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Amazon.com (AMZN – Cramer’s Take – Stockpickr – Rating) topped Wall Street’s top- and bottom-line expectations, but investors took profits in extended trading after bidding the stock to a 52-week high in the regular session.

The stock fell to $96 in extended session trading after finishing the regular Nasdaq session at $100.82. It was the first time the stock had retaken the $100 level since December 1999, ending Tuesday’s regular session up more than 10 percent in anticipation of a blow-out quarterly scorecard.

Third Quarter Results

The online retailer said net income increased 313% to $80 million or 19 cents a share, compared with net income of $19 million, or 5 cents a share, a year earlier.

Sales increased 41% to $3.26 billion in the third quarter, compared with $2.31 billion in third quarter 2006. Excluding the $75 million favorable impact from year-over-year changes in foreign-exchange rates throughout the quarter, net sales grew 38% compared with third quarter 2006.

Sales of the latest Harry Potter book helped boost revenues in the third quarter at online retailer Amazon.com.

But Amazon has said it will not make a profit on the title because it offered steep discounts and free shipping.

“In our view, putting customers first is the only reliable way to create lasting value for shareowners,” said Jeff Bezos, founder and chief executive of Amazon.com.

For the fourth quarter, the company said it expects net sales between $5.1 billion and $5.45 billion.

Analysts had forecast earnings of 46 cents a share on revenue of $5.12 billion.

Technorati Tags: amzn, Amazon.com, Amazon 3rd Quarter results, Amazon after market trading.

Top 10 advice for real estate investors

1. Most real estate agents work on paid commission. Agents are not public real estate information provider.

2. Make an appointment, be on time and don’t expect an agent to drop everything to run out to show you a home.

3. Interview agents to find an agent with whom you are comfortable. Never interview two different agents from the same company.

4. Don’t call the Listing Agent if you are working with a buying agent. If you hire the listing agent to represent you, that agent will now be working under dual agency.

5. Don’t ask the open house agent questions about the seller or the seller’s motivation. Let your agent ask those questions for you.

6. Real estate agents are not CPA or Lawyer.

7. Always ask for and sign an agency agreement. It is solely a disclosure. It is not an agreement to agency.

8. Let your agent know how you want to communicate with you and how often, phone calls, fax, e-mails or by snail mail or all of the above?

9. Ask your agent to explain a form to you. It is our job. Many forms are very foreign to you, so ask for explanations until you are satisfied you understand or get advice from your lawyer.

10. If you aren’t ready to buy, you don’t need a real estate agent. Don’t waste an agent’s time if you aren’t ready to make a commitment.

Technorati Tags: real estate investing, buyer advice, seller advice

Housing Takes Another Header by Seth Jayson

7 Recommendations

Think we’ve seen the worst from housing? Think again.

The latest S&P/Case-Shiller Home Prices Index shows that home prices are not only dropping like rocks, in many places, the rate of drop is increasing. The figures, which cover the period ending July, 2007, detail a 4.5% year-over-year drop in the index’s 10-city composite, and a 3.9% drop in the 20-city composite.

That’s the worst performance since 1991, which is why you should click that link and see the whole story. Previously hot markets like Phoenix and Tampa were among the worst tracked, but areas that sat out the bubble, like Detroit, are also suffering. Near Fool HQ, the argument I often hear about home prices never falling (because there’s reliable government spending, big influx of population, blah, blah, blah …) is shown to be a complete fiction, as D.C. area prices tumbled 7.2% year over year.

Remember, the Case-Shiller index tracks differences in sale prices for the same homes, and it screens out data that would compromise the comparisons, such as major renovations and non-arms-length sales. It looks at existing home prices in a more detailed way than the likes of the National Association of Realtors, which today reported a year-over-year increase in median prices that is directly at odds with the slow pace of sales.

It’s going to be a long time before the excesses are wrung out of this market, and I anticipate more investors getting stung. We’ve already seen that the prices of new homes are just as vulnerable in the current market. Hovnanian Enterprises (NYSE: HOV) recently had a well-publicized “Fire Sale,” which knocked about 20% off the price of new homes.

With foreclosures on the rise, more fire sales are likely in the existing and new home markets. I expect to see builders like Pulte Homes (NYSE: PHM), D.R. Horton (NYSE: DHI), Beazer Homes (NYSE: BZH), Centex (NYSE: CTX), and Lennar (NYSE: LEN) resort to similar desperate moves.

Technorati Tags: stock market, housing market

Stocks of Calif. homebuilder Standard Pacific shed 10.8 percent; analysts predict more bad news for the sector.
Housing stocks down – Sep. 24, 2007

Housing stocks posted sharp losses Monday ahead of sector data and two major earnings reports scheduled for Tuesday and Thursday.

Standard Pacific Corp (Charts). led the losses, shedding 87 cents, or 10.8 percent, to $7.23 in midday trading.

Investors sold the stock lower after the California homebuilder said it would stop paying a quarterly dividend and instead use the estimated $10 million a year to pay down debt.

The company also said it was issuing $100 million in convertible debt in a move to refinance existing obligations.

Meanwhile, existing home sales data for August is due Tuesday.

Bank of America analyst Daniel Oppenheim expects a 3 percent decline. He also expects inventory levels will rise sharply, meaning further price cuts are likely.

Also Tuesday, Lennar Corp (LEN). reports fiscal third-quarter earnings. Analysts expect the company to post a loss on major charges to write down the value of inventory.

Lennar shares hit a 52-week low of $24.43 Monday, and were off 56 cents to $24.76 in midday trading.

On Thursday, an industry group reports data on sales of new homes — which directly reflects homebuilder results.

Oppenheim expects an 8 percent decline because of tightness in the credit markets that made it difficult to get a loan.

KB Home (KBH) reports quarterly results later that day.

Wall Street anticipates a loss of 75 cents per share, also because of impairment charges.

KB shares slid 70 cents, or 2.6 percent, to $26.57 in midday trading.

Technorati Tags: housing stock, real estate stock market