Land shortage may provide an unforeseen roadblock to U.S. housing market's full comeback.» Read More
Stocks finished little-changed after a roller-coaster session as investors tried to figure out the Federal Reserve's latest statement on inflation and interest rates. "The Fed's been engaged in a real delicate balancing act," said Bruce Bittles, chief investment strategist at Robert W. Baird
I guess I’m beginning to sound like a broken record, but I have to ask it again: just how much can the big public home builders take? KB Home, which has lost nearly a quarter of its market value this year, reported a second quarter that could give a CEO nightmares. The company posted a net loss of $148.7 million, or $1.93 a share, compare that with a net income of $205.4 million just one tragic year ago. Housing revenues, that’s if you subtract some land sales, were down 41% from a year ago.
KB Home, the No. 5 U.S. home builder, posted a quarterly net loss Thursday as revenue dropped sharply due to the weak housing market.
Investors will soon have earnings to add to their watch list, but unlike interest rates and energy prices they may yield a positive surprise. Though interest rates and subprime worries have rattled stocks lately, corporate profits will also be closely watched in the coming weeks. And many market pros think that--like the first quarter--the results will come in above unrealistically low forecasts.
Homebuilder KB Homes said Friday it was considering its strategic alternatives after receiving an offer to purchase KB's stake in its French subsidiary Kaufman & Broad SA.
M&A news and analyst actions were some of the catalysts behind the most actively traded stocks on Friday.
Builders remain cautious and buyers continue to be hesitant, but investors may want to make a move.
Stocks closed broadly lower on Wednesday as investors' hopes for a cut in interest rates diminished following the release of minutes from the Fed's policy meeting three weeks ago."I think what the market wanted to hear was that the Fed was looking to come to the rescue and add liquidity to the system, as they seemed to tip their hat to in the last FOMC announcement," Kevin Caron, market analyst at Ryan Beck, told CNBC.
At KB Home's annual meeting on Friday, the preliminary tally showed shareholders approved two proposals management had opposed. This is unusual as shareholder proposals rarely receive a majority of votes.
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."
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."
Stocks closed near the unchanged mark as investors pulled money out of the tech sector and moved into energy stocks. "With the recent volatility that we've had, investors are taking a closer look at their portfolios and they're a little more cautious," said Ron Papanek, a strategist with RiskMetrics Group.
The guys (and gal) go behind the headlines and give you the traders take on the Palm/MOTO disaster... the Blackstone $4 billion IPO... the EU open skies... and more. Find out where they see fast money.
KB Home, the 5th largest U.S. home builder, said quarterly net profit fell 84%, reflecting the sharp decline in the U.S. housing market.
For Cramer, there is only one alternative energy play, one home builder worthy of recommending and one big loser in oil.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
The Department of Justice has launched a probe into the handling of stock options at KB Home, one of the nation's largest homebuilders, although it is not targeting the company directly, KB Home said.
Toll Brothers today said its first-quarter profit plunged 67% compared with last year; the luxury-home builder's CEO, Robert Toll, said there are still too many soft markets. Which raises the question: Has the bottom come at last? Two analysts called it two different ways on "Power Lunch."
"It's more company-specific news items than anything else," Tony Dwyer, equity market strategist at FTN Midwest Securities, said in an interview with CNBC.com. "You had a very near-term oversold market, you've had a back-and-forth tape over the last few days, so today evens it out."
KB Home reported a net loss of $49.6 million, or 64 cents a share, for the fiscal fourth quarter ended Nov. 30, compared with net income of $304.4 million, or $3.44 a share, a year earlier.
A bright spot in today’s earnings report from KB Home, one of the nation’s largest home builders: prices on their homes are coming down this quarter. While the company posted some nasty earnings for the fiscal fourth quarter and is showing a 48% cancellation rate, that fact bodes well for the usually busy spring season.