MIAMI -- Shares of major U.S. homebuilders rose Thursday after Lennar's (LEN Quote) second-quarter earnings report showed a significant spike in sales of completed homes and new orders compared with the prior three-month period.
Lennar reported Thursday a 47% increase in sales of completed homes and a 63% jump in orders from the first quarter. Lennar also reported a 15% cancellation rate for the second quarter, considerably smaller than the 22% posted in the same quarter last year.
Revenue dropped to $891.9 million from $1.13 billion on a year-over-year basis, but the Miami-based builder still managed to beat Wall Street's $597.5 million revenue estimate.
All that news sent Lennar's shares up as much as 18% after closing at $7.82 per share on Wednesday. Lennar rose $1.37, or 17.5%, to $9.19 at the close Thursday. ...
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