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$6.58 -0.26 (-3.80%)
7/18/2008 4:01 PM

Hovnanian Enterprises, Inc. (HOV)

CAPS Rating:
*

Designs, constructs and markets high quality single-family detached homes and attached condominium apartments and townhouses in planned residential developments in the Northeast.

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Recs

16

Avatar TDRH (100.00) Submitted: 3/20/08 9:38 AM : Underperform Start Price: $5.39 HOV Score: -32.73

From Michael Brush MSN Article:

Hovnanian Enterprises (HOV, news, msgs) recently amended its options plan to allow the board to lower the exercise prices on options, making them more profitable for the execs who hold them.

Hovnavian finance chief Larry Sorsby responded that options re-pricing may be necessary to keep top execs in the company, since all their options are out of the money. The stock is down almost 70% over the past 12 months.

No offense, but the stock is down 70% and the board is lowering the bar so the guys in charge can collect a bonus this year? Not saying they could do anything about the crisis in the industry, but they receieved 10's of millions when the market was booming,


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Avatar floridabuilder (99.89) Submitted: 4/09/08 12:09 PM

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you wouldn't want to lose these top executives... its not like they basically set this company up for failure buying other private builders at the peak of the market with a lot of debt... and its not like there are no fewer than thousands upon thousands of well qualified executives who have lost their job in the industry and are looking for work

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Avatar TDRH (100.00) Submitted: 4/10/08 9:00 AM

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When is it coming down?

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Avatar stocksracer (98.64) Submitted: 4/18/08 8:32 AM

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I think you picked the bottom pretty well on this, however, the direction was wrong.. atleast temporarily. The housing market is probably not going to go much further south that at where you picked this. I will say bad timing on this one for sure.

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Avatar TDRH (100.00) Submitted: 4/29/08 4:22 PM

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Will see, with tighter lending standards, a 9.9 month supply of homes, and foreclosures increasing monthly this and others will be lucky to survive.

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Avatar TDRH (100.00) Submitted: 5/25/08 10:55 AM

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Now they are borrowing money at 11.%, part of this will go to pay these bonuses. It is going to be a lean winter of discontent for shareholders.

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