Cramer Pans Homebuilders
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From 247WallSt
On today's WALL STREET CONFIDENTIAL video on TheStreet.com, Cramer noted that DR Horton (NYSE: DHI) is the most leveraged since it bought large property rights and has the least-written down property values of the sector. For just a trade he said he could see a "Long Centex (NYSE: CTX) and short DR Horton (NYSE: DHI)." Price targets in the group are too high and the group is vulnerable to another leg down. The book values in Pulte (NYSE: PHM) and Horton (DHI) need to be written down in these names, so book value comparisons of years prior are not pertinent. Cramer ended by saying "don't buy" PHM or DHI and said Not even Lennar (NYSE: LEN).
Jon C. Ogg
For more market insight go to http://www.247wallst.com
On today's WALL STREET CONFIDENTIAL video on TheStreet.com, Cramer noted that DR Horton (NYSE: DHI) is the most leveraged since it bought large property rights and has the least-written down property values of the sector. For just a trade he said he could see a "Long Centex (NYSE: CTX) and short DR Horton (NYSE: DHI)." Price targets in the group are too high and the group is vulnerable to another leg down. The book values in Pulte (NYSE: PHM) and Horton (DHI) need to be written down in these names, so book value comparisons of years prior are not pertinent. Cramer ended by saying "don't buy" PHM or DHI and said Not even Lennar (NYSE: LEN).
Jon C. Ogg
For more market insight go to http://www.247wallst.com
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