KB Home’s (KBH) stock craters toward its worst day in 26 years

NYSE: KBH | KB Home Common Stock News, Ratings, and Charts

KBH – KB Home fell 18% on Thursday.

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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.

CNBC 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.

KB Home (KBH - Get Rating) currently has a StockNews.com POWR Rating of D (Sell), and is ranked #12 of 22 stocks in the Homebuilders category.

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