Market Currents

• Monday, September 21, 2009

• 06:28 AM Lennar (LEN): Q3 EPS of -$0.97, including $0.42 charge for valuation adjustments and writeoffs and another $0.34/share charge, vs. consensus of -$0.46. Revenue of $721M (-34.9%) vs. $774M. New home deliveries decreased to 2,660 from 3,694 last year. Backlog grew 19% from Q2 to $647M. (PR) Comment!
• 00:05 AM Notable earnings before Monday's open: LEN Comment!

• Friday, September 18, 2009

• 09:25 AM JPMorgan about-faces on homebuilder sector, moving its outlook to Positive from Negative. "Not only is housing solidly past its trough, but over the next 24 months will continue to recover and drive further upside to the current rally in the home-builder stocks," firm says. HOV +4.1% premarket. TOL +3.6%. KBH +3.4%. LEN +2.8%. 4 Comments

• Tuesday, July 28, 2009

• 09:26 AM Citigroup analyst Josh Levin downgrades Lennar (LEN) to Hold, saying shares have advanced more than its peers and the broader market, while fundamentals remain challenging. Shares -4.3% premarket. Comment!

• Thursday, July 23, 2009

• 11:14 AM Homebuilder stocks are strongly higher after encouraging home sales data, and a solid quarter from Standard Pacific (SPF) yesterday afternoon. SPF +13%. LEN +7.8%. MHO +6.4%. MTH +6.3%. CTX +3.1%. PHM +3%. SPDR Homebuilders ETF (XHB) +4.3%. Comment!

• Monday, July 13, 2009

• 09:01 AM Lennar (LEN) sets aside $39.8M to repair 400 homes in Florida with defective drywall. The U.S. Consumer Product Safety Commission says it received over 600 complaints on the issue from 21 states and Washington D.C. LEN -1% premarket. Comment!

• Thursday, June 25, 2009

• 09:00 AM Premarket gainers: JAZZ +47%. TWB +20%. HTZ +10%. BBBY +5%. LEN +4%. SLM +4%. JEF +4%.
  Losers: INSM -48%. RHT -6%. HEB -5%. PAYX -5%. NVLS -5%. NKE -5%. MTL -5%. CTIC -4%. FSLR -4%. AIB -4%. Comment!
• 06:16 AM Lennar (LEN): FQ2 EPS of -$0.76 misses by $0.12. Revenue of $892M (-20.9%) vs. $597M. (PR) Comment!
• 00:05 AM Notable earnings before Thursday's open: CAG, LEN, MKC Comment!

• Tuesday, April 21, 2009

• 09:43 AM Homebuilder Toll Brothers (TOL) just closed a $400M offering, as did Lennar (LEN). Considering Monday's downtrend, investors took to Toll's issue rather well (-4.9%); less so for Lennar (-18.6%). Comment!

• Monday, April 20, 2009

• 17:01 PM Rough day for homebuilder Lennar (LEN). Shares fell 18.6% after it disclosed it's being sued over China-manufactured drywall it used in 2005-2006 which may emit various sulfur-based gases. LEN also filed to sell up to $275M in shares to increase working capital and repay debt. 4 Comments

• Wednesday, April 8, 2009

• 09:00 AM Premarket gainers: CTX +31%. LNC +27%. HIG +26%. GNW +24%. PFG +24%. SPF +29%. PNX +21%. CNO +17%. BBBY +14%. HOV +14%. PRU +12%. GT +10%. MTG +11%. JNPR +9%. MET +9%. LEN +8%. IFX +8%. MGM +7%. AU +6%. PLD +7%. KG +6%. ETFC +6%. CENX +6%. S +5%. DRYS +4%. ACAS +4%. F +4%. LVS +4%.
  Losers: AIB -11%. SAY -8%. MOS -4%. AAUK -3%. Comment!
• 08:33 AM CTX (CTX) +28.6% to $9.95 after announcing it will be acquired by Pulte Homes (PHM) for about $10.50/share. PHM -0.7%. Other homebuilders are up on the news: BZH +17%. HOV +16%. LEN +9%. KBH +7%. RYL +3%. Comment!

• Tuesday, March 31, 2009

• 02:46 AM Lennar (LEN): FQ1 EPS of -$0.98 misses by $0.34. Revenue of $593M (-44.2%) vs. $530M. (PR) Comment!
• 00:05 AM Notable earnings before Tuesday's open: LEN Comment!

• Tuesday, March 17, 2009

• 09:03 AM Premarket gainers: FRE +12%. IVAN +11%. SIRI +11%. CLNE +9%. AIG +7%. GGP +8%. FNM +7%. C +6%. LEN +5%. HIG +5%. DRYS +4%. NU +4%. CEPH +4%. UBS +4%. Comment!