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HovnanianHOV reports another bad quarter and a huge loss on cancellations and walkaways. Hold it! Stop the presses. Hovnanian did report a "bad" quarter but instead of earning $7 a share this year it now could earn $5. That's what the new guidance is. Mind you, I am not bullish on this group -- I won't be until the Fed starts easing, which it should after the fourth-in-a-row weak employment number this morning. But it is important to point out that in previous cycles the homebuilders got wrecked, had big losses and really threatened bankruptcy. Now they just earn $5. That's why giving up on these guys is such a mistake. They will readjust and figure things out. They were all building too many homes and it is hard to switch to building none so fast when you have started building them. You can't tear them down or blow them up. And remember, if you bought the house and you took delivery, as opposed to just put a deposit down, you can't return it! Don't buy these stocks. They are wrong here. Don't short them though. They seem to have found a level where the short is crowded and the long is few and far between. At the time of publication, Cramer had no position in the stock mentioned.
He's on vacation and expected to resume his regular schedule on Monday, Aug. 7.
Its disappointing results provide more evidence why it's so important to be careful right now.
It's surprising the stock's not up even more here, but the Street's bound to take notice soon.
Yahoo! is among the most searched stocks on TheStreet.com. Here's what Cramer had to say about the stock recently.
Catch up on his thinking on the hottest topics of the past week.
Investors will have to deal with a Fed meeting and another flood of earnings and economic data.
Ensco International and Echelon have the potential to move higher in coming days.
See who made what calls.
The addition of video is helping telecom companies compete against cable and satellite companies.
The June West Texas Intermediate contract reflects selling pressure ahead of Tuesday's expiration. But stocks in the sector are generally trading higher.
See who made what calls.
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