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Homebuilder Index Rallies 7% On Monday and Tuesday
Reading Time: 1 minuteOn the strength of upgrades yesterday from Citigroup Homebulder Analyst Stephen King and then an “interesting” interpretation of today’s pending home sales number, homebuilders have staged a nice 7% bounce over the past 2 days (Chart). The bulls sure are…
Bed, Bath & Beyond Cuts First Quarter Outlook; Federal Trade Commission Seeks To Block Whole Foods/Wild Oats Market Merger
Reading Time: 6 minutesIn other news from today, home furnishings retailer Bed, Bath & Beyond (BBBY), an $11 billion, S&P 500 company lowered its outlook for its 1st quarter ended Saturday June 2. It expects to earn between 36 and 38 cents per…
Lowe’s Results Suggest Stabilization
Reading Time: 2 minutesOur fourth quarter results suggest the worst of the economic cycle is likely behind us. While the psychological impact of falling home prices and an uncertain employment picture continue to weigh on consumers, improving comparable store sales trends, including improvement…
Hussman: Wave Of Mortgage Resets Coming
Reading Time: 2 minutesTo reiterate what the reset curve looks like here, the 2010 peak doesn’t really get going until July-Sep (with delinquencies likely to peak about 3 months later, and foreclosures about 3 months after that). A larger peak will occur in…
Did Anybody Actually Read Bernanke’s Speech?
Reading Time: 6 minutesThe big event for today turned out to be a speech given by Fed Chairman Ben Bernanke to the International Monetary Congress in Cape Town, South Africa via satellite before the market open this morning. This speech somehow reaffirmed the…
Foreclosure Market Booming In Phoenix
Reading Time: 2 minutesThe low end of the real estate market here – and in some equally hard-hit places like inland California and coastal Florida – is becoming as wild as anything during the boom. – David Streitfeld, “Amid Housing Bust, Phoenix Begins…