Industry News

Homestore, Countrywide rock on Wall Street

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Homestore and Countrywide Financial Corp. were the top winners on Wall Street last month among the 10 publicly traded corporations that comprise the hypothetical Inman News index of real estate brokerage, mortgage and technology stocks. The index overall performed better than breakeven in November with a gain of 1.15 percent; however, that result lagged the Dow Jones Industrials, Standard and Poor's 500 and Nasdaq Composite indices, which gained 3.54 percent, 3.57 percent and 5.83 percent, respectively, during the month. Homestore's stock price increased from $3.68 at the beginning of the month to $4.41 at the end of the month, a gain of 73 cents, or nearly 20 percent. The company announced a trifecta of positive news: a newly extended two-year exclusive content distribution deal with America Online, the sale of $100 million in preferred stock to Elevation Partners, a private equity investment group, and third-quarter financial results in the black at 1 cent per share. The profitabl...