Hovnanian Enterprises sinks after announcing plan to sell 14M shares

In heavier-than-average trading, Hovnanian Enterprises, Inc. (NYSE:HOV) is sinking 10% after the home builder announced a plan to sell 14 million shares on the open market. The company will also grant the underwriters - Citi Markets & Banking, Wachovia Capital Markets LLC and Credit Suisse Securities LLC - an option for an additional 2.1 million shares. Some analysts saw the stock offering as a move to combat dwindling liquidity.

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