JPMorgan downgrades two homebuilders after nice runs

• Both PulteGroup (NYSE:PHM) and Meritage Homes (NYSE:MTH) are vulnerable to a pullback after big runs (23% and 36% respectively) over the past six months, says JPMorgan, downgrading both to Underweight from Neutral.
• It's probably not a bad idea to take profits in the entire sector, reckons JPMorgan, calling it "highly unlikely" homebuilders boost gross margin guidance in their upcoming earnings calls.