KB Home shares crater toward worst day since 1992

  • KB Home shares fell after the company provided lower than expected guidance for its coming fourth quarter results.
  • The lowered guidance was due to lower than usual deliveries in Texas and delays in California due to the wildfires, the homebuilder’s CEO Jeff Mezger said in a conference call.

KB Home shares fell 18 percent on Thursday, headed for its worst day of trading since August 1992.

The Los Angeles-based homebuilding company provided lower-than-expected guidance for its fourth-quarter results. Credit Suisse, Wells Fargo, Barclays and Wedbush all slashed their price targets on KB Home stock. Bank of America Merrill Lynch cut both its rating to neutral from buy and its price target to $24 a share from $26 a share…..CLICK HERE