Business Services Industry
On-again, off-again rally in shares of home builders shakes Hovnanian's foundations.(Hovnanian Enterprises Inc.'s shares slump)(C.R. Bard Inc.'s fourth quarter earnings drop)(Vornado Realty Trust shares rally)(Brief article)
Crain's New York Business, February, 2007
Two weeks ago, homebuilder Hovnanian rallied after a leading analyst called its shares a "buy.'' Last week, investors had second thoughts, driving the stock down 5% in the first hour of trading on Thursday on news of sharply lower orders and plunging land prices from another builder. On March 1, Hovnanian is expected to post its own grim news: a 95% slump in earnings.
The shares lost 7% last week. After a long run of robust health, C.R. Bard is suddenly looking a little sickly. A multiyear series of earnings gains ended late last month when the maker of catheters and other disposable medical devices reported a 73% drop in fourth-quarter earnings. Since then, the shares eked out a small gain on hopes that the hit was a one-off. The shares are up 32% in the last...
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