Builder Winners & Losers: Beazer

Updated from 4:03 p.m. ET

Shares of major homebuilders fell Monday after Beazer Homes USA (BZH Quote) said revenue and new orders plunged, and the ratings of two other builders were downgraded by analysts.

Beazer posted a smaller loss in its first quarter, but experienced a significant falloff in home closings and new orders. The Atlanta-based company also said it would cut another 300 jobs after the end of the quarter, extending its 32% cut in the work force in 2008 and the 70% reduction it has imposed since 2006.

The builder's revenue plunged by more than half to $232.4 million from $500.7 million a year earlier.

Still, Beazer shares rose 19 cents, or 19%, to 1.19 in afternoon trading Monday. Its shares are up from a 52-week low of 76 cents reached last week but are down sharply from a high of $12.40 last May.

Also Monday, Goldman Sachs analyst Joshua Pollard downgraded Dallas-based Centex (CTX Quote) to "Sell" from "Neutral," saying in a note to investors that the company is not generating enough cash flow to adequately reduce its debt. Centex has debt maturing in each year through 2012 -- a schedule that does not support future growth when the housing market eventually recovers, he said.

The low number of homes already built would be a disadvantage if the currently proposed housing stimulus is successful, Pollard said. The Senate is expected to pass an $827 billion economic stimulus bill on Tuesday that would provide a tax credit for those purchasing a home soon after the bill takes effect.