Homebuilders (XHB) Sink as PulteGroup (PHM) Downgraded to Neutral

Homebuilder stocks are moving lower early Monday amid a mostly flat equities market. SPDR S&P Homebuilders (NYSE: XHB) is lower by 1.4 percent. The downdraft appears to be profit taking following a move higher at the end of last week. It could also be tied to an analyst downgrade of PulteGroup (NYSE: PHM) by Citi. Citi downgraded PHM from Buy to Neutral.

Shares of Lennar Corp. (NYSE: LEN) and Toll Brothers Inc. (NYSE: TOL) are both lower by 1 percent. PulteGroup shares are lower by a similar amount. The stock is higher by over 9 percent in the past five trading sessions. The company released Q2 earnings last week.

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