Lennar reports record $514b loss
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MIAMI - Tough times in the national housing market led to a company record loss of $513.9 million for Lennar Corp. in the third quarter, with drops in sales prices and home deliveries compounded by heavy charges to write down land values.
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The nationâs largest homebuilder posted a first-quarter loss of $128.8 million on charges to write off inventory and land values amid the continuing housing slump.
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Existing home sales in August dropped 4.3 percent and the homebuilder Lennar posted the largest quarterly loss in its history.
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The nationâs largest mortgage lender and loan servicer reported a $1.2 billion loss in the third quarter of 2007 but said that it expected to return to profitability by the end of the year.
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A steeper-then-expected drop in the   U.S. housing market pushed Lennar Corp.'s LEN.N quarterly   profit down 39 percent and prompted the home builder on Tuesday   to slash its fourth-quarter forecast.
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For all of 2006, the worldâs largest automaker reported a $2 billion loss but cited progress in its restructuring.
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General Motors Corp. (NYSE:GM) is reporting the largest annual loss ever for a U.S. automotive company.
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Treasury prices closed with light gains Tuesday, after homebuilder Lennar Corp. reported a sharply higher than projected loss and a national report showed existing home sales at a five-year low in August.
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TOKYO UFJ Holdings, Japan&#39;s fourth-largest bank, reported a large net loss of Â¥674.3 billion for the first half of its fiscal year on Wednesday as it scrambled to reduce its bad loans before a takeover by Mitsubishi Tokyo Financial Group.
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Lennar Corp. , the  third-largest U.S. home builder, on Tuesday said quarterly  profit fell 39 percent, citing a steeper and  faster-than-expected decline in the U.S. housing market.
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One of the nationâs largest home builders posted a loss for its most recent quarter as it wrote down the value of its inventory.
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A steeper-then-expected drop in the   U.S. housing market pushed Lennar Corp.'s LEN.N quarterly   profit down 39 percent and prompted the home builder on Tuesday   to slash its forecast for the current period.
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Shaw Group Inc.  on Thursday  said it expects to record a loss of about $23.8 million, or 30  cents per diluted share, when it restates results for its first  fiscal quarter ended February 28, 2007.
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Top automaker reports biggest annual loss in car-making history.
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Driving the companyâs loss, which amounts to $31.85 a share, was a $5.21 billion write-down on its portfolio of credit derivatives.
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Lower end of loss estimates upped to $4B; losses could reach $10B to make it 2nd most costly. By Chris Isidore, CNN/Money senior writer.
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The restaurant giant posted a quarterly net loss of $711.7 million after taking a big charge for the sale of its outlets in Latin America.