D.R. Horton, Inc.
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Take a look at some of Tuesday's midday movers:
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What’s a big public builder to do when the quarterly earnings report reads like a Stephen King novel? Do what you can to survive. Over the last couple of weeks I’ve read bits and blurbs of builders changing their strategies in order to stay afloat in these tough housing times, and I’m not talking about giving away a BMW with the kitchen sink.
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Lennar, the second-largest U.S. home builder, posted a quarterly loss on Tuesday, forecast a loss for the current quarter and warned that the weak housing market could deteriorate further.
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(Update) I’ve seen it on the blog, so it’s no surprise to me that trouble in the housing market has some folks hot under the collar and others hosing them down. CEO’s of the major homebuilders gave me the cold shoulder at a J.P. Morgan conference last week, including Richard Dugas, CEO of Pulte Homes (see June 12 blog).
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I'm blogging to you from the J.P. Morgan Basics and Industrials Conference in mid-town Manhattan, where I've never in my life seen so many freaked out CEOs. I say this only because not nine months ago I attended a similar UBS conference, where the Homebuilder CEOs and their CFOs and their PR reps and their baggage handlers and their mother-in-laws were all fighting with each other to jump in front of our cameras to talk about the recovery shining brightly ahead in the housing market.
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Facing a grim housing market, Pulte Homes said Tuesday that it is cutting about 16% of its work force, or about 1,900 jobs, as part of a restructuring.
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Facing a grim housing market, Pulte Homes said Tuesday that it is cutting about 16% of its work force, or about 1,900 jobs, as part of a restructuring.
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It may finally be getting easier to sell that house of yours again. The SPDR S&P Homebuilders (XHB) has turned this month, jumping 6% over the last five days alone. More than half of that came today on comments from Treasury Secretary Hank Paulson who suggested the housing sector may get a little better. Is the worst over?
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Builders remain cautious and buyers continue to be hesitant, but investors may want to make a move.
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D.R. Horton said Thursday its fiscal second-quarter earnings fell sharply as conditions in the homebuilding industry remained challenging.
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Stocks closed modestly higher on Tuesday as the Dow Jones Industrial Average stretched its winning streak to eight straight sessions. Still, caution ahead of the beginning of earnings season kept many investors on the sidelines.
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Hovnanian CEO Ara Hovnanian said he no longer sees the signs of stabilization in the housing market he did in March, and now warns the industry is still a ways from improvement. “The subprime has gotten a lot of attention and it’s not just been the direct effect of the subprime but the psychological effect, even by those that are not using subprime mortgages.… It’s causing hesitation,” Hovnanian told CNBC’s Erin Burnett on "Street Signs."
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Stocks are searching for direction after a 7-session winning streak for the Dow 30. European stocks are moving higher after yesterday's holiday there, and Asian stocks were mixed overnight.
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In the wake of a Charlotte Observer report about one area's unusually high foreclosure rate, Beazer Homes USA said it has received a grand jury subpoena from the U.S. Attorney's Office, which is probing its mortgage origination business. A unique case? Not according to CGM Capital Management's Kenneth Heebner, who says the negative impact of fast and loose lending policy has "only begun."
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Is the housing sector doing better than consumers think -- or are some contrarian market boosters guilty of "cherry picking"? An economist and a CEO debated the question, on "Morning Call."
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D.R. Horton, the largest U.S. homebuilder, expects homebuilders' pricing power to return by January 2008, after the hard-hit industry works its way through its inventory of unsold homes, the company's chief executive, Don Tomnitz said on Wednesday. "I don't think '08 is going to be a great year, but it's going to be much better than '07." He also said, "'07 is going to suck, all 12 months of it." Is this kind of language from a CEO acceptable?
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The Housing Economy Is, Um, Bad: The preceding is not quite what D.R. Horton CEO Don Tomnitz said to a Citigroup conference, although it clearly IS what he meant.
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"I believe we are having an orderly and reasonably profitable liquidation of excess inventory in the marketplace," chief executive Don Tomnitz said.
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Investors want straight talk from their CEOs, and a chief exec can't get much more direct than saying their company's business outlook "sucks." Speaking at an investor conference in New York Wednesday, the CEO of homebuilder D.R. Horton, Donald Tomnitz, said this 2007 -- all 12 months of it -- is "going to suck." Today on "Power Lunch," CNBC's Diana Olick took a closer look at CEO straight talk -- and how Donald Tomnitz may not be one-of-a-kind, even among homebuilder chief execs.
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If you’re at all interested in the housing market, then you’ve probably heard the sound from yesterday’s webcast of a Citigroup homebuilder conference. Donald Tomnitz, CEO of D.R. Horton, the nation’s largest homebuilder by volume, said, “I don't want to be too sophisticated here, but '07 is going to suck, all 12 months of the calendar year.”