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Homebuilder WCI's Stock Slides On Negative Analyses

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A staff and wire report

Published: May 9, 2008

TAMPA - Shares of homebuilder WCI Communities Inc. fell 28 cents by midday today as investors weighed analysts' reports hinting at bankruptcy.

WCI, which is based in Bonita Springs and has home projects in Tampa and Sun City Center, reported its sixth consecutive quarterly loss Wednesday. It is among homebuilders battered by the Florida housing slump.

Its shares traded at $2.12, down 28 cents, at 12:30 p.m.

On Thursday, Raymond James analyst Paul Puryear lowered his rating on WCI and wrote that "bankruptcy risk is now a likely potential outcome."

Earlier, an analyst at Gimme Credit said the company's situation is "very dire."

WCI is building the West Shore Yacht Club luxury project south of Gandy Boulevard in Tampa. A condo project slated for the Rocky Point area in Tampa is on hold, the company said.

Are you concerned about a potential WCI bankruptcy and how it may affect a down payment on an unfinished WCI home? Reporter Jerome R. Stockfisch can be reached at (813) 259-8402 or jstockfisch@tampatrib.com.

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