Homebuilding Stocks Rise as Lennar Earnings Surprise (XHB, LEN, TOL, more)
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Homebuilders are having a solid day on Wall Street today following much better-than-expected Q2 results from Lennar (NYSE: LEN) reported this morning. Lennar reported an adjusted-loss of $0.11 on sales of $891.9 million, which compares to Street estimates of a $0.64 loss on sales of $597.59 million.
Shares of Lennar have surged more than 16% on the news today. Elsewhere in the group, D.R. Horton (NYSE: DHI) is up 4.8%, Toll Brothers (NYSE: TOL) is up 4.7%, shares of Pulte Homes (NYSE: PHM) are up 5.9% and KB Home (NYSE: KBH), which will report its Q2 results tomorrow morning, is up 8.5%.
The SPDR S&P Homebuilders ETF (NYSE: XHB) is up more than 5% today as traders hit the bid following the results. Notably, shares of this ETF are down 15% since the beginning of May, but up 6% from recent lows.
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