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A daily feature available on SchaeffersResearch.com is "Behind the Headlines." Every day, we'll focus on the day's action of newsworthy stocks that are generating a lot of attention. By digging into the stock's sentiment and technical backdrop, we hope to shed some light on the securities. Appearing in today's "Behind the Headlines" are D.R. Horton (DHI), KB Home (KBH), and M/I Home (MHO). .
Engineering results this week will likely determine whether the city's first residential hospice will proceed with or without a basement. Beth Ellis, executive director of the Dr. Bob Kemp Hospice, said construction crews at the site of Bob's House, a new $4.2 million hospice at Stone Church and Upper Wellington, have come across ground rock about 1.5 metres (five feet) below the surface at some spots on the property. They were hoping to dig down at least 2.7 metres (nine feet) before they begin pouring the foundation. Ms. Ellis said the higher than expected ground rock means the project may proceed without a basement if it's determined there is too much rock in the way. She noted blasting or increasing the height of the hospice is not being considered as that would add another $200,000 to the construction cost, something the non-profit organization can't afford.
The Azerbaijani Minister for Economic Development, Heydar Babayev, stated that prices of construction of materials in the Azerbaijani market will shortly be reduced, Trend reports. According to Babayev, the high oil prices are in keeping with the dynamic development of the construction sector. Babayev also announced that he intends to take strict measures regarding drivers and entrepreneurs in the private passenger transportations sector. These measures will ensure that drivers will be unable to increase their fares and will also give the passengers their rightful change of money. “Tariffs were established in conjunction with the kilometers traveled and I am sure that this will be maintained in compliance with the relevant rules,' the Minister stated.
Many of our observations are now available as audio presentations that you can hear on your computer or download from Apple's iTunes Music Store to play on a portable device such as an iPod. To see the full menu of observations, please visit http://www.schaeffersresearch.com/commentary/podcasts/ . Today's Opening View features news from General Electric. U.S. futures were pointed lower earlier this morning, indicative of a weak session on Wall Street. However, General Electric (GE: sentiment, chart, options) could provide a shot in the arm for traders today. The conglomerate reported that third-quarter net income rose to $4.96 billion, or 48 cents per share. On a continuing operations basis, GE said it earned 49 cents per share, matching the Street's expectations. Looking forward, the company forecast 2006 earnings in a range of $1.97 to $1.99 per share, surrounding the Street's estimate of $1.98 per share.
The construction company E&R Erectors Inc. of Bensalem, Pa. was issued a citation with a proposed penalty of $140,000 for safety violations committed during construction of the University's new College of Law building. The company was hired as a sub-contractor for steel assembly by P. Agnes, Inc., the University's contractor for the building.
The U.S. Department of Labor Occupational Safety and Health Organization (OSHA), which enforces safe working conditions in the U.S., cited the construction company for its lack of fall protection while performing structural steel activities and steel beam connection work.
"Over the years, Drexel has enjoyed a very positive and credible working experience with P. Agnes, Inc. on construction projects that have taken place on campus," said Anthony Caneris, senior vice president of Student Life and Administrative Services.
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