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Hovnanian Says It Won't Invest $40 Million In Its 'Newco' Plan

By Dawn Wotapka Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Builder Hovnanian Enterprises Inc. (HOV) said Thursday that it won't invest $40 million in "Newco," a move that could have helped the builder boost its land supply. Under a plan first discussed in March, the company would have acquired and developed land parcels and finished building lots in major markets. The land could then be resold or optioned to other builders, including Hovnanian. Ara Hovnanian, Hovnanian's chairman and chief executive, would have become Newco's non-executive chairman. Late Wednesday, New Jersey-based Hovnanian reported a loss of $72.9 million, or 92 cents a share, compared with a year-earlier loss of $168.9 million, or $2.16 a share. Revenue fell 1.7% to $380.6 million. Shares of Hovnanian were recently up 3.2% at $3.80. -By Dawn Wotapka, Dow Jones Newswires; 212-416-2193; dawn.wotapka@dowjones.com

Stock News for Hovnanian Ent (HOV)
DateTimeHeadline
06/02/201409:12:07MARKET SNAPSHOT: Volume, VIX And Yields Are Stock Market's Bogeymen
03/05/201416:49:16MARKET SNAPSHOT: U.S. Stocks End Choppy Day Down
03/05/201414:48:30MARKET SNAPSHOT: U.S. Stocks Choppy; Mild Reaction To Beige Book
03/05/201413:58:19MARKET SNAPSHOT: U.S. Stocks Cautious After Rally; S&P 500 Eyes...
03/05/201411:30:24MARKET SNAPSHOT: U.S. Stocks Buckle After Big Rally; ISM, ADP...
12/08/201308:17:17MARKET SNAPSHOT: Comfort With Taper, Retail Data To Define Week...
11/15/201307:10:27AQR Capital Management 3Q 13F: Largest Purchases -2-
11/15/201307:10:23AQR Capital Management 3Q 13F: Largest Sales
09/09/201310:20:22Hovnanian Profit Slumps 76%
09/06/201315:22:40WEEK AHEAD: Dell Vote at Last; Clues to the Housing Recovery
05/31/201316:30:16WEEK AHEAD: More Retailers to Report; Jobs Report on Friday
10/17/201212:52:36U.S. Stocks Roughly Flat as IBM Balances Strong Housing Data
09/19/201209:15:29U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
06/06/201210:30:10Hovnanian Swings To Profit As Sales Jump
04/04/201214:20:04US Stocks Tumble On Central Bank Worries
06/07/201117:29:15Hovnanian 2Q Loss Widens As Revenue Plunged Amid Lower Orders
03/02/201112:13:23Hovnanian's Chief Accounting Officer To Retire
03/01/201117:16:24Hovnanian Swings To 1Q Loss After Year-Earlier Tax Gains
02/04/201108:43:24Hovnanian Gives Pricing Details On Equity And Note Sale
01/31/201117:33:46Hovnanian To Offer $50 Million In Stock, 3M Units, To Refinance...

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