Homex (HXM), a Mexican mass market home builder, is a former fund holding that has really taken off in the past week, ahead of earnings. Another example of no leaking out of news, I am sure - that type of chicanery never happens in the stock market. This is actually a chart that a momentum chasing technical trader would dream of, but I'd rather buy it on a pullback, as it's just put on a 11% move and this is not a stock that has huge volatility so that is a substantial move for this type of stock. However, I am glad to see the name on track again after a tough year in 2007 - this was a very good stock for me in 05, and especially 06. I continue to look for opportunities outside the US, in stable countries such as .... Mexico. ;)
The
full detailed earnings report can be found here, some highlights below
- Mexican homebuilder Homex (HXM) posted a 149 percent leap in fourth-quarter net profit as sales rose solidly amid a local housing boom and operating profits also jumped.
- Homex said on Tuesday its October-December net profit was 734 million pesos ($67 million), up from 294 million pesos a year earlier.
- The Culiacan-based company, which specializes in mass-produced houses that sell for less than $30,000 each, said revenue jumped 22 percent to 5.516 billion pesos.
- Homex said it sold 16,393 homes during the quarter, 18.4 percent more than in the same quarter in 2006.
I'll be interested in beginning a position anew in the mid $50s.
No position
