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Daily Highlights: 10/26/09

Mon, 26 Oct 2009 13:02:47 GMT

Asian shares were mostly higher Monday with S.Korean shares helped by upbeat economics.Bank failures in US exceed 100 for this year, most closings since 1992.China's September coal imports increase 7% from August as economy recoversOil prices slipped to near $80 a barrel in AsiaDollar falls versus Euro as recovery signs, stock gains sap safety demand.Japan to punish BNP Paribas's unit over convertible bond, share price manipulation.Japan's PM Hatoyama says recovery 'unpredictable,’ unemployment may worsen.S Korea's Q3 GDP rises 2.9% - fastest quarterly pace in more than seven years.SEC considering filing securities fraud charges against ICAP's US subsidiary.[More...]

Home Prices: Sustainable Bottom or Dead Cat Bounce?

Mon, 12 Oct 2009 23:33:51 GMT

Recent price action suggests that the shadow inventory problem may not work out like most think.[More...]

Market Closing: Nasdaq Leads Decliners; Oil at 2-Month Low

Thu, 24 Sep 2009 20:25:00 GMT

Stocks end lower after disappointing housing data sapped early market strength. The tech-concentrated Nasdaq closes down 1%, as does the S&P 500. The DJIA ends with a slimmer 0.5% decline. Oil hit a two-month low at $65.89 a barrel, also dragging on stocks.[More...]

August 7, 2009: Nationwide Survey By CSFB Reveals Real Estate Agent Builder Preference

Fri, 07 Aug 2009 13:36:56 GMT

The July Credit Suisse First Boston Monthly Survey Of Real Estate Agents was made available today fir institutional clients and consultants on the survey. Presented monthly, this 60-page (or thereabouts) publication has been an extremely accurate and predictive document - my first choice when I begin pondering my monthly real estate strategy. Almost always, I focus on the top fifty metro markets and regions, primarily interested in the pure statistics and opinions of "boots on the ground" agents and investors that make this such an excellent read. Another feature of this monthly survey lists agents recommendations for national builders. The percentage number is based upon positive less negative responses from agents. This is an important reflection on these builders, and thus their stock, as over 40% of new home sales involve a real estate agent. Here is the list, best to least favored: Pulte[More...]

Meritage Homes (MTH) Does Face Plant on Earnings

Tue, 28 Jul 2009 20:09:28 GMT

We cut almost all our Meritage Homes (MTH) a week ago Friday, in retrospect about 4 days too early (despite a 25% one week surge), so today's 11% drop does nothing to us, as we have a 0.1% stake. I don't want to rebuy here, because after today's drop it is still above the price we sold. These home builders are extremely volatile and sensitive to news, so the charts are[More...]

Housing Trends: The Green, the Small, and the Homes with Chinese Drywall

Thu, 05 Mar 2009 18:50:00 GMT

NOTE: Today begins a new periodic feature where I will link to and briefly comment about articles I found interesting and think readers might as well. This feature is[More...]

Reuters: Is it Time to Overhaul the Dow?

Tue, 24 Feb 2009 21:25:00 GMT

If you follow the blog for any period of time you will see I almost never reference the Dow Jones Industrial Average; instead focusing on the broader S&P 500. The Dow is only 30 stocks and unlike most logical indexes is price weighted; which means a stock that trades at $80 is 8x more important than one that trades at $10. If the Dow was equal weighted - the demolition of Bank of America (BAC) and Citigroup (C) would have had a much larger effect. An interesting take, via Reuters on the need for overhaul. There was a time when a tumble below $10 in the share price of a company in the Dow Jones industrial[More...]

Earnings Review: January 28, 2009

Thu, 29 Jan 2009 01:36:53 GMT

Late on Wednesday, Allstate Corp. (NYSE: ALL) announced that it swung to a fourth-quarter net loss of $1.13 billion, or $2.11 a share compared to net income of $760 million, or $1.36 a share, in the same quarter a year ago.[More...]

Overall Market Looks Bad

Sun, 18 Jan 2009 03:45:00 GMT

On Friday, the bulls were able to register a win, with major indexes breaking slightly out of declining channels. Looking at Thursday and Friday together, traders demonstrated indecision more than anything else, sending averages up in down in a narrowing range. It felt as though short covering was driving much of the action, with a lack of follow through on Friday's gap up, and frenzied rallies off of the lows when selling had dried up. [More...]

Support Is Holding, For Now

Sun, 11 Jan 2009 20:45:00 GMT

Following the weak finish to last week, the major indexes remain above their 50 day moving averages, with higher highs and higher lows still in place. At the same time, a number of sector charts are looking vulnerable. First, let's look at some index charts: [More...]

Entrepreneurs Are Facing Credit Crunch

Sun, 02 Nov 2008 07:52:00 GMT

Nov. 2--Launching a small business is challenging in the best of times.
Imagine what budding entrepreneurs face when approaching traditional lenders in the hope of launching their dream venture in the current credit crunch that is bringing some of the nation's biggest corporations to their knees.
"A year ago, it was hard but not impossible -- if you had a good relationship with the bank, repaid loans in the past and your personal expenses were under control," says Charles Edmonds, a Fort Worth business broker.

[More...]

Meritage Homes Appoints Dana Bradford to Its Board of Directors

Fri, 14 Aug 2009 16:05:00 GMT

Meritage Homes Corporation a leading U.S. homebuilder, today announced the appointment of Dana C. Bradford to the Company's board of directors.[More...]

