Pulte Homes Shares Fall on Weak Profit Report
Pulte Homes shares fell Thursday amid growing gloom about the housing sector, having reported dismal earnings after the markets closed Wednesday.
Pulte Homes shares were recently trading down 3.8% at $19.89.
The homebuilder posted a second-quarter loss of $2.01, in the positive end of the home builder's July 17 guidance: It had predicted a loss of $2 to $2.10 per share.
Quarterly revenue was $2.02 billion, largely in line with forecasts.
Analyst consensus had called for a loss of $2.04 per share, on revenue of $2.04 billion, a 39% decline from the year-ago period.
In related news, the Mortgage Bankers Association on Wednesday said that U.S. mortgage applications fell for the first time in four weeks, nearing a five-month low and largely reflecting a drop in demand for home purchase loans.
The association said its seasonally adjusted index of mortgage applications, widely considered a timely gauge of U.S. home sales, for the week ended July 20 decreased 3.6% to 609.0, the lowest level since the week ended Feb. 16 when it stood at 606.6.
The four-week moving average of mortgage applications was down 0.4% at 621.6.