Lennar Corp

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  • uploads///Part
    Consumer

    Why Loeb Cut Exposure to Netflix, Microsoft, and Alibaba in Q4

    In its third-quarter letter to investors, Third Point told investors that it reduced its “tech exposure meaningfully.”

    By Anuradha Garg
  • uploads///
    Company & Industry Overviews

    Is Amazon Ready for Comcast’s Smart Home Challenge?

    In the United States, Amazon’s (AMZN) Echo devices make up 63% of the smart speaker market, according to Strategy Analytics.

    By Neha Gupta
  • uploads///PART  ND
    Company & Industry Overviews

    A Glance at Key Updates in the Consumer Sector

    So far in 2018, the S&P 500 Consumer Discretionary Index has risen 13.7%, outperforming the S&P 500 Index’s rise of 3.9%.

    By Sushree Mohanty
  • uploads///amazons most expensive acquisitions
    Company & Industry Overviews

    Amazon Looks to Expand in the Smart Home Market with Lennar

    Amazon is partnering with homebuilder Lennar to bring its home automation products powered by its voice assistant to Lennar smart homes.

    By Sophia Nicholson
  • uploads///
    Consumer

    Why a Rebound in March Housing Starts Isn’t Satisfying the Sector

    The volatility in housing starts data remains elevated. Housing starts in March were reported to have risen 1.9%.

    By Ricky Cove
  • uploads///gainers
    Company & Industry Overviews

    Top Gainers in the Consumer Sector Last Week

    Florida-based Lennar (LEN) released its fiscal 1Q18 results on April 4, 2018.

    By Sushree Mohanty
  • uploads///supermarket _
    Company & Industry Overviews

    How US-China Trade Tensions Have Affected the Consumer Sector

    US-China trade war tensions continued to affect the consumer sector last week.

    By Sushree Mohanty
  • uploads///
    Consumer

    What’s behind the 7% Fall in February Housing Starts?

    Just as markets were celebrating the stellar 9.7% increase in housing starts in January, the February data proved to be a damper for that enthusiasm.

    By Ricky Cove
  • uploads///events
    Company & Industry Overviews

    Key Events for Consumer Stocks: February 12–16

    On February 5, Jefferies upgraded Lowe’s (LOW) to “buy” from “hold” and raised the target price to $129 from $81.

    By Sushree Mohanty
  • uploads///
    Consumer

    Households Think It’s a Good Time to Buy a Home

    According to the latest report from NAR, existing home sales have risen 2% to a seasonally adjusted annual rate of 5.48 million in October.

    By Ricky Cove
  • uploads///
    Consumer

    Housing Market: What a Rise in Building Permits Signals

    In October 2017, building permits were at a seasonally adjusted rate of 1.297 million—an increase of 5.9% from the reading of 1.225 million in September.

    By Ricky Cove
  • uploads///
    Consumer

    Analyzing Housing Starts in October 2017

    In October 2017, housing starts rebounded sharply from the slump in September. October housing starts beat the market’s expectations.

    By Ricky Cove
  • uploads///
    Consumer

    Is the Drop in September Building Permits Cause for Concern?

    In September 2017, building permits were at a seasonally adjusted annual rate of 1.215 million—a fall from August’s 1.272 million and 4.3% below September 2016.

    By Ricky Cove
  • uploads///
    Consumer

    The Truth about Housing Starts in September 2017

    In September 2017, US housing starts fell from an upwardly revised August number of 1.183 million to 1.127 million units—a negative surprise.

    By Ricky Cove
  • uploads///Prolonged Lower Interest Rate Mainly Supported the Equity Market Rally
    Company & Industry Overviews

    Could Equity Valuations Pick Up in a Lower Interest Rate Environment?

    According to Morgan Stanley Private Wealth Management’s Andy Chase, long-term fundamentals look strong with the recent pickup in economic activity.

    By Mary Sadler
  • uploads///MR CPI
    Consumer

    Why the subdued Consumer Price Index gives the Fed an excuse

    This report will probably hold the hawks on the Fed at bay and allow them to continue to maintain ultra-low interest rates. That said, the bond market has been pricing in a tapering of quantitative easing.

