Rocket Appoints New CEO for Real Estate Platform Redfin

Rocket Companies (RKT) reported its most profitable quarter in four years with $2.76B in adjusted revenue and improved market share. Despite this, Jim Cramer avoided predicting a stock price target of $30 due to cyclical risks. Hedge funds reduced stakes, but short interest remains low. Management highlighted strong loan servicing and digital platforms.

Reckitt shares rose 4% after a U.S. jury ruled in favor of its Mead Johnson unit in a baby formula lawsuit. JPMorgan upgraded Reckitt to Overweight, raising its 2027 price target to 6,500 pence. Analysts cited positive catalysts and improved litigation outlook for Mead Johnson, along with strong core sales growth.

Rocket Companies (RKT) appointed Alessio Sanfilippo as CEO of Redfin, effective immediately. Sanfilippo previously held senior roles at Meta (META), Intuit (INTU), SAP (SAP), and United Airlines (UAL). RKT shares are down 3.09% at $13.35 on the NYSE.

Zillow paid Redfin $100M in 2025, leading Redfin to exit the apartment advertising business. The FTC filed a settlement in 2026, alleging the deal was anticompetitive. The FTC claims Zillow paid to reduce competition, while Zillow and Redfin argue it was pro-consumer. The settlement requires Redfin to relaunch its own business within six months. The FTC estimates Zillow customers paid 14.5% more per listing after Redfin's exit.

The FTC and five states reached a settlement with Zillow and Redfin, requiring Redfin to reenter the rental listings market. Redfin must restart its rental advertising business within six months and invest tens of millions. Zillow must remove restrictions that limited Redfin's competition. The settlement resolves a lawsuit alleging Zillow paid Redfin $100 million to exit the market.

Redfin, a Rocket Companies subsidiary, reached a resolution with the FTC and five states, extending its partnership with Zillow for multifamily rental listings and lead payments through 2030. Redfin retains $100 million from the original agreement and can now build a standalone rentals advertising business and compete directly with Zillow.