Mosaic Co
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Materials : Chemicals | Mid Cap Value
Company profile

The Mosaic Company is a producer and marketer of concentrated phosphate and potash crop nutrients. Its segments include Phosphates, Potash and Mosaic Fertilizantes. The Phosphates business segment owns and operates mines and production facilities in Florida, which produces concentrated phosphate crop nutrients and phosphate-based animal feed ingredients and processing plants in Louisiana, which produces concentrated phosphate crop nutrients. The Potash business segment owns and operates potash mines and production facilities in Canada and the United States, which produces potash-based crop nutrients, animal feed ingredients and industrial products. The Mosaic Fertilizantes business segment includes five Brazilian phosphate rock mines, four phosphate chemical plants and a potash mine in Brazil. It also includes its distribution business in South America, which consists of sales offices, crop nutrient blending and bagging facilities, port terminals and warehouses in Brazil and Paraguay.


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Housing market stocks give up gains as another jump in bond yields takes shine off strong data

7:48 am ET September 28, 2022 (MarketWatch)

By Tomi Kilgore

Redfin stock bounces off record low after new home sales data showed a 28.8% surge in August

Shares of companies in the real estate services and home building space backed way off their intraday highs on Tuesday, as another surge in Treasury yields to a more-than decade high took the early shine off surprisingly strong economic data.

Despite a growing consensus that the housing market is in recession, the U.S. Commerce Department reported earlier that new homes sales in August soared 28.8% to a seasonally adjusted annual rate of 685,000, from a revised 532,000 in July, while analysts polled by The Wall Street Journal were expecting, on average, a drop to 500,000.

Meanwhile, the yield on the 10-year Treasury note , which is the benchmark for mortgage rates, climbed 0.098 percentage points to 3.976%, the highest yield since April 2010. The coincident jump in mortgage rates has made homes less affordable and slowed buying.

"With mortgage rates up making new highs again after the September [Federal Reserve] decision, August's upside surprise in home sales is unlikely to be repeated," said Comerica Bank Chief Economist Bill Adams.

Also read: 'The housing market may have to go through a correction': Mortgage rates hit 6.29%, Freddie Mac says.

Real estate services company Redfin Corp.'s stock (RDFN) jumped as much as 5.8% intraday, before paring gains to be up 2.3% in afternoon trading, in the wake of the data. That put the stock on track to snap an record-tying eight-session losing streak, in which it plunged 28.3% to close Monday at a record low.

Also in the real estate services space, shares of Zillow Group Inc. (Z)(Z) gained 1.0%, Anywhere Real Estate Inc. (HOUS) hiked up 2.6% and Douglas Elliman Inc. (DOUG) advanced 1.0%, with those stocks pulling back from earlier gains ranging from 3.6% to 5.9%.

RE/MAX Holdings Inc.'s stock (RMAX) reversed an earlier intraday gain of as much as 2.6% to fall 0.8% in recent trading.

The pullback in the stocks comes as the S&P 500 index pulled an intraday U-turn, to be down 0.5% in afternoon trading, after being up as much as 1.7% earlier.

Meanwhile, the SPDR S&P Homebuilders exchange-traded fund (XHB) swung to a loss of 0.2% from an intraday gain of as much as 2.1%.

Among the ETF's home builders, Lennar Corp.'s stock (LEN) slumped 0.6%, but had been up 3.0% at its intraday high.

Raymond James analyst Buck Horne reiterated the market outperform rating he's had on Lennar for at least the past three years while raising his stock price target to $90 from $75. The new target implies TK% upside from current levels.

Horne said that while he "cannot sugarcoat the difficult period ahead for new home sales" as housing affordability remains "deeply challenged" for an indefinite period, he believes Lennar is poised to take "significant" market share given its ability to make rapid price adjustments and meaningful cost reductions, as well as quickly pivot to single-family "build-for-rent" construction.

Elsewhere, shares of PulteGroup Inc. (PHM) fell 0.9%, KB Home (KBH) dropped 1.9%, D.R. Horton Inc. (DHI) shed 1.2% and Toll Brothers Inc. (TOL) slid 0.9%, after all were up nearly 2% earlier in the session.

Among home improvement retailers, the stocks of both Home Depot Inc. (HD) and Lowe's Companies Inc. (LOW) were up 0.6%, but both had been up nearly 3% at their intraday highs.

-Tomi Kilgore


(END) Dow Jones Newswires

September 28, 2022 07:48 ET (11:48 GMT)

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