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....
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