Traders Take Profits on Homebuilders (XHB) (PHB) (LEN) (KBH)
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Shares of PulteGroup, Inc. (NYSE: PHM) are lower by 2.3 percent. Shares of KB Home (NYSE: KBH) and Lennar Corp. (NYSE: LEN) are also lower.
Today’s downdraft in homebuilders is more a symptom of profit taking than weakness in housing. SPDR S&P Homebuilders (NYSE: XHB) is up over 20 percent this year, making it one of the best performing sectors of the S&P 500. Many homebuilder stocks are near 52 week highs, and traders see this as an opportunity to take profits.
Traders are also paying attention to heavy insider selling at Toll Brothers Inc. (NYSE: TOL).
Today’s downdraft in homebuilders is more a symptom of profit taking than weakness in housing. SPDR S&P Homebuilders (NYSE: XHB) is up over 20 percent this year, making it one of the best performing sectors of the S&P 500. Many homebuilder stocks are near 52 week highs, and traders see this as an opportunity to take profits.
Traders are also paying attention to heavy insider selling at Toll Brothers Inc. (NYSE: TOL).
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