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Home Sales Spike, As Do Homebuilders

Homebuilders didn't benefit from Tuesday's S&P/Case-Shiller index improvements, but the Census Bureau data seemed to cause a multiplier effect.

The homebuilder spike was led by D.R. Horton (DHI - Get Report), which was up 1% at mid-day, a welcome change for the stock after the pummeling it took last week on weak earnings.

Skyline (SKY - Get Report) was up 4.5%; Hovnanian Enterprises (HOV - Get Report) was up 2%; while KB Homes (KBH - Get Report), M.D.C. Holdings (MDC - Get Report), and Pulte Homes (PHM - Get Report) were all trading up slightly at mid-day.

While the positive gains were small for many of the homebuilders, a broadly positive trend is welcome news for the beleaguered sector.

Only two major names in the sector were down at mid-day: The stock price of he Ryland Group (RYL) was down 0.6%; while luxury homebuilder Toll Brothers (TOL - Get Report) was down 0.3%.

It was just a few weeks ago that a better-than-expected outlook from Toll Brothers sent the entire sector up.

Today, instead of leading the industry surge, Toll was missing out on it.

-- Reported by Eric Rosenbaum in New York

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SYM TRADE IT LAST %CHG
DHI $27.59 0.00%
HOV $2.60 0.00%
KBH $16.58 0.00%
MDC $29.97 0.00%
PHM $20.55 0.00%

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DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

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