    By Brent Nyitray, CFA, MBA
  • uploads///NAHB Housing Market Index
    Consumer

    Homebuilder Sentiment Improved in August

    The NAHB Wells Fargo Housing Market Index, which measures homebuilder sentiment, peaked at 71 during the height of the housing bubble in late 2005. It bottomed out at 8 in early 2009.

    By Brent Nyitray, CFA, MBA
  • uploads///Housing starts
    Consumer

    Did Housing Starts Rise Again in July?

    In July, the Northeast saw housing starts jump from 116,000 to 134,000, while starts rose from 171,000 to 175,000 in the Midwest.

    By Brent Nyitray, CFA, MBA
  • uploads///Foreclosure Completions
    Consumer

    Why Did Foreclosure Completions Rise in June?

    In June, the total foreclosure inventory fell 26% from a year ago to 375,000 homes. This works out to be about 1% of all homes with mortgages.

    By Brent Nyitray, CFA, MBA
  • uploads///Job Cuts
    Consumer

    Job Cuts Rose in July but Fell Sharply on an Annual Basis

    Planned job cuts rose 19% in July compared to June. However, they fell 57% YoY (year-over-year) in July.

    By Brent Nyitray, CFA, MBA
  • uploads///adp
    Consumer

    Investor Takeaways from the July ADP Non-Farm Payrolls

    ADP published the ADP non-farm payrolls for July on August 3. It acts as a prelude to the Bureau of Labor Statistics’ Final NFP (non-farm payroll) numbers.

    By David Meyer
  • uploads///Construction Spending
    Consumer

    Construction Spending Fell in June

    In June 2016, private construction fell 0.6%, and public construction fell 0.6% month-over-month.

    By Brent Nyitray, CFA, MBA
  • uploads///Housing starts
    Consumer

    How the Hot Rental Market Contributed to Housing Starts

    In June 2016, housing starts rose from 1.1 million to ~1.2 million. We also saw increases in both single-family and multifamily starts.

    By Brent Nyitray, CFA, MBA
  • uploads///DHI EPS
    Consumer

    For Now, D.R. Horton Avoids Fallout from Declining Energy Prices

    D.R. Horton (DHI) reported net income of $294.8 million, or $0.66 per share, for 3Q16.

    By Brent Nyitray, CFA, MBA
  • uploads///Hourly Earnings
    Consumer

    Why Wage Inflation Could Be Picking Up

    Given the terrible growth in payrolls, we might see more flattening of wage inflation back towards the current inflation rate.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Consumer

    June Payrolls Rebound after a Dismal May

    In June 2016, non-farm payrolls rose by 287,000. Non-farm payrolls easily topped Wall Street analysts’ estimate of 180,000.

    By Brent Nyitray, CFA, MBA
  • uploads///nfpvadp
    Consumer

    Can Investors Keep Forecasting the Final Non-Farm Payroll Correctly?

    ADP’s June non-farm payroll numbers indicated an increase of 172,000 jobs in the private sector. ADP’s non-farm payrolls have been mostly accurate.

    By David Meyer
  • uploads///MBA Purchase Index
    Consumer

    Mortgage Purchase Applications Fell Last Week

    Mortgage purchase applications fell 3% in the week ending June 24, 2016. We’re at the tail end of the seasonally strong period for house purchases.

    By Brent Nyitray, CFA, MBA
  • uploads///KB Home EPS
    Earnings Report

    What Happened to KB Home’s Earnings in 2Q16?

    KB Home’s net income came in at $15.6 million on a GAAP (generally accepted accounting principles) basis, as compared to $9.6 million in 2Q15.

    By Brent Nyitray, CFA, MBA
  • uploads///KB Home Revenue
    Earnings Report

    KB Home Just Reported Strong Revenue Growth for 2Q16

    For 2Q16, KB Home reported revenues of $811 million, which easily topped the Wall Street estimate consensus of $750 million. Revenues increased by 30% YoY.

    By Brent Nyitray, CFA, MBA
  • uploads///Lennar Gross Margins
    Earnings Report

    Lennar’s Gross Margin Falls, but Guidance Remains for 2016

    In 2Q16, Lennar’s (LEN) gross margin rose 40 basis points sequentially to 23.1%. In 2Q15, the company’s gross margin was 23.8%.

