- With broader markets up strongly today, homebuilder stocks are rising even faster. To be sure, they started at a lower point. iShares U.S. Home Construction ETF (BATS:ITB) has negative return of 32% YTD, while the YTD return on the SPDR S&P 500 Trust (SI:SPY) ETF (NYSEARCA:SPY) is 0.7%.
- Thursday afternoon, it's up 3.34%, outpacing SPY's gain of 2.4%.
- Economic data did its part. September pending home sales unexpectedly rose 0.5%, where consensus expected sales to stagnate.
- Leading the pack, Meritage Homes (NYSE:MTH), spiking 11% after reporting Q3 results. Also on the rise: KB Home (KBH +6.6%), Toll Brothers (TOL +5%), PulteGroup (PHM +4.8%), William Lyon Homes (WLH +5%), D.R. Horton (DHI +3.7%), and Lennar (LEN +3.8%).
- Previously: Meritage Homes +6% post Q3 results (Oct. 25)
- Previously: Pending Home Sales unexpectedly increase in September (Oct. 25)
- ETFs: XHB, ITB, PKB, NAIL, HOML
- Now read: Meritage Homes Corporation 2018 Q3 - Results - Earnings Call Slides
Original article