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Stock Market & Financial Investment News

News Breaks
December 12, 2013
12:25 EDTRYL, DHI, LEN, TOL, MDC, PHM, NVR, BZH, SPF, KBH, HOVHovnanian advances after results beat expectations
Shares of homebuilder Hovnanian (HOV) are climbing after the company reported stronger than expected results, and noted that its backlog had jumped 14%. WHAT'S NEW: Hovnanian earlier today reported fourth quarter earnings per share of 21c, compared with analysts' consensus estimate of 16c. The homebuilder's revenue also surpassed the consensus outlook. Moreover, Hovnanian reported that its contract backlog as of October 31 had jumped 14.3% versus the same period in 2012 to $848.4 million. "Although our sales slowed from July through September due to the adverse impacts of higher mortgage rates, the sequester and the government shutdown, we are happy to report that our sales improved back to prior year levels in October and exceeded last year's levels in November," said Hovnanian CEO Ara Hovnanian. The company's profitability should increase in fiscal 2014, as demand for new homes rises as a result of household formations, the CEO added. On its earnings conference call, the company said that most of its growth in profitability in fiscal 2014 will occur in the second half of the year. Also, the home builder stated that it expects to report a loss for the first quarter of 2014, due to seasonally low delivery volume. PRICE ACTION: In early afternoon trading, Hovnanian advanced 4.4% to $5.20. Other homebuilders were mixed in the down market, with Lennar (LEN) losing 0.7% to $34.80, KB Home (KBH) adding 0.5% to $17.20, Pulte Group (PHM) losing 0.3% to $18, and Ryland Group (RYL) rising 0.8% to $38.30.
News For HOV;KBH;SPF;BZH;NVR;PHM;MDC;TOL;LEN;DHI;RYL From The Last 14 Days
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October 20, 2014
09:02 EDTNVRNVR reports Q3 Homebuilding new orders up 23% to 2,936 units
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09:02 EDTNVRNVR reports Q3 EPS $20.70, consensus $20.48
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07:51 EDTPHMPulteGroup initiated with a Buy at Buckingham
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07:51 EDTLENLennar initiated with a Buy at Buckingham
Target $50.
07:51 EDTTOLToll Brothers initiated with a Neutral at Buckingham
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07:51 EDTKBHKB Home initiated with a Buy at Buckingham
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07:50 EDTDHID.R. Horton initiated with a Neutral at Buckingham
Target $23.
October 13, 2014
10:08 EDTKBH, DHIOn The Fly: Analyst Upgrade Summary
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08:52 EDTDHIUS Building Products & Homebuilding sector lowered at Barclays
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07:11 EDTHOVHovnanian upgraded to Buy from Neutral at Compass Point
Compass Point upgraded Hovnanian to Buy given recent underperformance and history of outperformance when the sector bounces. Price target remains $4.50.
07:11 EDTDHID.R. Horton upgraded to Buy from Neutral at Compass Point
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07:11 EDTKBHKB Home upgraded to Neutral from Sell at Compass Point
Compass Point upgraded KB Home to Neutral citing relative valuation and focus on lower price points. Price target raised to $15.50 from $13.50.
October 10, 2014
10:22 EDTLENLennar management to meet with JPMorgan
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10:01 EDTPHMOn The Fly: Analyst Upgrade Summary
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09:31 EDTHOVHovnanian upgraded to Sector Perform from Underperform at FBN Securities
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09:30 EDTKBHKB Home upgraded to Outperform from Sector Perform at FBN Securities
FBN Securities upgraded KB Home to Outperform based on relative valuation and increased balance sheet leverage.
09:28 EDTPHMPulteGroup upgraded to Sector Perform from Underperform at FBN Securities
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October 8, 2014
10:00 EDTRYLOn The Fly: Analyst Downgrade Summary
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07:54 EDTRYLRyland Group downgraded at KeyBanc
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05:53 EDTRYLRyland Group downgraded to Underweight from Hold at KeyBanc
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