Markets & Finance

Lennar Posts Weaker Third Quarter Amid Housing Slowdown


From Standard & Poor's Equity Research

Lennar (LEN) Third quarter earnings in 2006 were $206.7 million, or $1.30 per diluted share, compared to earnings of $337.3 million, or $2.06 per diluted share, in 2005. It also lowered fourth quarter guidance.

Sharper Image (SHRP) announced that the Board of Directors has appointed Jerry W. Levin, a director of the company since July 6, 2006, to act as chairman and interim chief executive officer, effective immediately. Richard Thalheimer is leaving the positions of chairman and chief executive officer.

Lowe's Cos. (LOW) Says current sales are trending below its prior expectations; it anticipates fiscal year 2007 (Jan) EPS at or near the low end of its prior guidance range of $2.00-$2.07.

Cephalon (CEPH) Receives approval from the FDA to market Fentora [C-II] for the management of breakthrough pain in patients with cancer.

Advanced Medical Optics (EYE) Cuts $2.05-$2.21 2006 adjusted EPS guidance to between $1.90 and $1.95 on revenue of $1.0 billion to $1.02 billion. It sees $2.60 2007 EPS on revenue of $1.1 billion. It cites a slower-than-expected shift in sales mix.

Career Education (CECO) Says John Larson has stepped down as president and CEO while continuing to serve as chairman. Robert Dowdell, Career Education's lead director, has been named interim CEO, while the board is in the final stages of a permanent CEO search.

Pfizer (PFE) Acquires an exclusive worldwide license to Quark Biotech's novel human gene RTP-801 and molecules that modify its expression or function. RTP-801 is involved in the progression of age-related macular degeneration (AMD).


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