NEW YORK (TheStreet) -- Shares of Hovnanian Enterprises Inc. (HOV) are higher by 5.32% to $4.16 in early afternoon trading on Tuesday, as homebuilder stocks continue to rise off of their competitors earnings results, and positive comments from TheStreet's Jim Cramer.
"The mortgage applications are good. The re-fis are better, but I think what's really mattered to this group is people are desperate for something that hasn't gone up. People are looking for something to hold onto, and I think the homebuilders make sense," Cramer said Monday, while speaking on CNBC's "Squawk on the Street."
This morning, D.R. Horton Inc. (DHI) reported a rise in its 2014 fourth quarter net income to $166.3 million, or 45 cents per diluted share, compared to $139.5 million, or 40 cents per diluted share for the year ago period.
Revenue for the latest quarter grew to $2.42 billion versus $1.81 billion for the 2013 fourth quarter.
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Additionally, on Monday, homebuilders received a boost after Toll Brothers Inc. (TOL) reported its preliminary fourth quarter 2014 revenue results, which grew by 29% to $1.35 billion, exceeding analysts' expectations of $1.31 billion for the quarter.