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Excerpt from today's One Page Annotated Wall Street Journal Summary (which you can get emailed to you every morning by signing up here):

New-Home Sales Rose 4.6% in May Amid Incentives

  • Summary: New home sales rose 4.6% month over month in May, the third straight month over month increase. But they were still down 5.9% year over year. Meanwhile, another homebuilder, Miami-based Lennar Corp, cut its 2006 EPS projection due to expected weaker orders and higher cancellation rates.
  • Comment on related stocks/ETFs: Lennar (LEN) cut its 2006 EPS guidance dramatically, from $9.25 to a range of $8.00-8.25. The homebuilder stocks' earnings are highly leveraged to their revenue outlook, and perceived valuations can change abruptly.
Source: New Home Sales Rise???