On Wednesday the company reported only 0.74 earnings per share as opposed to the market consensus forecast of 0.75, which came in as a -1.33% surprise.
Initially the stock appreciated in value with as much as 3.94% in the intraday trading session, likely fuelled by speculation, however, the price quickly corrected itself and the share price fell with 3.70% in the next day’s trading session, closing at 49.76 USD per share.
A major determinant for the suffering US real estate market proved to be the shaken investor confidence in its stability, as the yield curve inverted and the real estate market started experiencing investors’ capital exodus away from the sector, a possibility which we first cautioned against here: (another link to 25th Weekly Expectations article).
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