11:14 AM
Homebuilder stocks are strongly higher after encouraging home sales data, and a solid quarter from Standard Pacific (SPF) yesterday afternoon. SPF +13%. LEN +7.8%. MHO +6.4%. MTH +6.3%. CTX +3.1%. PHM +3%. SPDR Homebuilders ETF (XHB) +4.3%.
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18:23 PMStandard Pacific (SPF): Q1 EPS of -$0.01 beats by $0.26. Revenue of $209M vs. $179M. "Although we saw improvement in new home orders as compared to the anemic levels experienced during the 2008 fourth quarter, we remain intently focused on preserving cash by controlling our expenses, carefully managing new home starts and reducing speculative inventory levels." Shares -1.8% AH. (PR)
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14:38 PM
Standard Pacific (SPF) +3.7% - it closed a $381M share sale. "We believe we are well positioned to weather the current housing downturn and to take advantage of new opportunities as they arise." [PR]
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Tuesday, May 27, 2008
09:54 AM
Struggling builder Standard Pacific (SPF) soars +33% after it gets a $530M equity injection. Morningstar had predicted a distressed sale.
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