Hovnanian (HOV) Leads Homebuilders Following NAHB Index Data
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Hovnanian Enterprises Inc. (NYSE: HOV) is leading the homebuilding segment higher Monday following the NAHB Housing Market Index reading issued earlier.
The NAHB's index came in at 29 for the month of June, from expectations and May's reading of 28 (down from 29). Despite the improvement, many are looking for the index to get back to 50 or more, an indication of good market conditions.
Hovnanian has been strong over the last several sessions, moving above its 100-day SMA late last week and stringing together about seven wins in the last eight sessions following second-quarter 2012 results, which were released on June 6th.
Shares are 9.2 percent higher Monday with option implied volatility up 8 percent from last Friday's close.
The NAHB's index came in at 29 for the month of June, from expectations and May's reading of 28 (down from 29). Despite the improvement, many are looking for the index to get back to 50 or more, an indication of good market conditions.
Hovnanian has been strong over the last several sessions, moving above its 100-day SMA late last week and stringing together about seven wins in the last eight sessions following second-quarter 2012 results, which were released on June 6th.
Shares are 9.2 percent higher Monday with option implied volatility up 8 percent from last Friday's close.
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