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Net income fell to $68.6 million, or 43 cents a share, from $258.1 million, or $1.58 a share, a year earlier, Lennar said. Revenue in the period, which ended Feb. 28 and was the first quarter of Lennar’s fiscal year, fell 14 percent, to $2.79 billion, from $3.24 billion.
“While some markets are performing better than others, the typically stronger spring selling season has not yet materialized,” said Stuart Miller, Lennar’s chief executive. “These soft market conditions have been exacerbated by the well-publicized problems in the subprime lending market.”
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New-home sales slid 3.9 percent, to an annual rate of 848,000 units, the lowest since June 2000, from a downwardly revised pace of 882,000 in January, the Commerce Department said. Sales for November and December were revised down as well.
It was the second consecutive monthly decline and the second consecutive month that sales came in lower than Wall Street expected. The consensus forecast had looked for sales to rise to a 985,000-unit pace.
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The Canadian Wheat Board says Ottawa will have to help it buy port facilities and grain elevators -- or let it abandon the barley market altogether -- if farmers vote to eliminate the board's monopoly. Chairman Ken Ritter said the board of directors has studied all the options for working in a dual barley market, but none of them would benefit farmers when compared with competing grain companies. Read the rest of this entry »
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U.S. stocks were poised for a mixed opening Monday, as caution kept a lid on prices after strong gains last week, while investors weighed another rise in crude oil prices and waited for key data on new home sales.
Futures for the Dow Jones Industrial Average($INDU :
481.01, +19.87, +0.2% ) were down 1 point at 12,566.
Among blue chips, Citigroup Inc.(C :51.72, -0.12, -0.2% ) rose in pre-opening trade, after the Wall Street Journal reported that the bank's executives are putting the finishing touches to a restructuring plan that will involve around 15,000 job cuts out of 327,000 employees.
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A new report from IDC lays out what should be obvious to anyone who has followed two of the biggest recent trends in the server market—multicore and virtualization—by suggesting that when you have two popular new technologies that are designed to let customers consolidate multiple servers into a single box, then server vendors can expect to sell fewer such boxes. In other words, when customers begin rapidly replacing multiple servers with single servers, server sales start to dip. So IDC has has cut its forecast for the next three years of server market growth (up through 2010) by 4.5 million units. Instead of a 61 percent increase in server sales, IDC sees a more modest 39 percent increase, as a result of the successful server consolidation and increases in per-server capabilities enabled by multicore and virtualization. Read the rest of this entry »
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Jaguar announced that as of February 21, 2007, the date 4341392 Canada Inc. (a wholly-owned subsidiary of CAE Inc.) formally commenced its offer to acquire all of the common shares of Engenuity Technologies Inc. ("Engenuity") (the "Engenuity Offer"), Jaguar owned 1,427,300 common shares of Engenuity for investment purposes, representing approximately 8.18% of Engenuity's total issued and outstanding common shares. Read the rest of this entry »
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The University of Kentucky has acquired a new IBM supercomputer that places the university's research capability among the nation's leaders for public and private university research computing. The state-of-the-art IBM System Cluster 1350 offers a theoretical peak performance of 16 teraflops of calculation capacity, offering both greater speed and broader access for scientific research in a broad range of academic disciplines. This means the new machine can handle up to 16.3 trillion calculations per second. "UK has been a national leader in the use of supercomputing for scientific research for at least two decades, and this new machine will permit the university to maintain its leadership," UK President Lee T. Todd Jr. said. Read the rest of this entry »
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IBM (NYSE: IBM), a global leader in business continuity and resiliency services and Cisco, a global leader in networking, today announced they will partner to provide emergency crisis response capabilities for the first time as an end-to-end managed service. The new IBM Crisis Management Services for Crisis Response service combines advanced communications, collaboration and coordination technologies, satellite and wireless capabilities and broad experience from both companies to help businesses, governments and first responder organizations prepare, respond and rapidly recover from disruptive events and challenging environments. Read the rest of this entry »
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Troubled subprime lender New Century Financial said on Tuesday it had understated debt owed to Credit Suisse First Boston Mortgage Capital LLC by $500 million on Monday.
The company said the repurchase obligation of its subsidiaries to CSFBMC was about $1.4 billion as of March 9, not $900 million as published.
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