Lennar (LEN.US) – surged more than 9% after the company reported its quarterly figures. The largest home construction company in the United States earned $2.82 per share, beating the analysts' expectations of $2.37 a share. Revenue also beat markets estimates helped by reining in costs while benefiting from a strong housing market. Lennar benefits thanks to low mortgage rates, and high demand for houses. The home builder forecasts financial services operating earnings between $110 million – $115 million in the first quarter of 2021 and $400 million – $425 million in the fiscal year 2021.
Lennar (LEN.US) stock launched today's session higher, breaking out from the triangle formation and above 50 SMA (green line). Currently price is testing resistance at $80.30. If buyers manage to break above it, an upward impulse towards $86.76 could be launched. On the other hand, once sellers regain control, the local support at $76.90 may be at risk. Source: xStation5
