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Hovnanian gets crushed by slumping home sales; Steer clear of shares; no sign of a bottom for debt-heavy builder.(In the Markets)
Crain's New York Business, June, 2007
Byline: Aaron Elstein An old wall street axiom warns investors against trying to catch a falling knife. If a stock is in free fall, stand back. Do not grab it. That wisdom applies in spades to shares of home builder Hovnanian Enterprises Inc. Even though the stock closed Friday 36% below where it stood Jan.
1, this is no time for vulture investing. Just listen to Hovnanian's management team, which late last month revealed a brutal 29% decline in quarterly sales and admitted, "We are not confident that we've seen a bottom.'' How bad will it get? Don't ask Hovnanian. It recently withdrew its estimates for the rest of the year. Hope that its results may begin to stabilize, a development that looked so likely just months ago, has all but vanished. "The...
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