Pultegroup Inc
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Consumer Discretionary : Household Durables | Mid Cap Blend
Company profile

PulteGroup, Inc. is a homebuilder in the United States. The Company's segments include Homebuilding and Financial Services. Its Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the United States and the construction of housing on such land. Its Financial Services operations consist principally of mortgage banking and title operations. The Company conducts its financial services business, through Pulte Mortgage LLC (Pulte Mortgage) and other subsidiaries. Pulte Mortgage arranges financing through the origination of mortgage loans. The Company's subsidiaries are engaged in the homebuilding business. It offers a product line to meet the needs of homebuyers in its focused markets. Through its brands, which include Centex, Pulte Homes, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods, the Company offers a range of home designs, including single-family detached, townhouses, condominiums and duplexes.

Price
Delayed
$42.87
Day's Change
-2.37 (-5.24%)
Bid
--
Ask
--
B/A Size
--
Day's High
45.27
Day's Low
42.07
Volume
(Heavy Day)

Today's volume of 4,385,949 shares is on pace to be much greater than PHM's 10-day average volume of 2,504,498 shares.

4,385,949

UPDATE: Schlumberger's stock suffers biggest post-earnings selloff in 13 years

10:56 am ET October 17, 2020 (MarketWatch)
Print

Tomi Kilgore

Oil services company shares fall to 6-month low after adjusted profit beats expectations but revenue falls shy as drilling business misses

Shares of Schlumberger Ltd. tumbled Friday, enough for the oil services company's third-quarter results to be the most disappointing for investors in 13 years.

Before the open, the company (SLB) reported a net loss that narrowed to $82 million, or 6 cents a share, from a loss of $11.38 billion, or $8.22 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to 16 cents from 43 cents, but that was above Wall Street consensus expectations of 13 cents, according to FactSet.

Revenue dropped 38% to $5.26 billion, below the FactSet consensus of $5.40 billion, as drilling and reservoir characterization revenue missed while production revenue beat.

The stock sank 8.8% to $14.97, the lowest close since April 21.

That's the biggest one-day, post-earnings drop in the stock since it tumbled 11.0% on Oct. 19, 2007, after the company reported Q3 2007 results.

Chief Executive Oliver Le Peuch indicated in the post-earnings conference call with analysts that the outlook for fourth-quarter is about flat.

"This seems strange, considering incremental costs savings in 4Q, and may be conservatism," analyst Marc Bianchi at Cowen wrote in a note to clients.

Bianchi said he believes that one of the reasons for the stock's selloff after earnings is that discussions he had with investors before the results were released revealed a "more bullish positioning" than he expected.

The "incremental information on the outlook" didn't help, he said.

Meanwhile, the stock had dropped 13.1% in three months through Thursday, while the SPDR Energy Select Sector exchange-traded fund (XLE) had tumbled 17.4% and the S&P 500 index had gained 8.0%.

On the days after the past 53 quarterly reports, including Q3 2007 results and Friday, Schlumberger's stock has dropped 27 times, for an average decline of 2.6%, according to a MarketWatch analysis of FactSet data and Securities and Exchange Commission filings.

The average gain for the 26 times over that time that the stock rose after results was 4.0%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

October 17, 2020 10:56 ET (14:56 GMT)

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