Shares of PulteGroup Inc. (NYSE: PHM) gained sharply on Thursday after the homebuilder reported better-than-expected fiscal third quarter results. Higher selling prices and increased number of closing helped drive up the revenue even as new orders fell. For the latest period, average selling prices climbed 11% to $310,000. Home-building cost of revenue rose 18%. Home sales gross margin (after excluding impairments) widened to 22.5% from 21.6%. Non-GAAP earnings stood at 45 cents on revenue of $1.58 billion. Analysts had expected earnings of 36 cents on revenue of $1.46 billion.
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Major Movers on July 25; OKE, CROX, FB, DHI, PHM, BIDU
Tulsa, Oklahoma-based diversified energy company, ONEOK Inc. (NYSE: OKE) today announced that its Board of Directors authorized the management to pursue a plan to separate the company’s natural gas distribution business into a standalone publicly traded company.
Continue reading Major Movers on July 25; OKE, CROX, FB, DHI, PHM, BIDU
Homebuilders’ Shares Rally after Bernanke’s Dovish Remarks (DHI, KBH, TOL, SPF, LEN, PHM)
Shares of most homebuilders rallied on Thursday, thanks to the Federal Reserve Chairman Ben Bernanke’s extremely dovish remarks.