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M.D.C. Holdings (MDC) engages in homebuilding and financial services businesses in the United States.
Its Homebuilding business activities include the purchase of finished lots or development of lots for the construction and sale of single-family detached homes to first-time and first-time move-up homebuyers under the Richmond American Homes name.
The companys Financial Services business activities comprise the origination of mortgage loans primarily for homebuyers; provision of third-party insurance products to homebuyers; and title agency services to homebuyers in Colorado, Florida, Maryland, Nevada, and Virginia. It also provides insurance coverage on homes sold and for work performed in completed subdivisions; and re-insures the claims.
Shares have formed a bullish "cup & handle" and higher prices are expected for this stock.
52-Week Trading Range: $22.72 - $42.41
Entry Point: $40.15
Stop Loss: $38.14
Target Price: $44.15
MDC hit our stop loss of $38.14 briefly a few moments ago. We are NOT closing the position yet. We are watching it closely. Please check your e-mail for a status update.
Well, MDC fell victim to the earnings report by its competitor Toll Brothers (TOL). We are going to take our losses and move forward. When I was a young trader, an old and wise man in our office once told me "when you lay an egg, do not stand back and admire it. Admit your mistake and go on." We closed MDC at $37.85. Take solace in knowing that this is a good solid company still!
