Macro Tsimmis

intelligently hedged investment

Beazer Homes (BZH) update #6

Posted by intelledgement on Wed, 26 Mar 08

Our housing industry short, BZH, got tagged today with a credit rating downgrade. Moody’s cut Beazer’s commercial paper from B1 to B2 (that is from “junk” to “junkier”), and initiated a review process for a possible further downgrade. A statement issued by the credit ratings agency cited worsening housing industry conditions in general and concerns about Beazer’s ongoing legal travails in particular in explaining the downgrade.

BZH closed today at $8.75, down 14% on the day.

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: