Housing Giant Lennar Looks to Rate Cutes to Stimulate Demand After Earnings Miss

Core Insights - Lennar's earnings missed estimates, indicating weakness in the housing market [2][3] - The company's stock dropped nearly 6% in early trading but recovered some losses later [2][4] Financial Performance - Lennar reported adjusted earnings per share of $2, with revenue falling over 6% year-over-year to $8.81 billion in its fiscal third quarter [3] - Both earnings and revenue figures fell short of analysts' estimates [3] Market Conditions - CEO Stuart Miller noted that the performance reflects pressures from the current housing market and the company's operating strategy, which includes increased incentives for buyers deterred by high interest rates [3][4] - Despite high mortgage rates during the quarter, there was a decline near the end, and the recent Federal Reserve rate cut is seen as a potential stimulus for demand [4]