    By Brent Nyitray, CFA, MBA
  • uploads///Fed Funds dot graph Mar
    Macroeconomic Analysis

    FOMC Meeting Is the Highlight of the Week Ahead

    This week contains some important data with housing starts, industrial production, and retail sales. The FOMC meeting will be the highlight on June 14 and 15.

    By Brent Nyitray, CFA, MBA
  • uploads///Hourly Earnings
    Macroeconomic Analysis

    Average Hourly Earnings Rose in May

    Aside from employment, the most important indicator of economic well-being is wages.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Macroeconomic Analysis

    May Payrolls Were Exceptionally Weak

    In May 2016, non-farm payrolls rose by 38,000, which missed Wall Street analysts’ estimate of 160,000 by a wide margin.

    By Brent Nyitray, CFA, MBA
  • uploads///US New Home Sales
    Macroeconomic Analysis

    Do US Economic Indicators Support a Rate Hike?

    US economic growth was revised to 0.8% in the second reading of GDP for 1Q16 compared to the previous month’s 0.5%.

    By Lynn Noah
  • uploads///Price Movement in the VFINX and the JNK
    Company & Industry Overviews

    US Stock Indexes Rose as the US Economy Recovered

    Upbeat new home sales data boosted investors’ sentiments about US economic recovery, causing US equity indexes to rise from May 17 to May 24, 2016.

    By Lynn Noah
  • uploads///Toll Brothers EPS
    Earnings Report

    Did Toll Brothers’ Earnings per Share Rise in Fiscal 2Q16?

    After Toll Brothers reported fiscal 2Q16 earnings on May 24, 2016, its stock rose by $2.41 to close the day at $29.51.

    By Brent Nyitray, CFA, MBA
  • uploads///Toll Brothers ASPs
    Earnings Report

    Is Pricing Growth Stalling for Toll Brothers?

    Toll Brothers (TOL) reported that its ASP (average selling price) for fiscal 2Q16 was $855,500, a drop of 2% on a quarter-over-quarter basis.

    By Brent Nyitray, CFA, MBA
  • uploads///US Core Consumer Price Index
    Macroeconomic Analysis

    Why Did Treasury Yields Rise Last Week?

    US Treasury yields rose across the yield curve for the week ended May 20, 2016. This came as minutes of the FOMC April meeting raised the probability of a rate hike in June.

    By Lynn Noah
  • uploads///NAHB Housing Market Index
    Macroeconomic Analysis

    Behind Homebuilder Sentiment So Far in May

    The NAHB Wells Fargo Housing Market Index measures homebuilder sentiment has been increasing steadily since 2009. Recently, it’s started to accelerate.

    By Brent Nyitray, CFA, MBA
  • uploads///Housing starts
    Macroeconomic Analysis

    The Truth about Housing Starts in April 2016

    In April 2016, housing starts rose from 1.1 million to ~1.2 million, which was above Wall Street analysts’ estimate of 1.1 million.

    By Brent Nyitray, CFA, MBA
  • uploads///Construction Public GDP
    Company & Industry Overviews

    Analyzing the New Deal: Do We Need a New One?

    Historically, the use of public construction dollars has been the big lever that the government uses to stimulate the economy. This dates back to the New Deal.

    By Brent Nyitray, CFA, MBA
  • uploads///household formation vs housing starts bar chart
    Macroeconomic Analysis

    Where’s the First-Time Homebuyer?

    In March, the share of existing home sales attributable to the first-time homebuyer was 30%—flat with February. Historically, this was closer to 40%.

    By Brent Nyitray, CFA, MBA
  • uploads///Construction Spending
    Macroeconomic Analysis

    Construction Spending Rose in March: What Does It Mean?

    Construction spending rose to a seasonally adjusted annual rate of $1.14 trillion in March from $1.13 trillion in February. Spending rose 8% YoY.

    By Brent Nyitray, CFA, MBA
  • uploads///DHI Gross Margins
    Earnings Report

    D.R. Horton Reported Steady Gross Margins

    D.R. Horton (DHI) has been reporting lower gross margins due to sticker shock. Home prices have been increasing, but wage growth has been stagnant.

