this year. The central bank also projected rate cuts in 2024 but not as many as it previously did.FedEx shares rose 5% in premarket trading after the shipping company reported fiscal first-quarter earnings that beat analysts’ estimates and an increase in operating margins amid cost-cutting measures.
Klaviyo was down 4.3% to $31.35 in premarket trading after the Boston-based marketing software company opened for trading Wednesday at $36.75, up 23% from the initial offering price of $30, and closed at $32.76, up 9.2%. KB Home posted better-than-expected fiscal third-quarter earnings and raised its fiscal-year revenue forecast. Chairman and Chief Executive Jeffrey Mezger said in a statement that demand was “steady” throughout the third quarter “even though mortgage interest rates rose as the quarter progressed.” The stock fell 2.2% in after-hours trading Wednesday.
CrowdStrike Holdings was rising 3% in premarket trading after the cybersecurity company announced at a briefing at Fal.Con that it was raising its new target model of subscription gross margin to 82%-85% of revenue, up 400 basis points from its previous target, and boosting its operating margin target to 28% to 32%, up 900 basis points. The company said the timeframe for meeting those targets was three to five years.
D.R. Horton named Paul J. Romanowski as president and chief executive, effective Oct. 1. He was named co-chief operating officer of the home builder in October 2021. As CEO, Romanowski will be replacing David V. Auld, who will transition to executive vice chairman of the board. Auld has served as president and CEO since October 2014.Write to Joe Woelfel at joseph.woelfel@barrons.com