Friday, July 27, 2007

An Impaired Industry

What happened to all the value players that screamed day in and day out that the builders are cheap when you value them vs their book value (they switched to this argument when there was no earnings left to calculate their former argument that the p/e ratios were cheap)......Marketwatch is doing a great job of running all results from the major builders. Click on the Headline to see all details (Highlight as always WCI!). What a horror show....when you are long the stocks. :-)

Frage mich wo die ganzen "Value Palyer" sind die noch bis vor kurzem jeden Tag die niedrigen Bewertungen im Vergleich zum Buchwert als Kaufargument heraufbeschworen haben. Das sind im übrigen die identischen Personen die davor die niedrigen KGV´s als Kaufgrund angeführt haben ( bis die Gewinne zum ermitteln eines KGV´s plötzlich fehlten...) Klickt bitte auf die Überschrift um alle Details aller wichtigen Builder zu lesen (Kommentar wie immer WCI). Eine Einzige Horrorshow.....wenn man die Aktien besitzt.

D.R. Horton
The home builder said its third-quarter results, for the period ended June 30, included pretax charges of $835.8 million for inventory impairments and $16.2 million related to write-offs on land options it's abandoning. The company also took a pretax goodwill-impairment charge of $425.6 million
Beazer Homes
The Atlanta-based builder booked pretax charges of $188.5 million related to inventory impairments, abandonment of land options and goodwill impairments. The company said total revenue dropped to $761 million from $1.2 billion a year earlier.

D.R. Horton has taken over the dubious distinction of absorbing the biggest quarterly land-related write-off so far in this housing downturn, topping Pulte Homes Inc.'s roughly $750 million pretax charge announced last week. Factoring in D.R. Horton's goodwill charge, the quarterly total was nearly $1.3 billion.

Disclosure: Short the homebeuilder index and WCI
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Blogger jmf said...

Franco Is Still Dead, and Housing Is Still Bust: Caroline Baum

3:13 AM  

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