    By Brent Nyitray, CFA, MBA
  • uploads///DHI Revenues
    Earnings Report

    Analyzing D.R. Horton’s 2Q16 Revenue: It’s a Strong Start!

    D.R. Horton reported 2Q16 revenue of $2.7 billion—a 16% increase on a YoY basis and a sequential increase of ~14%. The revenue beat analysts’ expectations.

    By Brent Nyitray, CFA, MBA
  • uploads///Pulte Relative Performance
    Earnings Report

    Why PulteGroup’s Founder Wants to Fire the CEO and Lead Director

    Over time, Pulte has lifted its gross margins and improved revenues. However, the stock has still lagged its peers, especially the S&P SPDR Homebuilder ETF (XHB).

    By Brent Nyitray, CFA, MBA
  • uploads///household formation vs housing starts bar chart
    Macroeconomic Analysis

    Why Did the First-Time Homebuyer Step Back in February?

    In February, the share of existing home sales attributable to the first-time homebuyer was 30%—down 2 percentage points from January and up 1% YoY.

    By Brent Nyitray, CFA, MBA
  • uploads///Hourly Earnings
    Macroeconomic Analysis

    Wages Are Increasing 2.3% per Year: What Does That Mean?

    Employment and wages are key indicators for the Fed  Aside from employment, the most important indicator of economic well-being is wages. Despite falling unemployment, one of the conundrums facing the current labor market is flat real or inflation-adjusted wages. Over the past decade, wages have more or less kept pace with inflation, but they haven’t increased. Before the financial crisis, much of […]

    By Brent Nyitray, CFA, MBA
  • uploads///US Core PCE Price Index
    Macroeconomic Analysis

    What Does the Fed’s Preferred PCE Data Indicate?

    The PCE Index is the Fed’s preferred inflation measure and has important policy implications. The latest data shows that the inflation is running below the Fed’s 2.0% target.

    By Lynn Noah
  • uploads///Lennar Gross Margins
    Earnings Report

    Why Lennar’s Focusing More on First-Time Buyers

    In the second quarter, Lennar’s (LEN) gross margins fell 190 basis points sequentially to 22.7%.

    By Brent Nyitray, CFA, MBA
  • uploads///Housing starts
    Macroeconomic Analysis

    Housing Starts Rise as the Spring Selling Season Begins

    Housing starts rose from 1.12 million to ~1.18 million in February 2016. This was above Wall Street analysts’ estimates of 1.5 million.

    By Brent Nyitray, CFA, MBA
  • uploads///Fed funds dot graph Dec
    Macroeconomic Analysis

    Why the FOMC Meeting Will Dominate the Week Ahead

    This week has important economic data and the FOMC meeting. The markets are predicting a 15% chance that the Fed will raise the federal funds target on March 16.

    By Brent Nyitray, CFA, MBA
  • uploads///Foreclosure Completions
    Macroeconomic Analysis

    Foreclosure Completions Ticked Up Slightly in January

    Foreclosure completions rose by 5,000 units to 38,000 in January, according to CoreLogic. From 2000 to 2006, foreclosure completions averaged around 21,000 per month.

    By Brent Nyitray, CFA, MBA
  • uploads///NFIB Small Business Optimism
    Macroeconomic Analysis

    What Economic Data Will We See This Week?

    The week after the jobs report is usually very data-light, and this week is no exception. None of the economic reports this week will be market-moving.

    By Brent Nyitray, CFA, MBA
  • uploads///household formation vs housing starts bar chart
    Macroeconomic Analysis

    Limited Supply: Analyzing Housing Starts and Household Formations

    There was a big fall in household formation in 2008. In 2005, household formation peaked at 1.9 million. By 2008, that number was just over 400 million.

    By Brent Nyitray, CFA, MBA
  • uploads///
    Macroeconomic Analysis

    Weak Domestic Data: How Was the US Dollar Affected?

    The US Dollar Index, which measures the strength of the US dollar against other major currencies, was trading on a flat note on February 29, 2016.

