U.S. homebuilders stumbled earlier this week after numbers showed sales of new homes declined for the second consecutive month. On Monday, the Commerce Department reported sales of new homes declined 7.0 percent in December, following a 3.9 percent declined in November. For the full year, new home sales totaled 428,000 in 2013, an increase of 16.4 percent and the highest since 2008. Here is how some homebuilders reacted Tuesday:
D.R. Horton, Inc. (NYSE: DHI) shares traded in the range of $21.95 to $23.20 Tuesday before settling to close at $23.00, an increase of 9.84 percent. The stock appears to have some support at the $22.58, $22.32 and $22.15 levels. The company reported net income for the first quarter of fiscal 2014 increased 86.0 percent year-over-year to $123.2 million. Shares of D.R. Horton have gained approximately 3.0 percent year-to-date.
More information on D.R. Horton and access to the free equity report can be found at: www.WallStreetFundamentals.com/DHI
Hovnanian Enterprises, Inc. (NYSE: HOV) shares traded in the range of $5.76 to $5.99 Tuesday before settling to close at $5.93, an increase of 3.49 percent. The stock appears to be facing some resistance at the $5.93 and $6.03 levels with some support at $5.72. The company reported revenues for the full year of fiscal 2013 increased 24.2 percent year-over-year to $1.85 billion. Shares of Hovnanian Enterprises have fallen approximately 10.0 percent year-to-date.
More information on Hovnanian Enterprises and access to the free equity report can be found at: www.WallStreetFundamentals.com/HOV
KB Home (NYSE: KBH) shares traded in the range of $17.75 to $18.50 Tuesday before settling to close at $18.37, an increase of 4.67 percent. The stock appears to be facing some resistance at the $18.41 and $18.73 levels with some support at $18.17. The company recently declared a quarterly cash dividend of $0.025 per share. Shares of KB Home have gained approximately 1.0 percent year-to-date.
More information on KB Home and access to the free equity report can be found at: www.WallStreetFundamentals.com/KBH
M.D.C. Holdings, Inc. (NYSE: MDC) shares traded in the range of $29.57 to $30.75 Tuesday before settling to close at $30.53, an increase of 4.34 percent. The stock appears to be facing some resistance at the $30.95 and $31.17 levels with some support at $30.47. The company is scheduled to release its 2013 fourth quarter earnings before market open on Wednesday, February 5th. Shares of M.D.C. Holdings have fallen approximately 5.0 percent year-to-date.
More information on M.D.C. Holdings and access to the free equity report can be found at: www.WallStreetFundamentals.com/MDC
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