Home Builder Centex (CTX) report earnings for their latest quarter:
REPORTS Q1 -$1.36 V -$1.10E, R $1.13B V $1.3BE; CEO SAYS HOUSING MARKET WORSENED IN Q1 AND DOES NOT EXPECT IT TO IMPROVE THIS YEAR
- Q1 orders -35%
- Q1 Gross Margin’s -470 bps y/y
- Q1 closings -35% y/y
Earnings coming off the wires have not looked too good. Some good ones here and there but for the most part we’re seeing a continued decline in the overall average of revenues.
Another company worth a look is Metlife (MET)
REPORTS Q2 $1.30 V $1.51E, R $13.7B V $13.9BE, CUTS GUIDANCE
- Guides FY08 EPS $5.70-5.90 v $6.15e(prior $5.90-6.20)
The full wrap up tonight…
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More on this topic
(What's this?)
Quote of the Day - Centex Corp. (CTX)
(Stock Market Prognosticator, 8/2/08)
MetLife Ratings Review May Have "Material Adverse Impact"
(naked capitalism, 10/10/08)
Portfolio A Update - Bye, Bye Centex
(The Curious Investor, 4/22/08)
{ 1 comment }
Likely short covering rally until Friday’s employment numbers. If the birth/death adjustments are reported accurately, there could be a very large downward adjustment.