    By David Meyer
  • uploads///Existing Home Sales
    Macroeconomic Analysis

    Existing Home Sales Were Flat in January: Here’s Why

    The ratio of median home prices to median income ratio is 3.9x, well above the historical range of 3.2x to 3.6x.

    By Brent Nyitray, CFA, MBA
  • uploads///Toll Brothers EPS
    Earnings Report

    Why Toll Brothers Has Reported a Drop in Earnings per Share

    For fiscal 1Q16, Toll Brothers’ earnings were $73.2 million, or $0.40 per share, down from its net income of $81.3 million, or $0.44 per share, a year ago.

    By Brent Nyitray, CFA, MBA
  • uploads///US Treasuries Yield Curve
    Company & Industry Overviews

    Treasury Yields Rise on Upbeat Consumer Inflation Data

    US Treasury yields rose across the yield curve after upbeat consumer inflation data suggested that the Fed may hike interest rates earlier than expected.

    By Lynn Noah
  • uploads///
    Macroeconomic Analysis

    US Dollar Index Ends Positive for the First Time in the Week

    The US dollar index, which measures the dollar against other major currencies, was trading on a negative trajectory in the week ending February 12.

    By David Meyer
  • uploads///Foreclosure Completions
    Macroeconomic Analysis

    Is It Done Yet? Foreclosure Inventory at November 2007 Levels

    Foreclosure completions fell by 1,000 units to 32,000 in December. Completions fell 23% year-over-year. However, 33,000 is still a relatively high number.

    By Brent Nyitray, CFA, MBA
  • uploads///
    Macroeconomic Analysis

    Why Did the US Dollar Index Continue to Fall?

    The US Dollar Index measures the strength of the dollar against other major currencies. It continued its downward trajectory on February 4, 2016.

    By David Meyer
  • uploads///
    Macroeconomic Analysis

    US Dollar Index Fell Sharply as PMI and Fed Ran the Show

    The US Dollar Index, which measures the strength of the US dollar against the other major currencies, fell below 97 on February 3. It hit a low of 96.9 before ending the day at 97.3.

    By David Meyer
  • uploads///US Treasuries Yield Curve
    Company & Industry Overviews

    Treasury Yields Fall on Bank of Japan’s Negative Interest Rates

    Treasury yields fell across the yield curve, except for three-month, six-month, and one-year Treasury bills, after the Bank of Japan introduced a negative interest rate.

    By Lynn Noah
  • uploads///Pulte Gross Margins
    Earnings Report

    PulteGroup Saw an Increase in 4Q15 Gross Margins

    PulteGroup’s (PHM) gross margins for 4Q15 came in at 23.5%, up 40 basis points on a year-over-year basis and down ten basis points from the third quarter.

    By Brent Nyitray, CFA, MBA
  • uploads///dxy
    Macroeconomic Analysis

    US Dollar Index Got a Double Boost

    The US Dollar Index measures the strength of the US dollar against the other major currencies. It saw a double uptick on January 29, 2016.

    By David Meyer
  • uploads/// home sale price range
    Macroeconomic Analysis

    Properties for Sale: What Are They Like?

    The National Association of Realtors’ data showed that, on average, properties stayed on the market for 58 days before they were sold to buyers.

    By Peter Barnes
  • uploads///DHI geography
    Earnings Report

    D.R. Horton Updated Its Guidance for 2016

    D.R. Horton (DHI) sounded relatively optimistic on its conference call. It was clearly happy with the most recent quarter despite the stock price reaction.

    By Brent Nyitray, CFA, MBA
  • uploads/// disad
    Macroeconomic Analysis

    How Zoning Can Be a Hindrance to Housing Market Growth

    Zoning restricts the freedom of property holders and REITs to use land however they want, given their specific development and investment interests.

    By Peter Barnes
  • uploads/// advt
    Macroeconomic Analysis

    How Zoning Regulations Benefit Communities

    Zoning protects existing property values by preventing incompatible uses of a property. It also protects residential properties from commercial development.

    By Peter Barnes
  • uploads/// regulations
    Macroeconomic Analysis

    How Zoning Regulations Impact City Development

    Zoning is the way that governments supervise land development and the kinds of uses each individual property may be directed toward for the public interest.

