Pulte Homes (PHM) NewsBite - Housing Starts Data Pulls Down PHM

Posted: Tuesday, October 20, 2009 10:30 AM EDT

Pulte Homes (NYSE: PHM) opened at $10.52. So far today, the stock has hit a low of $10.11 and a high of $10.53. PHM is now trading at $10.32, down $0.29 (-2.74%). Over the last 52 weeks the stock has ranged from a low of $6.49 to a high of $13.59. Shares of PHM are trading lower with other homebuilders this morning after the Commerce Department reported that applications for new building permits fell 1.2 percent in September, the biggest decline since April. 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 December out-of-the-money bear-call credit spread above the 12 range. [ABR-Seven Summits Strategic Investments NewsBite]

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