Centex Corp New Home Sales Orders Down 80% (CTX)

Tom Reese/Paul

Rubillo, Dividend.com

Centex Corp (CTX) shares are down nearly 9% so far this

morning after the company said its its preliminary fiscal third-quarter results

show new home orders plummeted 80 percent while its backlog and closings shrunk

by nearly half.

The company cited abrupt and sweeping changes in the

economy caused unprecedented home-buyer hesitancy, which severely impacted

sales early in the quarter.

The company had suspended its dividend payouts in early

October to help preserve liquidity for its operations.

The Bottom Line

Shares of CTX lost nearly 60% of its value in 2008. The stock has technical

support in the $4-5 price area. If the company can turn things around, we see

initial overhead resistance in the $12 price range. We do not currently rate

this non-dividend paying stock. We would look elsewhere for better investment


Centex Corp (CTX) does not currently pay a dividend.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well

as a detailed explanation of our ratings

system here.

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