January 23, 2009 at 03:00 AM EST
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

opportunities.

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.

Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here