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NEW YORK ( TheStreet) -- On July 24 I wrote, Downgrades Point to Weak Construction Spending Ahead and on Tuesday we learned that construction spending rose a better than expected 0.6% in July. This information prompted me to provide an update on the profiles for the 11 construction-related companies I covered on July 24. All 11 stocks had sell ratings according to www.ValuEngine.com, and today they all have hold ratings.
[Read: <a target="blank" data-add-tracking="true" href="http://www.thestreet.com/story/12025355/1/lowes-never-stops-improving.html"><em> Lowe's Never Stops Improving</em></a>]
Between July 23 and Aug. 30 all 11 stocks profiled then and now have traded lower; four by less than 2%, and seven by 5.9% to 11.7%. On July 23 nine of the 11 were above their 200-day simple moving averages and today there are six as the risk of reversion to the mean was a factor.
Reading the Table
OV/UN Valued: Stocks with a red number are undervalued by this percentage. Those with a black number are overvalued by that percentage according to ValuEngine.
VE Rating: A "1-engine" rating is a strong sell, a "2-engine" rating is a sell, a "3-engine" rating is a hold, a "4-engine" rating is a buy and a "5-engine" rating is a strong buy.
Last 12-Month Return (%): Stocks with a red number declined by that percentage over the last 12 months. Stocks with a black number increased by that percentage.
Forecast 1-Year Return: Stocks with a red number are projected to decline by that percentage over the next 12 months. Stocks with a black number in the table are projected to move higher by that percentage over the next 12 months.
Value Level: Price at which to enter a GTC limit order to buy on weakness. The letters mean; W-weekly, M-monthly, Q-quarterly, S-semiannual and A-annual.
Pivot: A level between a value level and risky level that should be a magnet during the time frame noted.
Risky Level: Price at which to enter a GTC limit order to sell on strength.
[Read: <a target="blank" data-add-tracking="true" href="http://www.thestreet.com/story/12025352/1/hps-still-a-value-trap.html"><em> HP's Still a Value Trap</em></a>]
General Cable(BGC - Get Report) ($30.24) beat EPS estimates by 13 cents earning 69 cents a share on July 31. The provider of cooper and fiber optic wiring traded up to $33.36 on Aug. 1 and has been below its 200-day simple moving average at $32.32 since Aug. 15. My semiannual value level at $23.89 a weekly pivot at $32.28 and a monthly risky level at $35.45.