LEN CEO Stuart Miller said, "The housing market continued its downtrend right through our fist quarter," thanks to "low consumer confidence, increased unemployment and growing foreclosure rates."
Quarterly revenue fell to $593.1 million from last year's results of $1.06 billion. In addition, 40% fewer homes were delivered and new orders dropped 28%.
Technically, LEN has managed to weather this year's economic difficulties rather well. In fact, the shares were trading in the $22 region when the year started and are currently in the $20 region. It does appear that the stock has found a measure of support at the round-number $20 level -- let's see if it can hold up to today's news.
Should the aforementioned potential support give way, we could see the $16 level step up to act as support like it did earlier in the year. Let's see how the stock and investors react to the earnings news throughout the trading day.
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