Pulte Homes (PHM) NewsBite - Pulte Homes Down on Jobless Claims Data

Posted on Thursday, May 29, 2008 1:15 PM

Pulte Homes Inc. (PHM) opened at 12.49. So far today, the stock has hit a low of 12.18 and a high of 12.63. PHM is now trading at 12.48, down 0.13 (-1.04%). The stock hit its 52 week high of 27.90 in May and set its 52 week low of 8.20 in January. PHM has been losing ground for the past year. Shares of homebuilders have been falling today after the Labor Department said initial jobless claims rose by 4,000 to 372,000. The rise was a bit lower than expected, but still reflected a poor sign for the economy. Technical indicators for the stock are neutral and slightly improving while S&P gives PHM a negative 2 STARS (out of 5) sell rating. If you’re looking for a hedged play on this stock, consider a October bear-call credit spread above the $17.50 range. PHM stock could rise up to 40.2% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]