Housing stocks post mixed results on HW 30
All other indices finish out week near session highs
HW 30 — HousingWire’s exclusive list of mortgage-related stocks — was the only stock index to finish the week in negative territory, as the housing market reported mixed results.
Stocks on the S&P 500, Dow Jones Industrial Average and Nasdaq finished the 5-day trading period up on better than expected corporate earnings.
Both retailers are expecting to see softer sales growth in the latter half of 2013, with Home Depot's fourth-quarter estimate dropping from 6% to 5%.
As a result, the home improvement company experienced its largest intraday-trading drop since August on Friday, falling as much as 2.6%.
Additionally, Lowe’s fourth-quarter estimates were lowered from 5% to 4.5%, prompting its stock to decline 2.8%—the most since June.
Consequently, homebuilder stocks closed down on Friday.
D.R. Horton (DHI), Lennar Corp (LEN), PHH Corp. (PHH) and Toll Brothers (TOL) also fell Friday, with a few of them nearing a 1% drop.
On a reverse note, housing database websites, Trulia (TRLA) and Zillow (Z), were the HW 30 leaders, both finishing the trading day, up 4.87% and 4.20%, respectively.