Homebuilders Extend Rally (XHB)

June 6, 2012 10:56 AM EDT
Homebuilder stocks and the homebuilder ETF (NYSE: XHB) are moving higher today, extending a rally that began yesterday. The move is being fueled by a positive earnings report by Hovnanian Enterprises (NYSE: HOV), which reported as surprise second quarter profit of 2c per share vs. an estimate of -32c. HOV is popping and is up 14 percent. PulteGroup, Inc. (NYSE: PHM) is benefiting from a halo effect, and is up over 6 percent.

Homebuilders Lennar Corp. (NYSE: LEN) and KB Home (NYSE: KBH) have upcoming earnings reports for those watching if the trends will continue.

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