The homebuilding company beat revenue expectations
Homebuilding stock Lennar Corp (NYSE:LEN) was up 1.8% to trade at $111.46 at last check, brushing off a fiscal second-quarter earnings miss after beating revenue expectations. While homebuyer incentives lifted sales, new orders and average selling price also slipped below estimates.
The shares at on track for their best day since April, but are still struggling with overhead pressure at the $115 level despite pacing for their third gain in the last four sessions. LEN carries a 13.4% year-to-date deficit, shed 24.6% in the last 12 months, and isn't too far off its April 9, 52-week low of $98.42.
Options volume is running at 9 times the intraday average amount, with 6,188 calls and 8,051 puts exchanged so far. Most popular is the June 95 put, followed by the 100 put in that series.
Short-term options traders lean overwhelmingly bearish. This is per LEN's Schaeffer's put/call open interest ratio (SOIR) of 1.02, which ranks in the 87th percentile of annual readings.