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Strategies & Market Trends : The New Economy and its Winners
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To: stockman_scott who wrote (26528)12/6/2005 2:05:37 PM
From: Bill Harmond  Read Replies (2) of 57684
 
12:06 HOMS Homestore -- Momentum Profile (5.40 +0.58)

Homestore.com broke out to a new 52-week high today on above average volume. The co provides information and decision support tools for consumers looking to buy a home and for real estate professionals. Its websites include Realtor.com, and HomeBuilder.com. Also, RentNet, SeniorHousingNet, FactoryBuiltHousing.com, and Homestore.com are part of the Homestore Network. It is seen as a good way to play the migration of real estate ad dollars to the Internet as its sites account for about 25% of all online real estate traffic and about 50% of time spent on sites (according to Avondale). The co's financial results are beginning to bear this out as the co has been profitable each of the last 3 qtrs vs a loss in the yr ago period in each qtr. Q3 sales rose 21% year/year to $66.3 mln... Recent positive developments include the launch of its lead generation product; the signing of a 2-yr exclusive content distribution agreement with AOL; and a private equity firm, Elevation Partners, recently agreed to invest $100 mln in HOMS in the form of convertible preferred stock. While a sharp real estate downtrend might hurt HOMS, a gradual decline may even benefit the co as realtors will be more likely to turn to HOMS if a property is not selling... With the stock hitting a new 52-week high today, the real test for the stock comes when it tests its April '04 high of 5.95; a break above that would clear the 4-year long base that was built following the 2001 meltdown. Mkt cap $818 mln, float 132 mln, avg vol 1.1 mln.
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