Homebuilders/Construction
The high inventory of existing and new homes across the country made pricing very competitive, Donald R. Horton, the company's chairman, said in a statement. But Horton also pointed to generally weak demand.
"We also experienced reduced mortgage availability due to tighter lending standards, and buyers continued to approach the home buying decision cautiously," he said. "We expect the housing environment to remain challenging." Horton said it continues to focus on reducing inventory, generating cash flow and cutting outstanding debt. The company said it generated $1 billion of operating cash flow for the recently ended fiscal year. Horton shares fell 2.4% to $13.25 in premarket trading.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
|
|---|---|---|---|---|
| 12,419.86 | 1,313.32 | 2,837.36 | 16.25 |
Oil *
103.00
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DOWN
160.83 |
DOWN
19.10 |
DOWN
33.63 |
DOWN
1.06 |
10 Yr
1.62%
SPDR Gold
151.91
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-1.28%
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-1.43%
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-1.17%
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-6.12%
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Data delayed 20 minutes |
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