Homebuilding stock Lennar Corp (NYSE:LEN) is sharply lower today, down 4.3% at $112.51 at last glance, after mixed fiscal fourth-quarter results. The company posted earnings of $2.03 per share, missing analyst estimates of $2.30, while revenue of $9.37 billion surpassed expectations of $9.17 billion. Disappointing guidance is also weighing amid higher costs and slow home sales.
On the charts, emerging support at the $112 level appears to be keeping losses in check, as it did in mid-November. The shares are now below all key, daily moving averages between the 10- and 320-day trendlines, however. Year to date, Lennar stock is down 13.3%.
Plenty of factors point to a short-term bounce on the horizon, including LEN's 14-day relative strength index (RSI) of 23.5, which sits firmly in "oversold" territory. Plus, short interest is up 75.3% in just the last two weeks, and now represents 16.8% of the stock's available float.
