Should be up from here, though I'd like to see a volume surge.

Here's the Bloomberg excuse.

1) Funny how the anal-ist didn't note that the stock was expensive the two times it hit $36 - they always love to sucker punch when its down.

2) I love how they continue to revive the secondary BS. They already rejected this AND issued bonds to increase their cash allotment. They have said they will buy the outstanding TENDA shares with a secondary, but that's old news.

http://www.reuters.com/finance/stocks/ke...

ACO

Oct. 27 (Bloomberg) -- Gafisa SA, Brazil’s second-biggest homebuilder, led declines on the Bovespa index on concern about valuations and the prospect the company will sell equity next year, diluting shareholder value.

Gafisa dropped 3.1 percent to 28.90 reais at 10:37 a.m. New York time in Sao Paulo trading.

The shares have jumped 175 percent this year as the benchmark index climbed 72 percent. Gafisa last week traded at almost 40 times trailing earnings, the highest level since 2007, according to Bloomberg data.

“One thing is certain and that’s that the stock isn’t cheap,” said Silvio Araujo, a real estate analyst at Lopes Filho & Associados in Rio de Janeiro.