I don’t want to be too sophisticated here, but 2007 is going to suck, all 12 months of the calendar year. Our future is not as bright as we would like it to be.
– D.R. Horton CEO Donald Tomnitz, today (Wed March 7) at a Citigroup conference in New York
Unfortunately for Mr. Tomnitz his comment became the biggest story on Wall Street today. Not only is he probably embarrassed after having every financial news network quote him and play his clip countless times, but he actually tanked the market!
The market was having a slight up day until his comments came out during the last hour of trading today at which point stocks headed south. The Dow lost about 60 points from 12250 to 12190 in the last 45 minutes of trading – after the release of Mr. Tomnitz’s comments -, the S&P 500 lost about 8 points from 1400 to 1392 and the Nasdaq about 10 from 2385 to 2375.
Marketbeat’s David Gaffen titled his post on the episode “An Eloquent Oration on the Condition of the Manufacture of Domiciles”. Funny stuff!