What's Going On With Lennar Shares Thursday?

Lennar Corp. (NYSE: LEN ) shares are trading lower Thursday after the company reported financial results for the third quarter after the market close on Wednesday. Lennar shares are experiencing downward pressure. What’s pulling LEN shares down? A Deteriorating Housing Market Weighs on Results Lennar reported adjusted earnings of $1.23 per share ($1.19 GAAP), missing the consensus estimate of $1.30. In addition, the company reported revenue of $8.05 billion, missing the consensus estimate of $8.31 billion. New orders decreased 9% year-over-year to 20,879 homes, and deliveries fell 3% year-over-year to 20,840 homes. Revenue from home sales fell 6% in the quarter to $7.7 billion, with a gross margin on home sales of 15.8%. The homebuilder ended the period with a backlog of 16,857 homes, valued at approximately $6.3 billion. “While our earnings of $1.19 per share were below expectations, they reflect the nature of the environment in which we are operating, which has deteriorated since our last earnings call,” said Stuart Miller, Executive Chairman, President, and CEO of Lennar. A Cautious Fourth-Quarter Outlook Lennar expects new orders in the fourth quarter to be between 19,500 and 2