Stock markets mixed; S&P 500 rises to record high

Shell expands LNG portfolio by buying Singapore-based Pavilion Energy

24 minutes ago

American depositary receipts (ADRs) of Shell PLC (SHEL) surged on Tuesday after the energy giant announced it had acquired Singapore-based liquefied natural gas (LNG) trader Pavilion Energy Private for an undisclosed sum.

Shell said it was buying all of Pavilion's shares from Singapore's state-owned investment firm Temasek.

Pavilion is involved in LNG trading, shipping, natural gas supply and marketing activities in Asia and Europe. Shell reported that it has “contracted supply volumes of approximately 6.5 million tonnes per annum (MTPA).”

The transaction is expected to be completed in the first quarter of next year.

Shell ADR increased by about 1% and is up by about 6% so far this year.

,Bill McCall

Philip Morris drops after suspending online zine sales

1 hour 6 minutes ago

Shares of Philip Morris International (PM) fell on Tuesday morning after the maker of Marlboro cigarettes said it has halted the sale of Zin nicotine pouches on its website as it complies with a subpoena in Washington, D.C., over the sale of flavored nicotine products.

“Our initial investigation indicates that flavored nicotine pouch products have been sold in D.C., primarily through certain online sales platforms and some independent retailers,” the company said in a statement Monday evening.

The company said sales on Zyn.com represent a small percentage of Zyn's total sales. However, it said that “material liability is highly likely” if the outcome of DC's investigation is unfavorable.

Zin nicotine pouches have proven to be a boon for Philip Morris since 2022, when it acquired brand owner Swedish Match.

Zin sales grew nearly 80% in the first quarter of this year, far outpacing Philip Morris' overall growth of about 10%. Sales of Zin and Philip Morris' other oral smoke-free products accounted for 74% of the category in the quarter.

Philip Morris shares were down about 1% on Tuesday morning, and are up more than 7% so far this year.

,Colin Laidley

Lennar shares fall after home delivery forecast comes in below expectations

1 hour 6 minutes ago

Lennar ( LEN ) shares fell on Monday after the homebuilder's delivery forecasts exceeded quarterly results that came in ahead of Wall Street expectations.

The Florida-based company, which builds residential homes nationwide, forecast deliveries of 20,500 to 21,000 homes in the fiscal third quarter, with the midpoint of 20,750 below analysts' consensus outlook of 20,917 units. This closely watched metric indicates that demand for new homes remains low amid mortgage rates near 20-year highs.

However, the homebuilder also performed strongly last quarter. For the three-month period ended May 31, Lennar reported a profit of $3.45 per share, well above expectations of $3.33 per share. Revenue in the period of $8.77 billion rose 9% from a year earlier and was above the $8.48 billion expected by analysts.

The company said new orders rose 19% in the quarter, while a backlog of 17,873 homes was reported, totaling $8.2 billion.

Lennar shares have consolidated in a trading range since early February, helping to establish respected support and resistance zones. Recently, the stock has fallen to the bottom of the range and the price is just below the 50-day moving average, reflecting apprehension among market participants ahead of the homebuilder's quarterly results.

Amid the expected post-earnings weakness, investors should keep an eye on the $150 level as this is an area where the price could attract buying interest from the trading range's lower trendline. However, it's also worth noting that the stock's double peak between April and May could signal a potential double peak if shares break below the trading range's lower trendline, which also serves as the pattern's neckline. Such a move could see the stock revisit lower support near July 2023's major swing high around $133.

Lennar shares fell about 3% on Monday, implying a 2% gain for 2024.

,Tim Smith

La-Z-Boy stock jumps on strong earnings, optimistic outlook — watch this price level

2 hours 9 minutes ago

Shares of furniture maker La-Z-Boy (LZB) surged after the company eased investor fears about a slowdown in consumer spending and a slowdown in the housing market by announcing quarterly results and upcoming sales guidance that beat analysts' expectations.

For the quarter ended April 27, the Monroe, Michigan-based company posted adjusted earnings of 95 cents per share, easily topping the consensus estimate of 70 cents per share. Revenue fell 1% to $554 million in the period but easily surpassed expectations of $516.4 million.

Turning to forward guidance, La-Z-Boy said it expects net sales in the range of $475 million to $495 million for the current quarter, with a midpoint of $485 million, above estimates of $476 million.

La-Z-Boy shares have been trading within a broad rising wedge since early last year, with the 200-day moving average sitting just above the pattern's lower trendline, providing additional support during pullbacks. Leading up to the company's quarterly results, the stock formed a piercing pattern near the wedge's lower trendline on above-average volume, indicating a potential reversal back to the upside. In fact, shares are positioned to open sharply higher on Tuesday morning.

Looking ahead, investors should keep an eye on the $41 level, an area on the chart where the price could face selling pressure near the top trendline of the rising wedge. A volume-supported breakout above this crucial level could see the long-term uptrend accelerate.

La-Z-Boy shares rose 18%, bringing their year-to-date gain to nearly 10%.

,Tim Smith

Stock futures mixed

3 hours 47 minutes ago

Dow futures declined 0.1% in premarket trading on Tuesday.

S&P futures were steady.

Nasdaq futures were up 0.2%.