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Pulte Homes Shares Fall on Weak Profit Report
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Pulte Homes shares fell Thursday amid growing gloom about the housing sector, having reported dismal earnings after the markets closed Wednesday.
Pulte Homes [PHM
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] 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.
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