Home Sales Data, Toll Results Boost Builder Shares |
| Wall Street Journal - May 26, 2010 |
Home builders' shares extended their gains Wednesday after U.S. new-home sales grew far more than expected in April and strong results from Toll Brothers Inc. (TOL) helped the sector rebound from recent declines.
New-home sales climbed 14.8% in April, the second month in a row demand exceeded expectations, as buyers cashed in on a government tax credit before it expired. Analysts had looked for a 3.4% increase. Meanwhile, Toll Brothers said a recovery in the housing sector is underway and posted a narrower fiscal second-quarter loss.
Amid a broader market rally, Standard Pacific, which had been leading the sector all morning, was recently up 5.8% at $4.92 after rallying as much as 9.5% at one point after the data was released. Other home builders leading the gains were Toll Brothers, which gained 2.7% to $21.18, Hovnanian Enterprises Inc. (HOV), which rose 5.9% to $6.30, Lennar Corp. (LEN), which rose 2.3% to $17.56, and Beazer Homes USA Inc. (BZH), which grew 2.2% to $5.10.
Read Full Article from Wall Street Journal
- Posted: 2010-05-26 10:46:41
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