    By Peter Barnes
  • uploads/// INDEX NAR
    Macroeconomic Analysis

    What Are the Factors Driving Housing Affordability?

    Housing affordability took a beating in July 2015 after reaching its high in January 2013. The higher ratio of the home affordability index signifies relatively higher home affordability to buyers.

    By Peter Barnes
  • uploads/// price
    Macroeconomic Analysis

    Why Housing Affordability Is a Growing Concern in the US

    With the rise in property prices, housing affordability has become a growing concern in many markets of the country. High housing prices force people to the suburbs and rural towns to find affordable housing.

    By Peter Barnes
  • uploads///dxy
    Macroeconomic Analysis

    The US Dollar Index Was Flat after a Mixed Data Release

    The US dollar index was trading on a flattish note on January 20, with a slight rise of 0.10% for the day. In the end, the index closed the day at 99.09.

    By David Meyer
  • uploads/// afford index
    Macroeconomic Analysis

    Home Prices are Rising, but Not Home Sales—Why?

    A home is usually the most expensive asset that consumers can hold, and owning a home is among their lifetime goals. The question arises—why can’t more people own a house despite the availability of so many properties in the market?

    By Peter Barnes
  • uploads///chart
    Fund Managers

    What Investors Should Know about the Alternative Mutual Fund GABCX

    GABCX is an alternative mutual fund that seeks to achieve total returns that are attractive to investors in various market conditions without excessive risk of capital loss.

    By Ivan Kading
  • uploads///Foreclosure Completions
    Macroeconomic Analysis

    Foreclosure Completions Fell in November: What Does It Mean?

    Foreclosure completions fell by 4,000 units to 33,000 in November, according to CoreLogic. Completions fell 19% YoY (year-over-year).

    By Brent Nyitray, CFA, MBA
  • uploads///Hourly Earnings
    Macroeconomic Analysis

    Wages Dipped Slightly in December: Here’s Why

    Average hourly earnings fell by 1 cent on a month-over-month basis in December 2015 and were up 2.5% year-over-year to $25.24. Average weekly hours were flat at 34.5.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Macroeconomic Analysis

    Labor Market Ended 2015 with Strong Payroll Growth in December

    In December 2015, non-farm payrolls increased by 292,000, easily topping Wall Street’s estimate of 200,000.

    By Brent Nyitray, CFA, MBA
  • uploads///KB Home EPS
    Earnings Report

    KB Home’s Earnings Miss Estimates

    On an adjusted basis, KB Home’s net income came in at 43 cents per share, which missed the Wall Street estimate of 50 cents per share.

    By Brent Nyitray, CFA, MBA
  • uploads///US Treasuries Yield Curve
    Company & Industry Overviews

    Treasury Yields Were Mixed amid Oil Price Volatility

    Treasury yields rose across the yield curve—except for one-month T-bills, three-month T-bills, and three-year T-notes—in the week ending December 31.

    By Lynn Noah
  • uploads///construction spending percent
    Macroeconomic Analysis

    Why Construction Spending Is So Important to the Economy

    In the quarter ending September 30, construction spending as a percentage of GDP rose to 6.1%. This was a big rise from a year ago when it stood at 5.4%.

    By Brent Nyitray, CFA, MBA
  • uploads///MVA
    Macroeconomic Analysis

    Housing Stocks Rallied Then Came to a Halt in December

    Housing has been a bright spot in the US economy. But over the past month, housing stocks haven’t been performing well. ITB, a housing-focused fund, has fallen 4.7%.

    By Lara Sheldon
  • uploads///NAHB Housing Market Index
    Macroeconomic Analysis

    Builder Confidence Slipped in December 2015

    The NAHB Wells Fargo Housing Market Index measures builder confidence, gauging how builders view current and future sales of single-family residences. It asks builders to characterize sales as good, fair, or poor.

    By Brent Nyitray, CFA, MBA
  • uploads///dxy
    Macroeconomic Analysis

    US Dollar Index Fell, GDP Revised Down

    The US Dollar Index measures the strength of the US dollar against the other major currencies. It fell by 0.13% on December 22, 2015.

    By David Meyer
  • uploads///len pe
    Earnings Report

    How Does Lennar Compare to Its Peers?

