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Strategies & Market Trends : Three Amigos Stock Thread -- Ignore unavailable to you. Want to Upgrade?

To: Magnatizer who wrote (5820)	6/10/1998 10:48:00 PM
From: LTK007	Read Replies (2) \| Respond to of 29382

June 10, 1998 D.R. Horton Up 9%; Salomon Smith Barney Reiterates Buy Dow Jones Newswires NEW YORK -- Shares of D.R. Horton Inc. (DHI) gained 9% Wednesday after Salomon Smith Barney reiterated a buy rating on the stock. Saying the home-builder sector is trading at "practically the lowest valuation level the group has seen in two decades," analyst David Dwyer reiterated buy ratings on Horton, Lennar Corp. (LEN), Toll Brothers Inc. (TOL) and NVR Inc. (NVR). In a research note, Dwyer said home-builder stocks have pulled back an average of about 20% since April on concerns about unsustainably strong order growth and interest-rate fears. Horton, a builder of single family homes, set its 52-week high of 24 on April 22. The stock has lost ground since then, closing at 18 1/16 Tuesday. Shares of the Arlington, Texas, company finished Wednesday at 19 11/16, up 1 5/8, or 9%, on volume of 1 million shares, compared with typical daily volume of 396,100 shares. Though order comparisons will be difficult for the sector through the first half of 1999, "strong backlogs will allow the group to weather several months of flat to down orders should comparisons turn negative next year," Dwyer said. D.R. Horton Chief Financial Officer David Keller could point to no specific developments to explain Wednesday's gains, though he said the Salomon Smith Barney note may have contributed to the rise. - By Ted W. Kemp; 201-938-5392 Briefing Book for: DHI \| LEN \| NVR \| TOL