D.R. Horton 4Q sales down 34%

passend dazu ein call von jpm

J.P. Morgan upgrades homebuilders

J.P. Morgan said it was taking a more positive stance on homebuilders, upgrading D.R. Horton Inc and Standard Pacific Corp to overweight from neutral Toll Brothers Inc to neutral from underweight

We believe key leading fundamentals are either beginning to stabilize or are on the cusp of recovering over the next few quarters, and historical performance trends point to a longer-term positive move," the broker said. In particular, J.P. Morgan said inventories -- which it believes were the leading driver of the market's recent downturn -- are beginning to stabilize and should drive a market recovery. (reminds me of the calls concerning jdsu with inventory issue...../erinnert mich stark an die calls von jdsu ........)

http://biz.yahoo.com/bw/061010/20061010005427.html?.v=1
D.R. Horton, Inc. , America's Builder, the largest homebuilder in the United States, Tuesday (October 10, 2006), reported net sales orders for the fourth quarter ended September 30, 2006 of 10,430 homes ($2.5 billion), compared to 13,950 homes ($3.8 billion) for the same quarter of fiscal year 2005. Net sales orders for fiscal year 2006 totaled 51,980 homes ($13.9 billion), compared to 53,232 homes ($14.6 billion) for fiscal year 2005. The Company's cancellation rate (homes cancelled divided by gross homes sold) for the fourth quarter of fiscal year 2006 was 40%, compared to 29% in the third quarter of fiscal year 2006.

Three months ended September 30,
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2005 2006
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Homes $'s Homes $'s
------------------ ------------------

Mid-Atlantic 1,319 $ 338.0 1,044 $ 246.0

Midwest 835 217.7 415 114.2

Southeast 2,102 550.5 1,533 318.0

Southwest 5,992 1,220.7 5,016 908.2

West 3,702 1,427.3 2,422 945.8
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13,950 $ 3,754.2 10,430 $ 2,532.2
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jan-martin