Market Currents

• Wednesday, December 2, 2009

• 13:54 PM KB Home (KBH) climbing, up 0.8%, after Credit Suisse upgrades it to outperform from neutral. “We continue to believe its first-time buyer focus and low-price point strategy is the right one in the current environment." 1 Comment

• Monday, October 12, 2009

• 16:38 PM Shares of KB Home (KBH) fell 7.8% today after the homebuilder disclosed it's being investigated by the SEC over accounting and disclosure issues. In May, homeowners brought a federal racketeering lawsuit against KB, accusing it of colluding with Countrywide and appraiser LandSafe to fraudulently inflate sales prices. 2 Comments

• Friday, September 25, 2009

• 09:00 AM Premarket gainers: ALTH +11%. SLE +7.5%. LCC +4%. AIB +4%.
  Losers: RIMM -14%. KV.A -12%. KBH -6%. NMR -5%. Comment!
• 08:56 AM KB Home (KBH): FQ3 EPS of -$0.87 misses by $0.29. Revenue of $458M (-32.7%) in-line. Deliveries fell 20% to 2,788. Prices fell 15% to $202,800. Net orders increased 62% to 2,158. Cancellation rate improved to 27% from 51% a year ago. Shares -6% premarket. (PR) 1 Comment
• 00:05 AM Notable earnings before Friday's open: KBH Comment!

• Friday, September 18, 2009

• 09:25 AM JPMorgan about-faces on homebuilder sector, moving its outlook to Positive from Negative. "Not only is housing solidly past its trough, but over the next 24 months will continue to recover and drive further upside to the current rally in the home-builder stocks," firm says. HOV +4.1% premarket. TOL +3.6%. KBH +3.4%. LEN +2.8%. 4 Comments

• Wednesday, September 16, 2009

• 10:54 AM KB Home (KBH +2.3%) is restarting its mid-Atlantic homebuilding ops. KBH says it retained some of its most valuable land options in the region "with an eye toward rolling out new communities when the time was right. That time is now." 4 Comments

• Friday, July 10, 2009

• 15:34 PM A short note on S&P stocks with the highest short interest, with KB Home (KBH), Mylan (MYL) and Citigroup (C) leading the way. Comment!

• Friday, June 26, 2009

• 00:05 AM Notable earnings before Friday's open: KBH Comment!

• Tuesday, June 16, 2009

• 08:54 AM Strength in homebuilder stocks premarket after May building starts come in stronger than anticipated, while permits of 518K also overshoot consensus of 508K. HOV +13%. BZH +8.4%. KBH +3.8%. TOL +2.7%. 1 Comment

• Thursday, April 30, 2009

• 13:24 PM Eli Broad, the billionaire who founded U.S. homebuilder KB Home (KBH), says mortgage rates need to drop below 4% (now 4.8%) to make a meaningful dent in a glut of foreclosed properties. Broad predicts Pulte Homes' (PHM) April 8 deal to buy Centex (CTX) won't be the last. 2 Comments

• Wednesday, April 8, 2009

• 08:33 AM CTX (CTX) +28.6% to $9.95 after announcing it will be acquired by Pulte Homes (PHM) for about $10.50/share. PHM -0.7%. Other homebuilders are up on the news: BZH +17%. HOV +16%. LEN +9%. KBH +7%. RYL +3%. Comment!

• Friday, March 27, 2009

• 09:27 AM KB Home (KBH): FQ1 EPS of -$0.75 beats by $0.06. Revenue of $307M vs. $347M. Shares +1.7% premarket. (PR) Comment!
• 05:26 AM After a surprising rise in new- and existing-homes sales in February, KB Home's (KBH) FQ1 results this morning could offer some clarity about whether demand is finally beginning to stabilize. Comment!
• 00:05 AM Notable earnings before Friday's open: KBH
    Comment!

• Friday, January 9, 2009

• 09:08 AM KB Home (KBH): Q4 EPS of -$3.96 misses by $2.73. Revenue of $919M (-54.2%) vs. $793M. Orders down 50% to 1,296. Cancellation rate of 46%, down from 51% in Q3 and 58% in Q4 2007. Shares -1.1%. (PR) Comment!