International Business News - HOV http://www.ibtimes.com All articles are copyrighted by IBTimes.com 400 100 http://www.ibtimes.com/ http://www.ibtimes.com/images/top_logo_ibt2_3.gif In a July 1 story about a JP Morgan analyst note on homebuilders, The Associated Press erroneously reported two of analyst Michael Rehaut's statements. http://www.ibtimes.com/articles/20080702/correction-jp-morgan-homebuilders-story.htm Wed, 02 Jul 2008 09:09:04 EDT JP Morgan analyst Michael Rehaut said downward pressure on housing stocks is likely to persist because of higher interest rates, less help with down payments and declining company cash flow. http://www.ibtimes.com/articles/20080701/analyst-note-homebuilders-face-headwinds.htm Tue, 01 Jul 2008 18:22:20 EDT A revised report on June consumer sentiment due out Friday is expected to show that Americans remain pessimistic about the economy due to falling home prices, deteriorating job growth, surging fuel prices and rising inflation. http://www.ibtimes.com/articles/20080627/ahead-of-the-bell-consumer-sentiment.htm Fri, 27 Jun 2008 06:14:22 EDT Housing stocks faltered Thursday after a major builder reported a quarterly loss and data showed home prices continued to fall last month. Lennar Corp. paced the decliners, falling 10 percent to $13.12 in morning trading. The Miami builder reported a fiscal second-quarter loss and said it expects the housing market to deteriorate more in 2008. http://www.ibtimes.com/articles/20080626/sector-snap-homebuilders-slide-on-price-data.htm Thu, 26 Jun 2008 11:44:50 EDT A government report to be released Wednesday is forecast to show that new home sales fell in May after an unexpected increase a month earlier. The Commerce Department is expected to report that new home sales dipped 2.1 percent in May to a seasonally adjusted annual rate of 515,000 units, according to the consensus forecast of Wall Street economists surveyed by Thomson/IFR. The report is scheduled to be released at 10 a.m. EDT. http://www.ibtimes.com/articles/20080625/ahead-of-the-bell-new-home-sales.htm Wed, 25 Jun 2008 06:12:51 EDT A Credit Suisse analyst started coverage of the homebuilder sector with an "Overweight" rating Tuesday, saying the industry will likely turn a corner next spring as inventory levels start to drop. http://www.ibtimes.com/articles/20080624/ahead-of-the-bell-homebuilders.htm Tue, 24 Jun 2008 08:47:42 EDT On Tuesday, two indexes measuring the change in home prices in April are likely to show declines, as a glut of unsold homes continues to pressure the struggling market. http://www.ibtimes.com/articles/20080623/on-the-watch-home-prices.htm Mon, 23 Jun 2008 17:35:29 EDT Next week, investors will get updates on the struggling housing sector when the Department of Commerce reports data on new home sales for May, and the National Association of Realtors reports on existing home sales. http://www.ibtimes.com/articles/20080620/on-the-watch-hban-smod-hum.htm Fri, 20 Jun 2008 17:22:28 EDT Housing stocks fell across the board Tuesday after data showed the pace of construction slowed to a 17-year low and inflationary pressure rose sharply. http://www.ibtimes.com/articles/20080617/sector-snap-homebuilders-slide-on-data.htm Tue, 17 Jun 2008 12:35:56 EDT Housing stocks moved mostly higher Monday as economists become increasingly certain the Federal Reserve will not raise interest rates to stem rising inflation. http://www.ibtimes.com/articles/20080616/sector-snap-homebuilders-mostly-higher.htm Mon, 16 Jun 2008 12:25:45 EDT Credit-rating agencies are betting that the housing downturn will deepen well into next year, dragging out homebuilders' woes. Fitch Ratings on Tuesday slashed its issuer default ratings for eight homebuilders, bumping three--Ryland Group Inc., D.R. Horton and Centex Corp.--into "junk" status. http://www.ibtimes.com/articles/20080610/homebuilders-debt-ratings-cut-on-grim-sector-outlook.htm Tue, 10 Jun 2008 17:04:09 EDT Fitch Ratings downgraded the ratings on a series of major homebuilders Tuesday, saying it expects the housing market to perform worse than previously expected through 2008. http://www.ibtimes.com/articles/20080610/fitch-cuts-ratings-on-major-homebuilders.htm Tue, 10 Jun 2008 14:26:33 EDT Housing stocks fell Thursday on news that foreclosures reached record levels in the first quarter, further stressing a market already burdened by excess inventory of unsold homes. http://www.ibtimes.com/articles/20080605/sector-snap-homebuilders-slump-on-foreclosure-data.htm Thu, 05 Jun 2008 12:54:18 EDT Shares of Hovnanian Enterprises Inc. fell sharply on Wednesday after the homebuilder said its second-quarter loss grew tenfold, citing a difficult business environment for home construction. http://www.ibtimes.com/articles/20080604/hovnanian-enterprises-tumbles-on-2q-earns.htm Wed, 04 Jun 2008 19:06:28 EDT The Standard & Poor's MidCap 400 index rose in midday trading Wednesday as the broader markets reacted to news the service economy grew last month, and crude oil prices fell on demand concerns. http://www.ibtimes.com/articles/20080604/s-p-midcap-400-in-focus-bobe-cnb.htm Wed, 04 Jun 2008 13:02:45 EDT Shares of State Street Corp. fell in premarket trading Wednesday after the financial-services firm announced a $2.5 billion stock offering. Shares lost $1.83, or 2.6 percent, to $69.53. http://www.ibtimes.com/articles/20080604/premarket-movers-state-street-sinks-on-offering.htm Wed, 04 Jun 2008 09:16:02 EDT Homebuilder Hovnanian Enterprises Inc. on Tuesday evening said second-quarter losses grew tenfold from a year earlier as it reported its seventh consecutive negative quarter. http://www.ibtimes.com/articles/20080603/hovnanian-reports-2q-loss-grows-tenfold.htm Tue, 03 Jun 2008 19:32:58 EDT Homebuilder D.R. Horton said Tuesday the industry could face tough times until 2010, and underscoring that point, Toll Bros. and Hovnanian Enterprises Inc. each reported a second-quarter loss. http://www.ibtimes.com/data/articleimgs/62421-earns-toll-brothers.jpg http://www.ibtimes.com/articles/20080603/homebuilders-offer-bleak-outlook-toll-bros-posts-2q-loss.htm http://www.ibtimes.com/articles/20080603/homebuilders-offer-bleak-outlook-toll-bros-posts-2q-loss.htm Tue, 03 Jun 2008 20:49:11 EDT The Standard & Poor's MidCap 400 index rose in midday trading after Federal Reserve Chairman Ben Bernanke expressed confidence the economy will improve later this year, but suggested additional interest rate cuts may not come for a while. http://www.ibtimes.com/articles/20080603/s-p-midcap-400-in-focus-vci-cwtr.htm Tue, 03 Jun 2008 13:04:00 EDT Housing stocks increased Tuesday after luxury homebuilder Toll Brothers Inc. reported its second-quarter loss beat Wall Street's expectations. Early Tuesday, Toll said it lost $93.7 million, or 59 cents per share, in the second quarter, compared with a year-ago profit of $36.7 million, or 22 cents per share. Analysts surveyed by Thomson Financial expected a loss of 89 cents per share. http://www.ibtimes.com/articles/20080603/sector-snap-homebuilders-up-after-tolls-results.htm Tue, 03 Jun 2008 11:54:40 EDT