U.S. housing market data continued a strong 2012 showing Monday, sending homebuilder stocks up on an otherwise flat day.
The National Association of Realtors reported that its pending home sales index rose 2% to 97 in January, a high not seen since April 2010, when it hit 111.3. Pending sales are considered an early (though not wholly accurate) indicator of home sales, and several homebuilding stocks rose as a result.
Hovnanian Enterprises (NYSE:) finished up 4.6% Monday, NVR (NYSE:) gained 2.1%, D.R. Horton (NYSE:) was up 1.9% and KB Home (NYSE:) was up 1.1%.
Home improvement company Lowe’s (NYSE:) also recorded a modest gain after better-than-expected quarterly earnings. Fourth-quarter earnings per share of 29 cents topped Zacks estimates for 23 cents and were up almost 40% from the year-ago period. Sales of $11.6 billion were up a Street-beating 11%. Lowe’s, like Home Depot (NYSE:), credited a warm winter for the surge, and LOW shares popped on the news before dwindling down to a gain of less than 1%.
Energy stocks also were trending higher Monday. Driller Transocean (NYSE:
) was up more than 5%, thanks to positive developments in its lawsuit over the Macondo oil spill that helped the company overcome weak fourth-quarter earnings. BP (NYSE:) also gained 1% as it discussed settlements around the spill. Meanwhile, a host of other energy stocks were recording strong gains, including ATP Oil & Gas (NASDAQ:, +19%), Cheniere Energy (NYSE:, +11.8%) and Kinder Morgan (NYSE:, +4.6%).
Three Up
- Cooper Tire & Rubber (NYSE:), Up 13.8% ($2.16) to $17.82.
- Orexigen Therapeutics (NASDAQ:): Up 10.6% (40 cents) to $4.16.
- Micron Technology (NASDAQ:): Up 7.7% (61 cents) to $8.56.
Three Down
- Dendreon (NASDAQ:): Down 20.5% ($3.05) to $11.81.
- Smart Balance (NASDAQ:): Down 9.2% (62 cents) to $6.11.
- Novartis (NYSE:): Down 4.3% ($2.46) to $55.05.
Kyle Woodley is the assistant editor of InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here.
