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Stock Market & Financial Investment News

News Breaks
March 21, 2014
06:42 EDTLENLennar downgraded to Neutral from Positive at Susquehanna
Susquehanna downgraded Lennar due to the seasonal move that is now reflected in valuation. Price target lowered to $43 from $46.
News For LEN From The Last 14 Days
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September 28, 2015
08:15 EDTLENLennar pullback provides a buying opportunity, says Morgan Stanley
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September 21, 2015
16:53 EDTLENOn The Fly: Top stock stories for Monday
Stocks on Wall Street began the session in positive territory and remained there for most of the morning. The Nasdaq was the first index to show signs of weakness after Hillary Clinton pledged to address the high cost of specialty drugs, sinking multiple biotech stocks. The averages later recovered from their afternoon lows, with both the Dow and S&P posting gains and the Nasdaq narrowly finishing in the green after Monday's drug pricing debate. ECONOMIC EVENTS: In the U.S., existing home sales fell 4.8% to a 5.31M rate in August, versus expectations for them to be down 1.6% to a rate of 5.5M. Over the weekend, three Federal Reserve officials, namely San Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker, all argued that an interest-rate increase is still warranted this year. COMPANY NEWS: Biotech stocks declined after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on its treatment for toxoplasmosis, reigniting a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. Presidential candidate Hillary Clinton sent the debate to center stage by criticizing the "outrageous" prices of specialty drugs and promising to lay out a plan tomorrow to tackle "price gouging" in the specialty drug market. The NASDAQ Biotechnology index fell roughly 4.4% following the attention paid to Turing's drug and Clinton's response... Shares of Volkswagen (VLKAY) trading in New York dropped 17.1% to $30.10 after the EPA and California Air Resources Board detected manipulations that violate U.S. environmental standards while testing certain Volkswagen diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters... Apple (AAPL), which has previously been reported to be working on an electric car via its "Project Titan," is speeding up those efforts and setting 2019 as a target to ship its first vehicle, according to The Wall Street Journal. Shares of Tesla Motors (TSLA) were volatile following the Journal's report, but closed the day up 1.37% at $264.20. MAJOR MOVERS: Among the notable gainers was Atmel (ATML), which surged 12.65%, to $8.19 after agreeing to be acquired by German chipmaker Dialog Semiconductor in a deal valued at roughly $4.6B. Also higher was Starwood Waypoint (SWAY), which gained $2.89, or 12.70%, to $25.64 after announcing a stock-for-stock merger agreement with Colony American Homes. Additionally, Pandora (P) rose 8.17% to $21.31 after receiving an interim opinion from the Register of Copyrights regarding the company's agreements with Merlin and Naxos. Among the noteworthy losers was GoPro (GPRO), which fell $2.88, or 8.19%, to $32.27 after Barron's contended that the company's stock could plunge another 30% to $25 as Apple, Sony (SNE), and others pressure the company's "one-hit wonder" products. Also lower was Mallinckrodt (MNK), which lost $8.23, or 10.02%, to $73.87 after ANI Pharma (ANIP) announced plans to acquire two new drug applications from Merck (MRK) that could compete with Acthar, Mallinckrodt's largest product. Separately, D.R. Horton (DHI) dipped 2.91% after the August U.S. existing home sales report showed a 4.8% drop for the month. Note also that Lennar (LEN) slipped 0.27% after its quarterly earnings report beat analyst estimates. INDEXES: The Dow rose 125.61, or 0.77%, to 16,510.19, the Nasdaq added 1.73, or 0.04%, to 4,828.96, and the S&P 500 gained 8.94, or 0.46%, to 1,966.97.
11:27 EDTLENLennar says will not chase growth by pursuing low margin land acquisitions
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11:25 EDTLENLennar says on track with FY15 delivery expectations of 24,000-24,500 homes
Says refinancings remain strong. Says on track with FY15 delivery expectations of 24,000-24,500 homes. Sees Q4 gross margin "a touch above" Q3's 24.1%. Says increasing goal for financial services earnings again to $120M-$125M for FY from $100M-$110M, still sees some cooling in refinance market for the rest of the year. Now sees FY range of profits for Rialto of $25M-$30M, below previous guidance of $30M-$40M. Sees 34% tax rate for Q4. Still expects to reach 675 net communities by end of year.
11:14 EDTLENLennar: Downside in housing market 'very limited,' upside 'very significant'
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09:37 EDTLENLennar rises, levels to watch
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06:05 EDTLENLennar reports Q3 deliveries up 16% to 6,318
Reports Q3 new orders up 10% to 6,495. Reports Q3 new orders dollar value up 20% to $2.3B. Reports Q3 backlog up 13% to 8,250.
06:05 EDTLENLennar reports Q3 EPS 96c, consensus 79c
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