    Lennar showed mixed results compared to its peers based on the PE and PBV ratios. The ETFs outperformed Lennar based on the PE and PBV ratios.

    By Gabriel Kane
  • uploads///US Treasuries Yield Curve
    Company & Industry Overviews

    Treasury Yield Curve Flattened after US Interest Rate Hike

    The US Treasury yield curve was flat for the week ended December 18, 2015, as short-term yields fell. Medium- to long-term yields rose after US interest rates rose by 25 basis points.

    By Lynn Noah
  • uploads///Lennar EPS
    Earnings Report

    Analyzing Lennar’s EPS and Balance Sheet

    Lennar (LEN) reported net earnings of $281.6 million, or $1.21 per share—compared to its net income of $245.3 million, or $1.07 per share, a year ago.

    By Brent Nyitray, CFA, MBA
  • uploads///HMI
    Macroeconomic Analysis

    December’s Housing Market Saw a Drop in Buyer Traffic

    According to the National Association of Home Builders (or NAHB), the housing market index fell by a single point to reach a level of 61.0 in December.

    By Lara Sheldon
  • uploads///Toll Brothers Gross Margins
    Earnings Report

    Toll Brothers’ Gross Margins Fall on a Year-over-Year Basis

    In the fourth quarter of 2015, Toll Brothers’ (TOL) gross margins, excluding interest and write-downs, fell to 22.3% compared to 26.8% a year ago.

    By Brent Nyitray, CFA, MBA
  • uploads///
    Macroeconomic Analysis

    US Dollar Index Is Holding Steady

    The US Dollar index was trading in a narrow range on November 18, 2015. The slight movements down were mainly due to housing data coming out on a mixed note and the FOMC minutes.

    By David Meyer
  • uploads///DHI Gross Margins
    Earnings Report

    D.R. Horton Maintained Its Gross Margins

    D.R. Horton’s gross margins held steady at 19.9% in the fourth quarter of 2015. However, they fell on a YoY (year-over-year) basis from 20.5% in the fourth quarter of 2014.

    By Brent Nyitray, CFA, MBA
  • uploads///Hourly Earnings
    Macroeconomic Analysis

    Wage Growth Could Be Picking Up

    Average hourly earnings rose by 9 cents on a month-over-month basis in October and were up 2.4% YoY (year-over-year) to $25.20. However, wage growth is still barely outpacing inflation.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Macroeconomic Analysis

    October Non-Farm Payrolls Came in Strong and Bonds Sold Off

    In October, non-farm payrolls increased by 271,000, easily topping the Wall Street estimate of 185,000.

    By Brent Nyitray, CFA, MBA
  • uploads///US High Yield Bond Fund Flows
    Company & Industry Overviews

    October Saw Generous Inflows for High-Yield Bond Funds

    According to Lipper, net inflows for high-yield bond funds totaled $7.6 billion through October 28, compared to outflows totaling $1.9 billion in September.

    By David Ashworth
  • uploads///US High Yield Bond Market Issuance
    Company & Industry Overviews

    Why High-Yield Bond Issuance Fell in October

    High volatility in financial markets ensured low activity in the primary market of high-yield bonds in October. Dollar-denominated high-yield debt amounting to $9.4 billion was issued in October 2015.

    By David Ashworth
  • uploads///Junk Bond Yields in  and
    Macroeconomic Analysis

    First Data Issued the Most Junk Bonds in the Week to October 30

    First Data (FDC) issued junk bonds worth $3.4 billion last week. The senior notes were rated Caa1/B and carried a coupon of 7.0%.

    By Lynn Noah
  • uploads///Performances of ATI and JOY
    Macroeconomic Analysis

    Stocks Fall with Release of Dallas Fed and New Home Sales Reports

    October 26 saw the release of two important economic indicators, namely, the results of the Dallas Fed manufacturing survey and the new home sales report.

    By Renee Blakely
  • uploads///C EV EBITDA
    Earnings Report

    PulteGroup’s Valuation Is Not Expected to Improve Dramatically

    PulteGroup’s valuation is not expected to improve dramatically from here unless the company shows some improvement in its finances.

    By Peter Barnes
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