HomeStore Stock Fading

July 10, 2002

Trading At Under $1

Inman News Features

Despite the best efforts of new management, HomeStore is still struggling on Wall Street.

In the last two months, the stock has dropped from $2.50 a share to under $1. Today the stock is trading at 93 cents a share. Its all time low was 53 cents in February of this year.

A year ago, the stock was trading at $40 a share. Then came the stock tumble following a series of blows including wildly inflated earnings reports, a SEC investigation, class action lawsuits and a management house cleaning.

Stuart Wolff and his chief lieutenants left the firm and new management was brought on with Mike Long heading up the team. Since then, new management has been working to restore confidence with customers, the real estate industry and Wall Street.

While a general drift in the stock market has hurt HomeStore, its fall is even deeper as investors have not regained confidence in the online real estate firm.

Copyright: Inman News Service

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