The stock market is up slightly this morning as the market looks to end its tow-day losing streak. The big news came from the homebuilding sector when Pulte Homes (PHM) and Centex (CTX) announced that they’ll merger together. The combined company would have a market value of $4.1 billion, which will make them the largest player on the field.
Obviously this has been a very difficult environment for homebuilders. This merger is one based more on fear for survival than hope for future growth. The good news is that this has lifted shares of many homebuilding stocks.