It's almost remarkable to me the extent to which there is still a pricing in that there will be a cut in December. Do you think it'll happen. >> Yeah, I mean I think I think it will happen.But I listen one thing I've learned about markets is you have to interpret what they are saying there is a part of this committee that definitely would like to wait and evaluate the data. I think they can go. I think they should go.I think they can go quicker but u but I respect the fact that inflation is running a little ...

Core Viewpoint - Taylor Morrison Home Corporation (TMHC) has initiated a cash tender offer to purchase all outstanding 5.875% Senior Notes due 2027, with the offer commencing on November 3, 2025, and set to expire on November 7, 2025, unless extended or terminated [1][5]. Offer Details - The total principal amount of the Notes outstanding is $500 million [3]. - The Offer includes accrued and unpaid interest from the last payment date up to the initial payment date, expected on November 10, 2025 [4]. - The Offer is not conditioned on a minimum amount of Notes being tendered, but is subject to certain conditions, including the issuance of senior notes yielding at least $525 million in gross cash proceeds [6]. Payment and Redemption - The Purchase Price for each $1,000 principal amount of Notes will be determined based on a fixed spread and the yield to maturity of the U.S. Treasury Reference Security [5][6]. - If the Offer is completed but not all Notes are purchased, the company plans to redeem any remaining outstanding Notes around December 2, 2025 [8]. Management and Contacts - J.P. Morgan Securities LLC is serving as the exclusive dealer manager for the Offer, while D.F. King & Co., Inc. is the tender agent and information agent [10].

Core Insights - Warren Buffett has transitioned from being a net buyer to a net seller of stocks over the past 12 quarters, selling approximately $24 billion worth of stock in 2025 while still finding attractive investment opportunities [1][2] Company Insights - Buffett has made a notable investment in Lennar, purchasing around $779 million worth of shares, indicating a strong belief in the company's potential [2] - Berkshire Hathaway has significantly increased its stake in Lennar, acquiring approximately 1.93 million Class A shares in Q1 2025 and adding around 5.1 million shares in Q2 [5] - Lennar's forward price-to-earnings ratio is below 14, which is attractive compared to the S&P 500's ratio of 23.5, suggesting a favorable valuation in a market that is otherwise highly priced [5] - The company has been actively repurchasing its shares, with around $517 million in buybacks in the quarter ending May 31, 2025, and another $506 million in Q2 [6] Industry Insights - The housing market is perceived as a significant opportunity, as indicated by Buffett's investments in both Lennar and D.R. Horton, the latter being the largest homebuilder in the U.S. by volume [9] - There is a notable housing shortage in the U.S., estimated to be between 2.8 million to 4.7 million homes, highlighting the demand for new housing developments [10]

Core Insights - The US housing market is currently facing challenges, with expectations of continued cooling in housing sales due to high mortgage rates and economic uncertainty [2][3]. Company Insights - D.R. Horton, the largest homebuilder in the US, anticipates that the sluggish housing sales will persist into the next year, as buyers remain hesitant [2]. - The company's average sales price for single-family homes decreased by 3% year-over-year to $365,600 in the three months ending September [6]. - D.R. Horton is utilizing incentives, such as mortgage buydowns, to attract buyers, which has reduced the company's gross profit margin by 110 basis points [6]. Industry Insights - Builder confidence, as measured by the National Association of Home Builders/Wells Fargo Housing Market Index, stands at 37, indicating a lack of optimism in the short-term outlook for the housing market [2]. - Federal Reserve Chairman Jerome Powell noted the weakness in the housing sector, which is influenced by employment concerns [3]. - The unemployment rate in the US rose to 4.3% in August, contributing to uncertainty in the job market and affecting consumer confidence and household formations [4][5].

Core Insights - Berkshire Hathaway remains cautious about market conditions, accumulating a record cash reserve of $381.7 billion while profits increased [1][2] - The company has sold more stocks than it has purchased for 12 consecutive quarters, maintaining an equity portfolio valued at $283.2 billion [1][2] - Operating profit for the third quarter rose 34% to $13.49 billion, exceeding analyst expectations, while net income increased 17% to $30.8 billion [2][7] Financial Performance - Revenue growth was limited to 2%, which is slower than the overall growth rate of the U.S. economy [2] - Lower insurance losses contributed to the increase in operating profit, which translates to approximately $9,376 per Class A share [2][7] Market Position and Strategy - Economic uncertainty and declining consumer confidence have negatively impacted sales growth in various sectors, including homebuilding and consumer goods [3] - Berkshire Hathaway has not repurchased any of its own stock for five consecutive quarters, despite its stock price lagging behind the broader market [2][3] Leadership Transition - Warren Buffett is preparing to step down as CEO after a six-decade tenure, with Vice Chairman Greg Abel set to take over [4] - Abel is expected to adopt a more hands-on management style, though the future use of the company's cash reserves remains uncertain [4] Recent Transactions - Berkshire Hathaway plans to allocate $9.7 billion of its cash to acquire Occidental Petroleum's OxyChem chemicals business, a deal announced on October 2 [5]

Core Insights - Cavco Industries reported strong quarterly earnings, exceeding analyst estimates on both revenue and net income, which attracted investor interest [1][4] Financial Performance - Cavco generated approximately $557 million in revenue for Q2 of fiscal 2026, marking a nearly 10% increase compared to the same period in fiscal 2025 [3] - Net income rose by just under 20% year-over-year to $52.4 million, equating to $6.55 per share, surpassing analyst expectations of $543 million in revenue and $6.09 per share [3][4] Market Reaction - Following the earnings report, Cavco's stock price increased by over 5%, significantly outperforming the S&P 500 index, which only rose by 0.3% [2] Business Segments - The company experienced growth across all business segments, particularly in family-built housing, which contributed $535 million to revenue, a 10% increase [6]

Core Insights - KB Home has announced the grand opening of Skyline Village Enclaves, a new community in San Tan Valley, Arizona, highlighting its appeal through a combination of small-town charm and outdoor adventure [1] Company Overview - KB Home is recognized as one of the largest and most trusted homebuilders in the U.S., indicating a strong market position and reputation [1] Product Features - The new homes in Skyline Village Enclaves are designed with modern living in mind, featuring popular elements such as modern kitchens that overlook large great rooms and bedroom suites [1]

Even in a housing market that's infamously unaffordable, builders see an opportunity with luxury buyers, @conorsen says (via @opinion) https://t.co/4ULk9qyNsi ...

Core Insights - Lennar Corporation (LEN) stock has declined approximately 7% following a disappointing earnings release on September 18, which has led to negative earnings revisions and a Zacks Rank 5 (Strong Sell) [1][4][7] - The company has faced challenges due to a slowing housing market, rising mortgage rates, and persistent inflation, impacting its overall performance [1][4] Company Overview - Lennar is a prominent U.S. homebuilder established in the 1950s, focusing on affordable, move-up, and active adult homes, as well as multifamily rental properties [2] - The company also provides financial services, including mortgage financing and closing services for homebuyers [3] Financial Performance - Lennar experienced significant revenue growth from 2012 to 2022, with over 20% sales growth in FY21 and FY22 [3] - However, the company reported a gross margin on home sales of $1.4 billion, or 17.5% in Q3, down from 22.5% in the previous year [5] - Consensus earnings estimates for 2025 and 2026 have decreased by approximately 8.5% over the last two months, with a 49% drop in the 2025 estimate from $16.04 to $8.25, and a 47% drop in the 2026 estimate from $16.81 to $9.01 [5][7] Market Conditions - The housing market has been adversely affected by rising mortgage rates and inflation, leading to a decline in housing prices and overall market activity [4][8] - The average 30-year fixed mortgage rate in the U.S. is around 6.17%, down from a high of 7.8% in 2023, but still comparable to rates from September 2024 [8] Technical Analysis - LEN stock is attempting to maintain its position near long-term 50-week and 200-week moving averages, which are converging, indicating potential bearish signals for technical traders [9] - Investors are advised to monitor Lennar for signs of a broader housing market recovery before considering investment [9]

Regency at EverRange will offer low-maintenance living with resort-style amenities in the heart of the EverRange master planJACKSONVILLE, Fla., Oct. 30, 2025 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced its newest 55+ community in North Florida, Regency at EverRange, is coming soon to Jacksonville, Florida. This exclusive, gated community for active adults will feature sophisticated single-story homes within the EverRange master plan, idea ...