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Home builder shares up on valuation, broad rally
Shares of home builders surged on Tuesday, outpacing a broad-based rally as investors decided builder stock prices could not fall much further. D.R. Horton Inc (DHI.N: Quote, Profile, Research, Stock Buzz), Lennar Corp (LEN.N: Quote, Profile, Research, Stock Buzz) and Centex Corp (CTX.N: Quote, Profile, Research, Stock Buzz) , the top three U.S. builders, led the rally, with shares rising about 9 percent at the market open. The home builders' index was up about 5 percent in early trading .DJUSHB, ahead of the broader market's Standard & Poor's 500 index .SPX, which was up only 1.4 percent. "It looks like there could be some longer-term money heading into this group," said Kevin Quinn, a managing director of equity trading with the Stanford Group Company. "They've spent a couple years in the cellar. They seem pretty cheap." The sharp slide in oil prices after a rally in the U.S. dollar and news that Hurricane Gustav had spared major Gulf oil facilities also boosted home builder shares. Lower oil prices means a diminished chance the Federal Reserve will raise interest rates to contain inflation, and a lower cost of borrowing is good news for home sales. http://www.reuters.com/article/hotStocksNews/idUSN0239398120080902 |
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