Stock Alert: KB Home Falls 13%

(RTTNews) - Shares of homebuilding company KB Home (KBH) are falling more than 13% Thursday morning at $28.94. The stock has traded in the range of$9.82- $40.51 in the past 52 weeks.

Wednesday, while talking to analysts during the second-quarter earnings conference call, the company said, it expects third-quarter housing revenues to be in the range of $820 million to $880 million. In the second quarter, housing revenue had decreased to $910.28 million from $1.019 billion last year on increased home purchase contract cancellations due to Covid-19 pandemic.

The second-quarter earnings were $0.55 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.49.