Pulte Homes (PHM) NewsBite - Weak Home Sales Pull Down PHM

Posted: Thursday, September 24, 2009 11:08 AM EDT

Pulte Homes (NYSE: PHM) opened at $11.97. So far today, the stock has hit a low of $11.64 and a high of $12.29. PHM is now trading at $11.66, down $0.23 (-1.93%). Over the last 52 weeks the stock has ranged from a low of $6.49 to a high of $16.57. PHM shares are falling with other homebuilders this morning after the National Association of Realtors said sales of existing homes fell 2.7 percent to an annual rate of 5.10 million units in August. Analysts were expecting a 5.35 million unit pace. This could be a bad sign for PHM. Technical indicators for the stock are bullish and S&P gives PHM a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on PHM the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 14 range. [ABR-Seven Summits Strategic Investments NewsBite]

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