Lennar cuts forecast amid tough housing market
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Lennar Corp. LEN.N on Friday became   the fifth major U.S. home builder in little more than a month   to cut its financial outlook due to a deteriorating housing   market, sending its shares down about 2.4 percent.
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The U.S. housing market is nearing its bottom, which would end a run of declines that has hit companies across that sector, the chief executive of diversified manufacturer Illinois Tool Works Inc.  said on Tuesday.
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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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Upscale home builder Hovnanian Enterprises Inc  reported a quarterly loss on Thursday and warned that conditions in most of the regions it operates in remain challenging, suggesting the housing market slump that has hit the industry hard is far from over.
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Countrywide Financial Corp , the largest U.S. mortgage lender, plans to cut 10,000 to 12,000 jobs to cope with weakened housing demand, rising foreclosures, and tightening credit markets.
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Lennar Corp. , the second-largest U.S. home builder, posted a quarterly loss on Tuesday, forecast a loss in the current quarter and warned that the housing market could deteriorate further.
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Alcatel-Lucent cut its revenue forecast for the year on Thursday, underscoring the challenges the newly merged company faces in a highly competitive communications equipment industry.
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Investor's Business Daily - The National Assoc. of Realtors cut its &#39;07 outlook for the fourth consecutive month. Home resales will fall to 6.18 mil from last month&#39;s forecast of 6.29 mil and well below the initial 6.42 mil forecast. The median existing-home sales price will fall 1.3%, more than the previously forecast 1% slide. The median new-home price will fall 2.3% to $240,800, reversing the Jan. forecast for a 2% gain, NAR said.
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Countrywide Financial Corp , the largest U.S. mortgage lender, on Tuesday said quarterly profit slid 33 percent and slashed its full-year earnings outlook, hurt by rising defaults as the housing market slumps.
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Citing a difficult market for home builders, Pulte Homes Inc.  said on Tuesday it would cut 16 percent of its work force, adding to previously announced job cuts.
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Homebuilder to report large sales declines and even larger inventory write-offs for the second quarter.
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The home builder said on Tuesday declining home values would lead to its first quarterly loss since it listed on the New York Stock Exchange in 1995, sending its shares to a three-year low.
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Lennar, a leading home builder, said that it had a second-quarter loss as inventories of unsold homes rose.
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Countrywide Financial Corp, the largest U.S. mortgage lender, said on Friday it plans to cut 10,000 to 12,000 jobs to cope with weak housing demand, rising foreclosures and tightening credit markets.
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Saying that weakness in the housing  market was taking a toll on its swimming pool equipment  business, diversified manufacturer Pentair Inc.  on  Tuesday cut its earnings outlook for the third quarter and full  year, and said it was taking steps to cut costs.
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The boss of the US's biggest housebuilder warns that his firm will struggle amid a wider housing market slowdown.
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New fallout from the U.S. housing slump hit mortgage and real estate companies on Tuesday as subprime lender NovaStar Financial Inc  and title insurer First American Corp  announced job cuts and NovaStar's auditor expressed doubt the company will survive.