GO
Loading...

Enter multiple symbols separated by commas

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.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Lottery ticket

    A thief who broke into the car of a Seattle couple left behind a million-dollar lottery ticket, NBC News reports.

  • The Lamborghini SpA Urus SUV.

    There's no shortage of luxury vehicle choices, but increasingly the wealthy are opting for high-end SUVs instead of traditional models.

  • Mike Trout #27 of the Los Angeles Angels takes a picture with fans before a game with Boston Red Sox at Fenway Park on May 23, 2015 in Boston, Massachusetts.

    MLB is using digital media initiatives like Snapchat and Web video to connect with younger viewers. Is it enough?

U.S. Video

  • Cramer: Here's the no. 1 play in cybersecurity

    Guarding Your Portfolio? "Mad Money" host Jim Cramer's got the number one pick for protection services in today's digital world.

  • Underestimate Cisco at own peril: Cramer

    Mad Money's Jim Cramer takes a look at the cybersecurity space to see if it could also protect your money.

  • Fly with LUV?

    While remaining profitable, Gary Kelly, Southwest Airlines chairman and CEO, tells Mad Money's Jim Cramer the company continues to focus on being a great airline and offering great customer service.