More Bad News for Area Homebuilders

From the Sacramento Business Journal:

Shares of several home-builders dropped Monday, after housing giant Standard Pacific Corp. revised its earnings outlook and its stock was downgraded. Standard Pacific, a major home-builder in the Sacramento region, experienced one of the largest drops during a dismal Monday on Wall Street...Standard Pacific late Friday announced plans to lower its full-year earnings estimates after new-home orders slumped 40 percent during the first two months of the year... Shares of Standard Pacific plummeted $2.57 -- or 8.6 percent -- to $27.43 in trading Monday.

Shares of other home-builders with operations in the Sacramento area followed, with shares of Pulte Homes D.H. Horton (NYSE: DHI) and Pulte Homes Inc. (NYSE: PHM), both down 5 percent. KB Home (NYSE: KBH) stock fell almost 4 percent.