Pulte Homes Posts $361.4M Loss For Q3
Pulte Homes Inc. lost $361.4 million in the third quarter, but with the acquisition of Centex Corp., the homebuilder's new orders increased by more than a third.
Pulte completed its purchase of Centex in August, turning the Bloomfield Hills, Mich.-based company into the nation's largest builder. The deal gave Pulte more communities with cheaply priced homes for first-time buyers, as well as desirable land in Texas and the Carolinas.
By combining their operations, Pulte now expects to save $440 million annually ¿ $90 million more than when the deal was announced last spring."The rationale (behind the merger) has only grown more compelling in the months since the announcement," said Richard Dugas, Pulte's president, chairman and CEO. Dugas, however, cautioned the market remains "choppy and fragile." Sales also softened in September as families are less likely to move during fall and winter, and because a temporary tax credit for first-time buyers is set to expire this month. Congress is considering extending the credit of up to $8,000 through March, and gradually phasing it out over the rest of next year. One proposed bill in the Senate would give homebuyers until the end of April to sign contracts and still qualify. The bill would also give a $6,500 tax credit for buyers who have owned their home for at least five of the past eight years.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV