Hovnanian Beats Estimates; Shares Rise 5%

A surprise second-quarter profit by Hovnanian Enterprises (HOV) offers investors a bright spot in yet another day of sliding stock indexes. At $6.28 a share, the home builder’s share price rose almost 5.2% in morning market action as more than 6 million shares exchanged hands. Hovnanian reported Wednesday that second-quarter earnings fell to $1.3 million, or [...]