KB Home Posts Quarterly Loss, but Shares Rise
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The home builder KB Home posted a smaller-than-expected quarterly loss yesterday, sending its shares up, after taking a $343.3 million noncash charge for declining land values.
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In spite of the slump, the company said it saw signs of stabilization in the housing sector and raised its forecast for first-quarter home deliveries.
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Eastman Kodak Co. EK.N on Wednesday  posted a fourth-quarter loss on restructuring costs,  but  strong sales of digital photography products showed its  strategy shift is taking root.
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KB Home  on Thursday posted a loss on write-downs for land values, and revenue fell 32 percent, reflecting the swelling supply of homes and tighter standards in the mortgage market that kept potential buyers on the sidelines.
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The mortgage lender posted a fourth-quarter loss of $509.1 million as it raised its loan-loss provisions to account for growing defaults and foreclosures.
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Struggling doughnut shop chain Krispy Kreme Doughnuts Inc. (KKD.N: Quote, Profile, Research) on Monday reported a quarterly net loss because of impairment charges and store closing costs.
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Countrywide Financial Corp  posted a $1.2 billion third-quarter loss on Friday, but its shares soared after the largest U.S. mortgage lender forecast a return to profit this quarter and said it has weathered the worst of the nationwide housing downturn.
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Cable operator Cablevision Systems  Corp.  on Tuesday posted a quarterly loss, though  subscribers continued to grow across its television, telephone  and high-speed Internet service.
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KB Home, the fifth largest US homebuilder, reports a $773m quarterly loss as the housing slowdown continues to bite.
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Home decor retailer Pier 1 Imports  Inc.  on Thursday posted a wider quarterly loss, citing  lower sales in June and July and higher costs.
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As previously announced, KB Home's past stock option grant practices are  being investigated by the Securities and Exchange Commission. The  Department of Justice is also looking into these practices but has  informed KB Home that it is not a target of this investigation.
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The chip maker reported a larger-than-expected loss but showed progress in curbing its expenses and capturing a share of strong demand for personal computers.
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KB Home, the No. 5 U.S. home builder, said on Friday the Justice Department was looking into past stock options practices at KB, but added the agency said KB was not a target of the investigation.
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The homebuilder said its fourth-quarter loss ballooned to $772.7 million as home sales slowed, prompting it to book charges to write down unsold inventory and for a tax allowance.
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Upscale home builder Hovnanian  Enterprises Inc  reported a quarterly loss on Thursday,  a reflection of the deteriorating U.S. home market, but its  shares rose as the results met Wall Street expectations.
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KB Home, the No. 5 U.S. home builder, said on Friday the Justice Department was looking into past stock options practices at KB, but added the agency said KB Home was not a target of the investigation.
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FuelCell Energy reports a better-than-expected quarterly loss.