Mohawk stock falls through the floor as CEO sees less consumer demand for flooring

Shares of Mohawk fell over 12% on Friday after the flooring manufacturer announced a disappointing earnings forecast.

The company lowered its adjusted earnings per share for the next quarter to between $1.77 and $1.87, while Wall Street expected $2.24 on average, according to FactSet. In a press release, Mohawk CEO Jeff Lorberbaum blamed global geopolitical uncertainty weighing on consumer confidence and discretionary spending. He added that the US hurricanes would negatively impact fourth-quarter sales.

“We do not anticipate an industry improvement this year,” he said.

Despite the bleak forecast, the company delivered an upbeat third quarter. Adjusted earnings per share were $2.90 on $2.72 billion of sales. Both were a bit higher than analysts’ expectations of $2.89 earnings per share on $2.69 billion in sales.

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Hyunsoo Rim3m

Oil plummets on two-week ceasefire announcement, dragging energy stocks lower

Oil prices are sharply lower Wednesday morning, extending their biggest single-day drop in six years after President Trump announced a two-week ceasefire with Iran that includes reopening the Strait of Hormuz, through which about a fifth of global oil supply flows.

As of 5:10 a.m. ET, international benchmark Brent crude was down 13.6% at around $94 per barrel, while US WTI crude fell ~16% to $95 per barrel — following its steepest one-day decline since the Russia-Saudi price war in March 2020 and extending the overnight selloff.

A slew of energy stocks are also giving back some of their war-driven gains, with oil-and-gas producers including Occidental Petroleum, Devon Energy, Diamondback Energy, ConocoPhillips, APA Corporation, Coterra Energy, and EOG Resources all down 6-9% in premarket trading.

Oil majors Exxon and Chevron both fell more than 5%, while fuel refiners including Marathon Petroleum, Valero, and Phillips 66 moved 4-6% lower.

Oilfield services names like Halliburton and natural gas producer EQT Corp fell 4-5%, while Chemical makers Dow, Inc. and LyondellBasell, along with fertilizer company CF Industries, are also trading lower. Natural gas exporter Cheniere Energy was also deeply in the red.

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Futures surge, oil tumbles after President Trump agrees to two-week ceasefire

S&P 500 futures rose 2%, WTI futures tumbled double digits.

President Trump Addresses The Nation On The Conflict In Iran

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Stocks eke out gain ahead of tonight’s deadline for Iran to reopen the Strait of Hormuz

Traders were jittery ahead of the looming deadline, while President Trump posted on Truth Social that “a whole civilization will die tonight” if an agreement is not reached.

Luke Kawa

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Anthropic is releasing its new model to select companies to get a head start on cyber defense

Fortune reported that the Claude developer would be doing this in late March.

Co-founder and CEO of Anthropic, Dario Amodei

Luke Kawa

18h

Stocks sink and oil spikes as traders price in enduring, worsening Mideast war

Stocks and oil are building in more risk premium to deal with the perceived increased probability of a more drawn-out disruption to global energy supplies and shipments.

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