Hovnanian Enterprises Misses

HenryTo · Posted: Wed Sep 07, 2005 2:51 pm Post subject: Hovnanian Enterprises Misses

Stock is down nearly 6% in AH trading. Other homebuilders are also down in sympathy:
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MarketWatch
Market Pulse: Hovnanian net rises 34%
Wednesday September 7, 4:42 pm ET
By John Spence

BOSTON (MarketWatch) -- Hovnanian Enterprises Inc. said after the closing bell Wednesday that third-quarter net income for the three-month period ended July 31 rose to $116.1 million, or $1.76 a share, from $86.7 million, or $1.33 a share in the year-ago period. Analysts polled by Thomson First Call had expected earnings of $1.78 a share. Shares of Hovnanian gained $1.20 to $61.59 on Wednesday.

HenryTo · Posted: Thu Sep 08, 2005 8:12 am Post subject:

Homebuilders down across the board this morning - anywhere from a 3% to a 5% decline. Is this rally in the major market indices already over, given that the homebuilders have been a leading sector for the last few years? We shall see...

Henry

HenryTo · Posted: Wed Sep 07, 2005 3:54 pm Post subject:

Now down more than 7% in after-hours trading. Correct me if I'm wrong but I think this is the first time that a major homebuilder has missed earnings in recent years.

Henry