Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Realogy Meets Tempered Views [TheStreet.com]
Summary: Despite worries from Wall Street that a company so heavily involved in the slumping U.S. housing market would perform poorly during the third quarter, real estate brokerage company Realogy met analysts expectation for the quarter and maintained its outlook for FY 2006. Realogy, which includes franchises such as Coldwell Banker and Sotheby's International Realty, earned $87 million, or 34 cents a share in the third quarter - down significantly from its earnings of $227 million, or 91 cents a share during the year earlier period. Revenue also fell, by 16% to $1.73 billion, within the range that management had forecast. The poorer numbers were reflective of the slowdown in U.S. home sales. Still, the company reiterated its full-year guidance, which it lowered in August, for revenue of $6.4 million to $6.7 billion and adjusted earnings of $1.44 to $1.76 per share. Shares fell nearly 4.5% during market trading yesterday. Earnings were reported after the close.
Related links: Faced With Growing Wall Street Scrutiny, Realogy Considers Going Private • Does Realogy Contain Real Value? • Barron's: Time to Buy Housing Stocks • Why I'm Long Realogy • Cendant Lobs Up a Fat Pitch in the Form of Realogy Corp.
Potentially impacted stocks and ETFs: Realogy (NYSE:H), Equity Office Properties Trust (EOP), Simon Property Group Inc. (NYSE:SPG), Equity Residential (NYSE:EQR), Apartment Investment & Management Co. (NYSE:AIV), Vornado Realty Trust (NYSE:VNO)
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