Lennar Stock Slips on Dire Forecast, Earnings Miss

Year-to-date, LEN is down more than 21%

Digital Content Manager
Dec 15, 2022 at 9:10 AM
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Lennar Corp (NYSE:LEN) yesterday shared a fourth-quarter earnings miss, though revenue came in slightly above Wall Street's expectations. Higher mortgage rates are hurting the construction name, which predicted a slowdown in new home orders for the current quarter. At last check, LEN is down 2.9% to trade at $88.19 before the open.

The security's latest rally lost steam before conquering the $96 level in the previous session, though the $87 region looks poised to contain today's pullback. The 20-day moving average also looks poised act as a floor, but year-to-date LEN is down 21.8%.

Options traders have been overwhelmingly bearish. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day put/call volume ratio of 4.99 ranks higher than 94% of readings from the last year. Echoing this, LEN's Schaeffer's put/call open interest ratio (SOIR) of 2.57 sits higher than all other annual readings, suggesting short-term traders have rarely been more put-biased. 

Lennar stock is sporting relatively cheap options at the moment. This is per the security's Schaeffer’s Volatility Index (SVI) of 36%, which stands in the relatively low 26th percentile of readings from the past 12 months.


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