Stephen East
Stephen East
basically demand mercy promise unique
It's a hope. I don't think they're doing anything that is unique to promise a second-half pickup. They're basically at the mercy of what the demand will be in the market.
builders doubt earnings growth helps housing offset slowing
That helps offset the slowing housing market. They have diversification that a lot of other builders don't have. But I do think their earnings growth will slow. There's no doubt about that.
serving toll
They're serving a need much more than a want than say a Toll or a higher-end builder.
calendar margin operating point
I think their operating margin could be down a half-percentage point through calendar 2007.