Housing Stocks Tumble On Mixed Results From 2 Big Players
Homebuilders' shares tumbled Thursday on mixed results from two of the industry's biggest players.
D.R. Horton, Inc. (NYSE: DHI) fell more than 4 percent Thursday, changing hands recently at $23.95. Horton is slated to post results January 26.
Taylor Morrison Home Corp (NYSE: TMHC) also dropped 4 percent to $17.41, and hasn't scheduled its fourth-quarter earnings release.
M.D.C. Holdings, Inc. (NYSE: MDC) was off more than 5 percent recently at $25.37. M.D.Cl expects to report earnings on January 28.
Ryland Group Inc (NYSE: RYL) tumbled more than 3 percent recently at $37.95. Ryland is slated to post results January 29.
The iShares Dow Jones US Home Const. ETF (NYSE: ITB) declined more than 2 percent, changing hands recently at $25.23.
Thursday's stock meltdown is seen against a backdrop of Commerce Department statistics from last month showing that new home sales dropped 1.6 percent in November to 438,000 units, or nearly 5 percent below analysts' average estimate.
Although builder confidence is down slightly, a trade group recently said it remains in solidly positive territory.
“As we head into 2015, the housing market should continue to recover at a steady, gradual pace,” David Crowe of the National Association of Home Builders said on December 15.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.