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Omar Venerio
Omar Venerio
Articles (1357) 

US Stocks Trending Higher Monday

Hovnanian Enterprises announces 3rd-quarter results

The three main indexes were trading higher Monday morning with the Dow Jones near 25,965 points, pulled higher by shares of Nike (NYSE:NKE). With the S&P 500 up 0.35%, the market is reversing last week's negative trend.

Shares of Hovnanian Enterprises Inc. (NYSE:HOV) jumped more than 3% on Monday morning after the company posted a narrower-than-expected third-quarter loss of 1 cent per share on $456.71 million in revenue, reflecting a decline of 22.9% year over year. The company beat earnings estimates by 6 cents, but missed revenue expectations by $47.59 million.

The homebuilding gross margin, after cost of sales interest expense and land charges, was 15.4%, an increase from 12.8% in the prior-year quarter.

Moreover, contracts per community, including unconsolidated joint ventures, rose 9.8% to 10.1 contracts per community. This was an improvement from 9.2 contracts per community, including unconsolidated joint ventures, in the same quarter of 2017. Consolidated contracts per community increased 6.4% to 10 contracts per community, up from 9.4 contracts per community a year ago.

Gainers

Losers

Global markets

The main European stock markets traded in positive territory. The U.K.'s FTSE 100 advanced 0.022%, France's CAC 40 gained 0.33%, Germany's Dax rose 0.22% and Spain's IBEX 35 jumped 1.09%.

In Asia, Japan's Nikkei 225 gained 0.30%, India’s BSE Sensex lost 1.22%, Hong Kong's Hang Seng fell 1.33% and China's Shanghai Composite slid 1.21%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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