hovnanian preferred stock sells at 40 cents on the dollar
How does this garbage sustain a price above $2. If not $1. Only in helicopter Bernanke world. It is many years off before they could rebuild shareholder equity enough (currenty its negative $400 million plus another $140 million in preferred) to even be able to make a payment on the preferred stock which they havn't in 5 years, let alone pay a dividend on the common.
But what do i know, the market is happy to trade it at $4 all day long. If it traded at 75 cents i would say OF COURSE.