LGI Homes Inc
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Consumer Discretionary : Household Durables | Small Cap Blend
Company profile

LGI Homes, Inc is a homebuilder and developer. The Company is engaged in the design, construction, and sale of new homes in markets in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia, Virginia and Pennsylvania. It operates through segments such as the Central division, the Southeast division, the Northwest division, the West division and the Florida divisions. The Company's product offerings include entry-level homes, including both detached and attached homes, and move-up homes, which are sold under its LGI Homes brand, and its luxury series homes, which are sold under its Terrata Homes brand. The Company provides information regarding floor plans and pricing and conduct tours of its homes based on the customer’s needs and budget.


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Dow closes up more than 285 points as stocks extend rebound rally

4:36 pm ET July 21, 2021 (MarketWatch)

By William Watts and Thornton McEnery

U.S. stocks closed higher for a second day Wednesday, as healthy corporate earnings reports helped support a rebound from a plunge on Monday on fears that the spread of the delta variant of the coronavirus in many countries would slow the economic recovery from the pandemic.

What did major indexes do?

On Tuesday, stocks bounced sharply from the previous session's steep selloff, with the Dow rising 549.95 points, or 1.6%, to close at 34,511.99. The S&P 500 rose 1.5%, while the Nasdaq Composite advanced 1.6%.

What drove the market?

Investors stuck by the "buy the dip" mantra after the Dow on Monday suffered its biggest one-day drop since October, a selloff attributed in large part to rising fears over the spread of the delta variant of the coronavirus in the U.S. and other countries.

Strong earnings reports from tech giant IBM IBM (#phrase-company?ref=COMPANY%7CIBM;onlineSignificance=prominent), Coca-Cola KO (#phrase-company?ref=COMPANY%7CKO;onlineSignificance=prominent), Johnson & Johnson JNJ (#phrase-company?ref=COMPANY%7CJNJ;onlineSignificance=prominent) and others reminded investors that business and the economy are still improving.

"Earnings season is off to a solid start, with results beating bumper expectations in the second quarter," Craig Erlam, Senior Market Analyst, at OANDA wrote. "The positivity that's driving the market is clearly offsetting fears about another wave for now, aided no doubt by belief in the vaccine to stop surges turning into severe lockdowns in most cases."

Worries about the pace of economic growth, however, are at last partly justified, said Bethany Beckett, assistant economist at Capital Economics, in a note. China's slowdown is likely to continue and the research firm's U.S. growth forecast was nudged down, "but the big picture is that we still expect U.S.growth to be strong in absolute terms, and we forecast that global growth will remain above trend until end-2022. This underpins our view that, while we don't expect big gains in risky assets from here, a major setback is unlikely," Beckett said.

Need to Know:This technical support shows the strength of the buy-the-dip force in markets (https://www.marketwatch.com/story/this-technical-support-shows-the-strength-of-the-buy-the-dip-force-in-markets-11626863567)

The major U.S. stock market indexes have mostly recovered to levels near last Friday's close and remain near record highs. The S&P 500 notched its biggest back-to-back advance since May 14. Gains were led by companies that stand to benefit the most from economic recovery, such as the financial and industrial sectors, while the Russell 2000 index rose 1.8%.

Wednesday brought no fresh U.S. economic data, but investors will watch U.S. weekly jobless claims on Thursday after they last week fell to a new pandemic low.

-William Watts; 415-439-6400; AskNewswires@dowjones.com

Which companies were in focus?

What did other markets do?


(END) Dow Jones Newswires

July 21, 2021 16:36 ET (20:36 GMT)

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