Posted on 09/21/2009 5:23:49 PM PDT by Diana in Wisconsin
Miami, FL (AHN) - The nation's third largest homebuilder, Lennar Corp., on Monday reported a third quarter loss of nearly $172 million. It was the company's 10th consecutive quarter of losses.
The per-share loss was 97 cents, a jump from the 56-cent loss of a year ago. Analysts had estimated a loss of between 51 and 52 cents a share
Some 76 cents per share of the losses were linked to valuation adjustments, non-cash deferred tax asset valuation allowance and other write-offs, Lennar said. The company's homebuilding revenue fell in the quarter to $643.6 million, a drop of 42 percent.
The Lennar report contained a small ray of hope. New orders were down 8 percent from a year ago, but that was the smallest decline since November 2006.
Lennar (LEN) was down 0.61, or 3.69 percent, to $15.93 at noon.
yet the stock has gone up 400% since November
The stock only dropped to last weeks level after the news. Amazing.
recession is over?
With the Fed buying 30 billion in stock each week since March, and will be for the next 6 weeks, it can prop up any market.
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