KB Home (NYSE:KBH)
KB Home is falling towards what looks like its worst day of trading since August 1992. After providing lower than expected guidance in its coming fourth quarter results, major financial institutions such as Credit Suisse, Wells Fargo, Barclays, and Wedbush all cut their price targets for the stock.
CNBCÂ provides details:
The lowered guidance was “due to an expected negative impact on our central region deliveries from the historic range experienced in Texas, fewer than anticipated spec sales and deliveries, and potential delayed closings over the next couple of weeks in California due to impacts from the recent large wildfires,” Mezger added.
Wall Street allegedly expected KB Home to bring home $1.43 billion for the fourth quarter, in contrast to KB Home’s recent suggestion of $1.31 to $1.34 billion.
KB Home shares rose $0.13 (+0.74%) in after-hours trading Thursday. Year-to-date, KB Home (KBH - Get Rating) has declined -44.73%, versus a 3.65% rise in the benchmark S&P 500 index during the same period.