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Friday, December 02, 2016 11:21:00 PM
The stock's for sale, and potential buyers are queuing up.
Rich Smith (TMFDitty) Dec 2, 2016 at 6:50PM
Reading Tea Leaves
INVESTORS WHO BID UP HOVNANIAN STOCK ON FRIDAY MAY HAVE BEEN READING THE TEA LEAVES AHEAD OF NEXT WEEK'S EARNINGS REPORT. IMAGE SOURCE: GETTY IMAGES.
What happened
Donald Trump's pick to run the Treasury Department uttered some frightening words for homeowners -- and investors in homebuilders -- this week, promising to "cap" the deduction of mortgage interest payments from taxpayers' income taxes sometime in the next four years. And yet, shares of homebuilder Hovnanian Enterprises (NYSE:HOV) nonetheless were off to the races in Friday trading, gaining as much as 10.5% during the day before closing up 8.5%.
What gives?
So what
Political promises come and political promises go, and anything the President-elect's cabinet wants to get done must first survive Congress before it can become a law. Meanwhile, Hovnanian soldiers on in the business of building and selling houses -- and reporting earnings from same.
In that regard, investors may be discounting Treasury pick Mnuchin's threat to cap the mortgage interest deduction at some time in the far future, and choosing instead to focus on Hovnanian's upcoming earnings report, which is due out on Thursday, December 8.
Now what
According to analysts who follow the company, Hovnanian is expected to report a $0.02 per-share loss for the fiscal year on Thursday. If they're right, that won't be "good" news exactly, but it will be a smaller loss than the $0.11 per-share loss reported in fiscal 2015. At the same time, analysts are looking to see Hovnanian report a big jump in sales for the year, with $2.77 billion in 2016 revenue eclipsing last year's total by 29%.
Even more important than the 2016 results could be Hovnanian's promises for the year ahead. Currently unprofitable and likely to remain so after Thursday's results, Hovnanian is expected to return to profitability in 2017. If it confirms this expectation this coming week, and perhaps offers hope of earning more than analysts expect it to earn ($0.09 per share for 2017 is the current consensus), then investors who bid up Hovnanian shares on Friday could discover that they weren't just early -- but also right to buy.
Recent HOV News
- GTIS Partners and Hovnanian Enterprises Announce the Expansion of their Homebuilding Joint Venture Portfolio to $1 Billion of Equity to Build 12,600 Homes Valued at $6 Billion • PR Newswire (US) • 05/02/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 12:17:43 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 12:15:39 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 03/01/2024 10:28:32 PM
- Hovnanian Enterprises Reports Fiscal 2024 First Quarter Results • GlobeNewswire Inc. • 02/22/2024 02:15:44 PM
- Hovnanian Enterprises Announces First Quarter Fiscal 2024 Earnings Release and Conference Call • GlobeNewswire Inc. • 02/08/2024 06:00:14 PM
- K. Hovnanian®️ Introduces Salerno Reserve, a New LOOKS Community in Stuart, FL • GlobeNewswire Inc. • 01/15/2024 04:59:06 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 12/15/2023 03:10:46 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 12/15/2023 01:02:51 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/14/2023 11:39:07 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/14/2023 11:38:08 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/14/2023 11:38:06 PM
- K. Hovnanian®️ Introduces Locke Landing, a New LOOKS Community in Baltimore, MD • GlobeNewswire Inc. • 12/14/2023 09:38:04 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 12/13/2023 10:00:24 PM
- K. Hovnanian® Introduces The Grove at Jackson Village, a New LOOKS Community in Fredericksburg, VA • GlobeNewswire Inc. • 12/13/2023 04:18:24 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/12/2023 11:06:27 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 12/11/2023 11:30:09 PM
- K. Hovnanian® Introduces Enclave at Hillandale, a New LOOKS Community in Morris County • GlobeNewswire Inc. • 12/07/2023 03:22:02 PM
- Hovnanian Enterprises Reports Fiscal 2023 Fourth Quarter and Full Year Results • GlobeNewswire Inc. • 12/05/2023 02:15:15 PM
- Hovnanian Enterprises Announces Fiscal Year 2023 Earnings Release and Conference Call • GlobeNewswire Inc. • 11/21/2023 08:00:26 PM
- K. Hovnanian️ Recognized with U.S. Department of Energy’s Grand Award, Housing Innovation Award for Zero Energy Ready Homes • GlobeNewswire Inc. • 10/26/2023 03:00:34 PM
- Hovnanian Enterprises Receives Two U.S. Department Of Energy 2023 Awards For Building Energy Efficient Homes • GlobeNewswire Inc. • 10/19/2023 06:00:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/10/2023 08:28:59 PM
- Hovnanian Enterprises to Present at Deutsche Bank’s 31st Annual Leveraged Finance Conference • GlobeNewswire Inc. • 09/27/2023 05:00:55 PM
- Hovnanian Refinances $600 Million in Debt • Dow Jones News • 09/25/2023 12:44:00 PM
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