The SEC and Media Think Fools Are Idiots
The game is not even fun anymore when you see headlines like this.....
Tue 7:03pmMeritage Homes books $43M profit in 4QAP
Tue 6:02pmUPDATE - Meritage Homes posts surprise quarterly profitat Reuters
Tue 5:48pmMeritage Homes swings to fourth-quarter profitat MarketWatch
Not one.....but THREE different news outlets reporting a profit??????
WHO IS KIDDING WHO?????
REMEMBER THE DAYS WHEN THE MEDIA ACTUALLY REPORTED HONESTLY?????
MANY OF YOU FOOLS ARE A BIT YOUNG FOR THAT......
HERE IS THE ACTUAL RESULTS...........
Meritage Homes Corp., Scottsdale, Az. (NYSE:MTH) after market close Tuesday reported a net profit of $43 million ($1.35 per diluted share) for the fourth quarter ended Dec. 31, 2009. The gain resulted from a $90 million reversal of income tax liabilities made possible by a net-operating-loss carry back law that went into effect in November. The company expects to collect a $93 million tax refund early in 2010.
Without the tax benefit, the company would have posted a net loss of $46.9 million on declining home closing revenue and $39 million in impairments and write downs for the quarter.
If it is one time impairments that just happen to occur every quarter for the past three years....it doesn't count.......but if it is a one time gift from our government that every one knew about, all of a sudden it is a "surprise" profit?????
Soon you Fools will understand, the primary two areas of growth in America is war and welfare....and few are as big a welfare recipient as Meritage Homes and its management team.
If you are a private business person, it is practically impossible to compete against a money losing business that has practically unlimited funds from Wall Street.....and when even that is not enough, the government steps in and hands you tens of millions.
Heads I win, Tails you lose...........change we can believe in as the losers become the winners in America.
PS....the stock went up in after hours on this nonsense.