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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
03/26/201507:36:53KB Home In 2015: Valuation And Prospects
03/22/201503:13:16I'll Take Some Greenblatt With A Touch Of Domash
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03/12/201516:17:47MARKET SNAPSHOT: U.S. Stocks: Futures Rise After Mixed Economic...
03/12/201516:10:14MARKET SNAPSHOT: U.S. Stocks: Futures Up Ahead Of Retail Sales...
03/12/201516:08:35MARKET SNAPSHOT: U.S. Stocks: Futures Creep Higher Ahead Of Retail...
03/12/201516:07:46MARKET SNAPSHOT: U.S. Stocks: Futures Rise Ahead Of Retail Sales
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03/12/201512:19:07MARKET SNAPSHOT: U.S. Stocks: Futures Rise Ahead Of Retail Sales
03/12/201509:15:00Hovnanian Enterprises Reports Fiscal 2015 First Quarter Results
03/03/201504:43:51Regular Debt Maturities Weaken Hovnanian's Foundation
02/26/201513:00:00Hovnanian Enterprises Announces First Quarter Fiscal Year 2015...
02/23/201510:51:36Homebuilders lower after soft sales report, downgrades
02/16/201513:00:00Hovnanian Enterprises' Presentation at the 2015 J.P. Morgan Global...
12/15/201413:18:46U.S. Home-Builder Confidence Declined Slightly in December
12/10/201409:15:00Hovnanian Enterprises Reports Fiscal 2014 Results
09/04/201411:33:30MARKET SNAPSHOT: S&P 500, Dow Hit Intraday Record Highs
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09/04/201409:05:14MARKET SNAPSHOT: U.S. Stocks: Futures Higher After ECB Rate Cut...
09/04/201408:39:30MARKET SNAPSHOT: U.S. Stocks: Futures Higher After ECB Rate Cut...

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