Word: stocking
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...president Zvi Barzilay - have also been selling: Bruce Toll sold 352,433 shares, netting proceeds of about $7.5 million, while Barzilay dumped 200,000 shares for net proceeds of about $3.5 million, the filings reported. In some but not all cases, the insiders sold shares they had acquired through stock options that were to expire on Dec. 20. (The cost of exercising the options was netted out of the proceeds figures.) (See pictures of 10 scared stock traders...
Robert Toll "has been an astute investor and has opportunistically sold stock" in the past, says Bob Curran, managing director at Fitch Ratings. "Many have suggested that they think the [homebuilding] stocks might be ahead of themselves." (See pictures of Americans in their homes...
Homebuilding stocks have been on a tear, climbing 168% on average from their trough in March, outpacing the S&P 500's 57% rise during the same period, says Barclays Capital analyst Megan Talbott McGrath, who tracks eight major builders. If Hovnanian Enterprises, whose stock has soared 645% from its trough, is excluded, builders have rallied 89% on average since March, she says...
Still, many analysts believe the 2009 stock run-up among homebuilders has gotten ahead of the sector's pending recovery. "The stocks have gone too far, too fast," says Rob Stevenson, managing director at Fox-Pitt Cochran Caronia. Stevenson isn't surprised by the insider selling at Toll Brothers: "We think the group has gotten overvalued and that a pullback is likely." After all, he notes, "they're still not producing a profit...
...optimism is the buzz surrounding upcoming initial public offerings by two Macau casino operators. Las Vegas casino titan Steve Wynn, who opened the Wynn Macau luxury hotel and casino in the city in 2006, plans to offer 25% of his Macau operations in an IPO on the Hong Kong stock exchange. The IPO could raise as much as $1.6 billion; the shares are expected to start trading on Oct. 9. "With this IPO, we're a Chinese company with Chinese ownership," Wynn said, adding that the move would help management "assimilate ourselves with China more efficiently...