Centex Corp. (CTX) NewsBite - CTX Falls on Home Resale Data

Posted on Tuesday, April 08, 2008 10:27 AM

Centex Corp. (CTX) opened at $25.90. So far today the stock has hit a low of $25.74 and a high of $26.02. CTX is now trading at $25.47, down 0.85 (-3.23%). After hitting a one-year high of $49.85 in May, the stock hit a one-year low of $17.77 in November. Shares of CTX are falling this morning with other homebuilders after the National Association of Realtors said February pending sales of existing homes fell 2% from the previous month. Existing home sales are considered a good indicator of upcoming construction, which means more trouble could be ahead for CTX. Technical indicators for CTX are bullish and steady, while S&P gives the stock a neutral 3 Stars (out of 5) Hold rating. If you’re looking for a hedged play on this stock, consider an April bear-call credit spread above the $30 range. CTX hasn't closed above 30 since August, and could gain up to 17.7% before this trade loses money. [LHF- Seven Summits Strategic Investments NewsBite]