Kelley, McKeefrey, Dockery (212) 829-5482
Homebuilders were on a tear on the back of TOL's quarter and positive comments from a number of sell side analysts. We saw sizeable buying in XHB early in the day and some long selling into the move later in the session. TOL CEO Douglas Yearly expects consolidation in the industry over time but is not actively looking to acquire rival builders. Whiteston REIT (WSR) went ahead with their IPO after previously saying the deal would be postponed---2.083M shares priced at $12, a downsizing of 50% of the intended deal. ECM Realty Trust filed a $380mln IPO through WFC and Citi; the company is focused on office, industrial and retail properties. The New York City Council has approved plans for VNO's new office tower just a few feet from the Empire State building after Mayor Bloomberg expressed support for the project. It's comforting to be back above 675 in the RMZ, hopefully we can build on these levels going into the weekend. On the desk we continue to be very active in CSA, DEI, HST, MAR, MHO, O and MPW.
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