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4-Traders Homepage  >  Equities  >  Nyse  >  Hovnanian Enterprises, Inc.    HOV

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U.S. housing sector tumbles after tax plan released

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11/02/2017 | 06:33pm CET

Shares in the U.S. housing sector tumbled after the release of a Republican tax reform plan that would cap deductions for mortgages.

The PHLX Housing index <.HGX> reversed course and was last down 0.3 percent after the announcement of a plan that would cap state and local property tax deductions at $10,000 and maintain deductions for mortgage interest for existing loans and newly purchased homes up to $500,000.

"It disadvantages housing, making owning a home less attractive. That's a concern," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.

The housing index, which includes homebuilders, building materials and mortgage stocks, up 0.7 percent after market open, fell as much as 1.6 percent after the news.

Shares in MDC Holdings (>> M.D.C. Holdings, Inc.) were last down 8.6 percent with trading volume 1.5 times the 10-day moving average. The tax plan deepened the stocks existing losses after it issued its quarterly report before the market opened.

Toll Brothers (>> Toll Brothers Inc) shares were down 4.6 percent at $44.49 with trading volume 2.7 times its 10-day moving average.

Hovnanian Enterprises (>> Hovnanian Enterprises, Inc.) stock was down 0.8 percent at $2.42.

The National Association of Realtors (NAR) issued a statement criticizing the bill.

"Eliminating or nullifying the tax incentives for homeownership puts home values and middle class homeowners at risk, and from a cursory examination this legislation appears to do just that," NAR President William E. Brown said.

LendingTree Inc (>> Lendingtree Inc), an online lender with offerings including home loans, saw its shares fall 0.8 percent.

The tax plan news also hit shares of U.S. retailers, with home improvement companies Home Depot (>> Home Depot (The)) and Lowe's Cos (>> Lowe's Companies) among the biggest drags on the S&P retail index <.SPXRT>.

Home Depot was last down 1.5 pct, while Lowe's was down 3.5 pct. The retail index fell 0.4 pct.

(Reporting by Sinead Carew; additional reporting by Caroline Valetkevitch in New York and Ginger Gibson in Washington D.C.; Editing by Susan Thomas and Andrew Hay)

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2017 Hovnanian beats by $0.06, beats on revenue
Financials ($)
Sales 2018 2 215 M
EBIT 2018 74,0 M
Net income 2018 -0,35 M
Debt 2018 1 316 M
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019 72,00
EV / Sales 2018 0,78x
EV / Sales 2019 0,73x
Capitalization 421 M
Chart HOVNANIAN ENTERPRISES, INC
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Hovnanian Enterprises, Inc Technical Analysis Chart | HOV | US4424872038 | 4-Traders
Technical analysis trends HOVNANIAN ENTERPRISES, INC
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 3
Average target price 1,53 $
Spread / Average Target -47%
EPS Revisions
Managers
NameTitle
Ara K. Hovnanian Chairman, President & Chief Executive Officer
Lucian Theon Smith Chief Operating Officer
J. Larry Sorsby Chief Financial Officer, Director & Executive VP
Paul Marabella Chief Information Officer & Vice President
Edward A. Kangas Independent Director
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