Homebuilder Standard Pacific Corp. can't seem to sell its houses. Now the company says in a regulatory filing that instead it may try to sell itself. The Irvine, Calif.-based homebuilder reported Monday its sixth quarterly loss, this time registering a loss of $216.4 million, or $3.34 per share, more than double the $1.52 per share analysts surveyed by Bloomberg expected.
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The company, which builds homes in California, Nevada, Arizona, Texas, Florida, Colorado and the Carolinas, is in the eye of the storm in a homebuilding slowdown set off by the subprime credit crisis. Consequently, the industry has seen some consolidation through mergers as well as a dramatic rise in bankruptcies.
All eyes will be on Standard Pacific's stock Tuesday, which dropped 21% to $2.97 Monday and is gravitating toward its 52-week low of $1.47. - Gerald Magpily
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