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Jul. 22, 2015, 10:36 AM
- In the latest data point signaling the housing recovery has shifted into another gear, the NAR earlier reported a 3.2% gain in the seasonally adjusted annualized rate of existing home sales to 5.49M in June.
- Sales are at their highest pace since February 2007 and are 9.6% above the pace of one year ago.
- The median price of $236.4K is up 6.5% Y/Y and surpasses the peak set in July 2006.
- ETFs: ITB +1.5%, XHB +1.5%
- Toll Brothers (TOL +2%), Lennar (LEN +1.7%), KB Home (KBH +1.9%), Pulte (PHM +2.1%), D.R. Horton (DHI +2.1%), Hovnanian (HOV +0.9%), Ryland (RYL +3.1%)
- Previously: Existing home sales rise to fastest pace in eight years (July 22)
Jun. 24, 2015, 9:47 AM
- Lennar is up 4.5% after blowing through estimates, including posting gross and operating margins ahead of previous guidance.
- ITB +1.3%, XHB +0.7%
- Toll Brothers (TOL +1.7%), Ryland (RYL +0.7%), KB Home (KBH +1.5%), Pulte (PHM +2%), D.R. Horton (DHI +1.7%), Hovnanian (HOV +1.5%), Beazer (BZH +1.6%).
- Previously: Lennar in high cotton in FQ2, up 4.7% post-earnings (June 24)
- Previously: Lennar beats by $0.15, beats on revenue (June 24)
Jun. 19, 2015, 10:09 AM
- KB Home CEO Jeffrey Mezger is confident of his company's ability to achieve "measurable year-over-year earnings growth in H2" after reporting new order growth of 33% in units and 38% in dollars in FQ2, and backlog growth of 39% in units and 57% in dollars.
- KB Home is up 6%, leading the ITB +1.4%, and XHB +0.8% even as the major averages slip.
- Toll Brothers (TOL +2.3%), Hovnanian (HOV +2.7%), Lennar (LEN +3%), Ryland (RYL +2%), D.R. Horton (DRI +2.5%), Pulte (PHM +2.5%)
- Previously: KB Home gains following earnings beat (June 19)
- Previously: KB Home beats by $0.02, beats on revenue (June 19)
Jun. 15, 2015, 9:44 AM
- Zigging higher while the rest of the market zags sharply lower are the homebuilders following this weekend's merger of Ryland Homes and Standard Pacific.
- While there have been a number of smaller deals over the past year, this one is more sizable, setting off hope of a broader - and necessary, according to some - consolidation in the fragmented sector.
- Lennar (LEN +1.9%), Toll Brothers (TOL +1.4%), M.D.C. Holdings (MDC +2.3%), M/I Homes (MHO -0.5%), NVR (NVR), D.R. Horton (DHI +1.5%), KB Home (KBH +0.7%), Beazer Homes (BZH +1.2%), PulteGroup (PHM +1.6%), Hovnanian (HOV flat)
- Previously: Industry eyes Ryland/Standard Pacific merger (June 15)
Jun. 10, 2015, 10:31 AM
Jun. 9, 2015, 9:28 AM
- FQ2 (ended April 30) net loss of $19.6M or $0.13 per share vs. $7.9M and $0.05 one year ago. Revenues of $468.9M up 4.2%.
- Homebuilding gross margin of 16.1% slips 410 basis points from a year ago.
- Consolidated deliveries of 1,233 homes down 1% Y/Y, Including unconsolidated JVs, deliveries of 1,289 homes down 3.2%.
- Dollar value of consolidated net contracts of $700.7M up 4.7%. The number of contracts of 1,796 slipped 0.7%. Number per selling community of 8.7 down 5.4%.
- Dollar value of backlog of $1.17B up 11.9%. Backlog number of homes of 2,972 up 6.3%.
- SG&A of $69.1M or 14.7% of total revenues up 80 bps from a year ago.
- CEO Ara Hovnanian notes disappointment with results as the impact to margins from incentives and concessions was greater than expected. He's confident that gross margin for FQ3 and FQ4 will show sequential increases.
- Earnings call at 11 ET
- Previously: Hovnanian misses by $0.08, misses on revenue (June 9)
- HOV -5% premarket
Jun. 9, 2015, 9:19 AM
- Hovnanian (NYSE:HOV): FQ2 EPS of -$0.13 misses by $0.08.
- Revenue of $468.95M (+4.2% Y/Y) misses by $64.8M.
Jun. 8, 2015, 5:30 PM
May 27, 2015, 10:43 AM
- Toll Brothers (TOL -2.8%) managed to beat on the bottom line thanks to lower income taxes, but revenues actually fell from a year ago, while SG&A expense as a percent of revenue climbed 50 bps to 12.6%.
