The homebuilder said home deliveries in Q3 could come in below estimates
Shares of homebuilder Lennar Corp (NYSE:LEN) are down 2.2% at $153.10, despite the company beating fiscal second-quarter earnings and revenue estimates. Lennar reported year-over-year increases in home deliveries and new orders, but expects the former to fall below analysts' expectations in the third quarter.
LEN is continuing to distance itself from its March 28, record high of $172.59. The security still has support in place at its 160-day moving average near the $150 level. Over the past 12 months, the equity added more than 27%, but still sports a slim 2.9% year-to-date lead.
Lennar's typically quiet options pits are bustling with activity after the event. Already today, 7,427 calls and 8,743 puts have been traded, volume that's 11 times the average intraday amount. The most activity is taking place at the June 160 call, followed by the 150 put in that same monthly series.