Meritage Homes Schedules Second Quarter 2009 Earnings Webcast

Tue, 14 Jul 2009 17:56:00 GMT

Meritage Homes Corporation a leading U.S. homebuilder, plans to release the Company's second quarter 2009 results on Monday, July 27, 2009 after market close. Management will host a conference call to discuss these results on July 28, 2009 at 11:00 a.m. Eastern Time The call will be webcast by Business-to-Investor, Inc. , with an accompanying slideshow on the 'Investor Relations' page of the Company's web site at http://www.meritagehomes.com. For telephone participants, the dial-in number is 888-241-0558 with a passcode of 'Meritage'. Participants are encouraged to dial in five minutes before the call begins. A replay of the call will be available after 12:30 p.m. ET, July 28, 2009 on the website noted above, or by dialing 800-365-8354, and referencing passcode 16423939.[More...]

Meritage Homes to Present At 8th Annual JMP Securities Conference

Wed, 13 May 2009 19:11:00 GMT

Meritage Homes Corporation , a leading U.S. homebuilder, announced today that Meritage executive management will make a presentation to the investment community on Wednesday, May 20, 2009 at 8:30 a.m. PT at the 8th Annual JMP Securities Conference in San Francisco, CA. The Company's presentation will be webcast live and may be accessed through the 'Investor Relations' page of the Meritage Homes website, http://www.meritagehomes.com. Participants should access the webcast event page at least five minutes before the live event. An archived version of the Company's presentation will also be available on this site following the presentation.[More...]

Meritage Homes Schedules First Quarter 2009 Earnings Webcast

Thu, 16 Apr 2009 21:01:00 GMT

Meritage Homes Corporation a leading U.S. homebuilder, plans to release the Company's first quarter 2009 results on Monday, April 27, 2009 after market close. Management will host a conference call to discuss these results on April 28, 2009 at 11:00 a.m. Eastern Time The call will be webcast by Business-to-Investor, Inc. , with an accompanying slideshow on the 'Investor Relations' page of the Company's web site at http://www.meritagehomes.com. For telephone participants, the dial-in number is 888-241-0558 with a passcode of 'Meritage'. Participants are encouraged to dial in five minutes before the call begins. A replay of the call will be available after 12:30 p.m. ET, April 28, 2009 on the website noted above, or by dialing 800-695-3382, and referencing passcode 87531896.[More...]

Meritage Homes Stockholders Approve NOL Protective Amendment

Mon, 16 Feb 2009 17:08:00 GMT

Meritage Homes Corporation , a leading U.S. homebuilder, announced that stockholders today approved an amendment to the Company's Articles of Incorporation to restrict certain transfers of the Company's common stock, in order to preserve the tax treatment of the Company's net operating losses and built-in losses . More than 99% of the 22 million shares voted in the special meeting of stockholders today were cast in favor of the amendment.[More...]

Meritage Homes Announces Exchange and Retirement of Debt for Equity

Tue, 10 Feb 2009 12:43:00 GMT

Meritage Homes Corporation today announced that it has retired $4,298,000 principal amount of its 7.731% senior subordinated notes due 2017, by issuing in exchange for these notes 149,994 shares of its common stock in a privately negotiated transaction. At yesterday's closing price of $15.76 per share, the implied discount on the face value of the notes retired was 45%.[More...]

Meritage Homes Reports Fourth Quarter and Full Year 2008 Results

Wed, 28 Jan 2009 20:26:00 GMT

Meritage Homes Corporation today announced fourth quarter and full year results for the periods ended December 31, 2008.[More...]

Meritage Homes Schedules Fourth Quarter and Full Year 2008 Earnings Webcast

Tue, 20 Jan 2009 12:51:00 GMT

Meritage Homes Corporation , a leading U.S. homebuilder, plans to release the Company's fourth quarter 2008 results on Wednesday, January 28, 2009 after market close. Management will host a conference call to discuss these results on January 29, 2009 at 11:00 a.m. Eastern Time The call will be webcast by Business-to-Investor, Inc. , with an accompanying slideshow on the 'Investor Relations' page of the Company's web site at http://www.meritagehomes.com. For telephone participants, the dial-in number is 888-241-0558 with a passcode of 'Meritage'. Participants are encouraged to dial in five minutes before the call begins. A replay of the call will be available after 4:30 p.m. ET, January 29, 2009 on the website noted above, or by dialing 888-566-0885, and referencing passcode 77504325.[More...]

Meritage Homes Takes Steps to Preserve the Value of Its Deferred Tax Assets

Wed, 24 Dec 2008 11:55:00 GMT

Meritage Homes Corporation , a leading U.S. homebuilder, announced today that it has taken a number of steps designed to preserve the long term value to the Company of certain tax assets primarily associated with net operating loss carryforwards and built in losses under Section 382 of the Internal Revenue Code. At September 30, 2008, the Company estimated that it had $137 million in deferred tax assets generated by approximately $360 million in net operating losses through September 30, 2008.[More...]

Meritage Homes Promotes Steve Davis to Chief Operating Officer

Wed, 17 Dec 2008 20:19:00 GMT

Meritage Homes Corporation , a leading U.S. homebuilder, today announced the promotion of Steve Davis to the newly created position of chief operating officer.[More...]