- Hovnanian (HOV -0.8%), Lennar (LEN -0.9%), Ryland (RYL -0.7%), Beazer (BZH -1%), Pulte (PHM -1.1%), D.R. Horton (DHI -1.1%)
- ETFs: ITB, XHB
- Previously: Toll Brothers reports mixed FQ2; early Q3 returns mixed as well (May 27)
- Previously: Toll Brothers beats by $0.02, misses on revenue (May 27)
May 19, 2015, 9:06 AM
- April housing starts at a seasonally adjusted annualized rate of 1.14M were up 20% from March, and the strongest pace since the housing collapse began to pick up pace about eight years ago.
- Lennar (NYSE:LEN) +0.85%, PulteGroup (NYSE:PHM) +1.15%, KB Home (NYSE:KBH) +1.75%, Ryland (NYSE:RYL) +0.2%, D.R. Horton (NYSE:DHI) +1.4%, Hovnanian (NYSE:HOV) +1.9% premarket.
- ETFs: ITB, XHB
- Previously: Housing starts jump in April (May 19)
Apr. 23, 2015, 10:17 AM
- PulteGroup earlier reported disappointing results which included slimming margins and muted price gains. The stock is lower by 8% in morning action.
- Minutes ago, HUD reported a far larger-than-expected slowdown in new home sales in March - with the South leading the retreat (gotta be the weather?).
- Toll Brothers (TOL -2.3%), Hovnanian (HOV -1.2%), Lennar (LEN -2.1%), Ryland (RYL -3%), D.R. Horton (DHI -3.4%), KB Home (KBH -3.5%), Beazer Homes (BZH -3%), Standard Pacific (SPF -2.8%).
- Previously: PulteGroup -7.8% as Q1 results disappoint (April 23)
- Previously: South leads big decline in new home sales (April 23)
Apr. 16, 2015, 11:06 AM
- Housing starts bounced just 2% to 926K in March following February's supposedly weather-related plunge. Expectations had been for a 1.05M starts in March. Gains in the northeast and midwest in March were offset by declines in the south and west.
- Toll Brothers (TOL -2.4%), Lennar (LEN -2.1%), Hovnanian (HOV -2.8%), PulteGroup (PHM -2%), Ryland (RYL -2.7%), D.R. Horton (DHI -2%), KB Home (KBH -1.9%), Standard Pacific (SPF -2.7%), NVR (NVR -1.3%).
- Previously: Lame rebound for housing starts (April 16)
- Previously: Declines in the south and west hold back housing starts (April 16)
Mar. 24, 2015, 10:08 AM
- New home sales in February at a seasonally-adjusted annualized rate of 539K is the fastest pace in seven years. With January's revision up to 500K (from 481K), it's the fist time sales have hit 500K for two or more consecutive months since early 2008.
- The median sales price rose 2.6% to $275.5K, and inventory stands at 4.7 months of homes on the market at the current sales pace, down from 5.7 months in January.
- Homebuilder ETFs: ITB +1.1%, XHB +1.1%.
- Toll Brothers (TOL +1.3%), Hovnanian (HOV +2.9%), Pulte (PHM +1.8%), Ryland (RYL +1.5%), Lennar (LEN +1.7%), KB Home (KBH +2.4%), Standard Pacific (SPF +1.4%).
- Full report
- Previously: New home sales fly past expectations in February (March 24)
Mar. 20, 2015, 11:38 AM
- A good week for the homebuilders gets better after KB Home's FQ1 cruised through estimates, and the company said recently contracting profit margins are set to turn the other way for the rest of the year (the stock's up 7%).
- ITB +2.3%, XHB +1.6%
- Toll Brothers (TOL +3.2%), Hovnanian (HOV +2.5%), Lennar (LEN +3.6%), Pulte (PHM +2.8%), M/I Homes (MHO +3.6%), D.R. Horton (DHI +2.1%), Ryland (RYL +2.4%), Standard Pacific (SPF +2.8%).
- Previously: KB Home on the move after earnings beat, margin comments (March 20)
Mar. 12, 2015, 9:31 AM
- FQ1 (ending Jan. 31) adjusted EBITDA of $21.3M vs. $11.5M a year ago. Net loss of $14.4M or $0.10 per share vs. a loss of $24.5M and $0.17 a year ago.
- Homebuilding gross margin of 18.2% down 60 basis points.
- Deliveries of 1,220 homes up 7.2% Y/Y. Active selling communities of 199 up from 193.
- Dollar value of net contracts of $521.2M up 14.4%. Number of net contracts of 1,366 up 13.6%.
- Dollar value of backlogs of $965.2M up 6.7%. Number of homes in backlog of 2,487 up 1.3%.
- February action: Dollar value of contracts of $203M up 1.4% from February 2014, with the number of homes down 2% to 539.
- Earnings call at 11 ET
- Previously: Hovnanian misses by $0.04, beats on revenue (March 12)
- HOV -0.9% premarket
Mar. 12, 2015, 9:18 AM
- Hovnanian (NYSE:HOV): FQ1 EPS of -$0.10 misses by $0.04.
- Revenue of $445M (+22.2% Y/Y) beats by $9.63M.
Hovnanian Enterprises Inc designs, constructs, markets and sells single-family detached homes, attached townhomes and condominiums, urban infill and active lifestyle homes in planned residential developments.
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