In after hours trading their stock is up because of the announcement that came in after the market close. Here’s a quote from another article
“To try to boost sales, the company is offering a nationwide three-day sale beginning Sept. 14. Hovnanian will offer deep discounts in each of its 449 communities.
Alex Barron, senior research analyst at Agency Trading Group in Wayzata, Minn., said slashing prices to reduce high inventory should help the company improve its cash flow. “Right now the game is who can cut the prices the most,” he said. “They have a lot of debt that they need to service and in order to service that debt they need to have some cash coming in the door.”
I think this will ripple and it will ripple quick, I went to a different builder’s development yesterday and they had a note on the door saying they were closed for a meeting for half the day, looks like the rest of the builders are going to have to figure out how to keep up.
