National Association of Home Builders Market Index

59.00

As of 10:00:00 ET on 08/15/2013

Derived from a monthly survey that NAHM has been conducting for more than 20 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good”, “fair” or “poor”.  The survey also asks builders to rate traffic of prospective buyers as high to very high, average or low to very low.  Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

Sales of New U.S. Homes Fell More Than Forecast in July

Article by Victoria Stilwell & Lorraine Woellert, reporting for Bloomberg.com, Aug 23, 2013

Link to article:

http://www.bloomberg.com/news/2013-08-23/sales-of-new-homes-in-u-s-plunged-more-than-forecast-in-july.html

Autodesk reports fiscal 2nd Quarter Results

Autodesk, Inc. has added a financial news release to its Investor Relations website. Title: Autodesk Reports Second Quarter Results Date(s): 22-Aug-2013 4:01 PM For a complete listing of our news releases, please click here SAN RAFAEL, Calif.--(BUSINESS WIRE)--Aug. 22, 2013-- Autodesk, Inc.(NASDAQ:ADSK) today reported financial results for the second quarter of fiscal 2014. Second Quarter Fiscal 2014 Revenue was $562 million, a decrease of 1 percent, compared to the second quarter of fiscal 2013 as reported and an increase of 2 percent on a constant currency basis. GAAP operating margin was 15 percent, compared to 16 percent in the second quarter of fiscal 2013. Non-GAAP operating margin decreased by approximately 100 basis points to 24 percent, compared with 25 percent in the second quarter of fiscal 2013. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. GAAP diluted earnings per share were $0.27, compared to $0.28 in the second quarter of fiscal 2013. Non-GAAP diluted earnings per share were $0.45, compared to $0.48 in the second quarter of fiscal 2013. Deferred revenue increased 7 percent to $806 million, compared to the second quarter of fiscal 2013. Cash flow from operating activities was $65 million, compared to $107 million in the second quarter of fiscal 2013. "Our second quarter was marked by strength in our Architecture, Engineering and Construction (AEC) business segment and continued growth in suites," said Carl Bass, Autodesk president and CEO. "Growth in these vital areas was offset by mixed contributions from other parts of the business. On the product side, we strengthened and expanded our leading product portfolio with new desktop, cloud and mobile offerings." Second Quarter Operational Overview EMEA revenue decreased 4 percent to $202 million compared to the second quarter last year as reported and was flat on a constant currency basis. Revenue in the Americas increased 2 percent to $202 million compared to the second quarter last year as reported. Revenue in Asia Pacific decreased 1 percent to $158 million compared to the second quarter last year as reported and increased 4 percent on a constant currency basis. Revenue from emerging economies decreased 2 percent to $86 million compared to the second quarter last year as reported and 1 percent on a constant currency basis. Revenue from emerging economies represented 15 percent of total revenue in the second quarter. Revenue from the Platform Solutions and Emerging Business segment decreased 9 percent to $197 million compared to the second quarter last year. Revenue from the AEC business segment increased 9 percent to $177 millioncompared to the second quarter last year. Revenue from the Manufacturing business segment increased 2 percent to $144 million compared to the second quarter last year. Revenue from the Media and Entertainment business segment decreased 11 percent to $43 million compared to the second quarter last year. Revenue from Flagship products decreased 11 percent to $289 millioncompared to the second quarter last year. Revenue from Suites increased 18 percent to $193 million compared to the second quarter last year. Revenue from New and Adjacent products was $80 million, and decreased 1 percent compared to the second quarter last year. "The challenging dynamics within some of the end-markets that we serve has led us to adjust our growth assumptions," said Mark Hawkins, Autodeskexecutive vice president and CFO. "While the near-term revenue target is lower, we remain diligent about managing our spend while making essential investments to drive growth. "With the recent introduction of more flexible license and service offerings that have ratable revenue streams, such as cloud-based and rental license offerings, Autodesk's business model is evolving," continued Hawkins. "We are currently refining our plans around the pace and time frame for this business model transition. We look forward to providing more detail at our Investor Day event scheduled for October 2nd. As we evolve our business model, we remain committed to long-term operating margin expansion." Business Outlook The following statements are forward-looking statements that are based on current expectations and assumptions, and involve risks and uncertainties some of which are set forth below. Autodesk's business outlook for the third quarter assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment, and interest expense related to Autodesk's $750 million debt offering in December 2012. Third Quarter Fiscal 2014 3Q FY14 Guidance Metrics         Q3 FY14 (ending October 31, 2013) Revenue (in millions) $540-$555 EPS GAAP $0.19-$0.23 EPS Non-GAAP $0.36-$0.40   Non-GAAP earnings per diluted share exclude $0.11 related to stock-based compensation expense and $0.06 for the amortization of acquisition related intangibles. Third quarter fiscal 2014 outlook assumes annual effective tax rates of approximately 23 percent and approximately 25 percent for GAAP and non-GAAP results, respectively. These rates do not include one-time discrete items but do reflect the recently enacted extension of the federal R&D tax credit benefit through December 31, 2013. Full Year Fiscal 2014 Autodesk is not providing full year fiscal 2014 guidance at this time.

