Before the bell: With high oil prices, FNM on deck, futures declineD. R. Horton (NYSE: DHI) shares are down over 6% in premarket trading after the homebuilder has swung to a loss for its fiscal second quarter of $1.31 billion, or $4.14 per share. With the continued housing slump, the company took hefty charges to write down the value of its inventory. Revenue plunged to $1.62 billion from $2.62 billion a year ago.
Fannie Mae (NYSE: FNM) shares are slumping over 9% this morning after the mortgage lender said it lost $2.2 billion or $2.57 a share in the first quarter due to mounting home-loan delinquencies as the housing slump continued. The results were below, far below that of estimates.
Vodafone Group (NYSE: VOD) said Tuesday that it's signed an agreement with Apple Inc. (NASDAQ: AAPL) to sell the iPhone in ten of its markets including Australia, the Czech Republic, Italy and India.
LDK Solar Co. (NYSE: LDK) shares climbed nearly 2% in after-hours trading after the solar energy company said that it has signed a five-year agreement to supply multicrystalline solar wafers to German chip maker Qimonda AG.
JPMorgan Chase & Co. (NYSE: JPM) said Monday it will buy an undivided stake in Target Corp. (NYSE: TGT)'s credit card receivables for $3.6 billion in cash. TGT shares are up over 1% in premarket trading, JPM's down over 1%.
Teva Pharmaceutical Industries Inc. (NASDAQ: TEVA) shares are also declining 1% this morning after the drugmaker reported first-quarter net income fell 57% due to a charge. As if to show the differences between generic pharmas, adjusted profit actually rose 55% and revenue grew 24% to $2.57 billion. Excluding the charge, earnings were 64 cents a share versus 42 cents.
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