Toll Brothers CEO Says Housing Rebound Is Real, Still In Early Stages

Link to article on Forbes.com

http://www.forbes.com/sites/steveschaefer/2013/08/21/toll-brothers-housing-rebound-is-real-still-in-early-stages/

"Staples's net drops 15%; company cuts year view"

Staples stock was down $2.25 per share when I checked it a few minutes ago.

Article by Saabira Chaudhuri on Aug 21^st, reporting for MarketWatch.com

Staples Inc.'s SPLS -13.54% fiscal second-quarter earnings slumped 15% as the office-supply giant continued to be pressured by weak sales abroad, while North American retail sales also declined.

Citing weaker-than-expected results for its second quarter, Staples lowered its view for the year, now expecting sales to decline in the low single digits and per-share earnings to be $1.21 to $1.25. Staples previously said it expected sales to rise in the low single digits from a year earlier, along with per-share earnings of $1.30 to $1.35.

Staples, the largest office-supply chain in the U.S., has seen its profit challenged by an increasingly digitized office, broad-based weakness in Europe and Australia, and greater competition from mass merchants and online sellers. However online sales recently have been a relative bright spot, a trend that continued in the latest period, with the company logging 3% growth from Staples.com sales.

"We drove online sales growth and aggressively managed expenses during the second quarter, but this progress was offset by weakness in our retail stores and international businesses," Chief Executive Ron Sargent said Wednesday.

The company reported its North American same-store sales--which exclude sales from Staples.com--fell 3%, reflecting a decline in traffic and in order size. Meanwhile, Europe same-store sales slid 6% amid lower traffic.

For the quarter ended Aug. 3, Staples posted a profit of $102.5 million, or 16 cents a share, versus a year-ago profit of $120.4 million, or 18 cents a share, a share.

Sales fell 2.2% to $5.31 billion.

Analysts polled by Thomson Reuters recently expected per-share earnings of 18 cents on revenue of $5.37 billion.

Gross margin narrowed to 25.6% from 26.1%. Operating expenses fell 1.7%.

At the North American commercial segment, which sells office products and services directly to businesses, sales grew 1.3%. North American stores and online sales slipped 2.3%. Meanwhile international sales declined 8.3%.

Shares of Staples closed Tuesday at $16.84 and were inactive in recent premarket trading. The stock has risen 14% in the past three months.

AIA Architectural Billings Index (ABI) for July 2013; continues in positive territory!

 Positive Trend Continues for Architecture Billings Index

All regions and buildings sectors see increasing demand for design services

For immediate release:
Washington, D.C. – August 21, 2013 – The Architecture Billings Index (ABI) saw a jump of more than a full point last month, indicating acceleration in the growth of design activity nationally. As a leading economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lead time between architecture billings and construction spending.

The American Institute of Architects (AIA) reported the July ABI score was 52.7, up from a mark of 51.6 in June. This score reflects an increase in demand for design services (any score above 50 indicates an increase in billings).

The new projects inquiry index was 66.7, up dramatically from the reading of 62.6 the previous month. 



“There continues to be encouraging signs that the design and construction industry continues to improve,” said AIA Chief Economist, Kermit Baker, PhD, Hon. AIA.  “But we also hear a wide mix of business conditions all over the country, ranging from outstanding and booming to slowly improving to flat. In fact, plenty of architecture firms are reporting very weak business conditions as well, so it is premature to declare the entire sector has entered an expansion phase.”

Key July ABI highlights:

•  • Regional averages: Northeast (54.3), South (54.2), West (51.1), Midwest (50.8)


•  • Sector index breakdown: mixed practice (56.9), commercial / industrial (54.2), multi-family residential (53.3), institutional (50.6)


•  • Project inquiries index: 66.4

The regional and sector categories are calculated as a 3-month moving average, whereas the index and inquiries are monthly numbers.

Contact: Scott Frank


202-626-7467


sfrank@aia.org