Lennar Corporation’s (NYSE:LEN) impressive quarterly earnings are raising all home builders’ boats, while a new report indicates that the number of signed contracts to purchase previously occupied homes rose in May to the fastest pace in two years. Miami-based Lennar said home closings increased 20 percent in the March-to-May quarter, while new orders vaulted 40 percent. Lennar CEO Stuart Miller remarked that “Evidence from the field suggests that the ‘for sale’ housing market has, in fact, bottomed and that we have commenced a slow, steady recovery process”, as his company’s second quarter new orders jumped 40 percent year-to-year, backlogs 61 percent, and its gross margin rose 22.5 percent, which is up 310 basis points also year-to year. Further, the company’s second quarter earnings of 21 cents beat consensus by 4 cents, revenue of $930.15 million was up 21.7 percent over last year, which exceeded estimates by $44.44 million.
Alcoa Inc. (NYSE:AA) has the right to be defended by Liberty Mutual Insurance Co., from lawsuits claiming that “red dust” which blew from an Alcoa refinery during a hurricane caused neighbors to become sick. In making the decision, a Pennsylvania federal judge also ruled on Tuesday ruled that it was unclear whether an asbestos exception applied.
Amarin Pharmaceuticals (NASDAQ:AMRN) shares move up on the day, as U.S. patent examiners seem to be set to approve a related line of key patents which could protect its AMR101 prescription fish oil pill from generic competition through 2030. Jefferies is confident on approval, and restates its Buy, raising the price target on shares from $24 to $26. The analyst also reported that the USPTO on Tuesday posted unexpected positive actions on three key Amarin patent applications based on MARINE: the core ‘889 application and two continuation applications ‘408 and ‘145.
Westport Innovations (NASDAQ:WPRT) has reached an additional agreement with General Motors (NYSE:GM), in the matter of a second advanced tech development program, which is expected to optimize advanced natural gas technologies and applications for the maximum CO2 decrease, and fuel efficiency in light-duty vehicles as well. The two firms are currently in the development of two different combustion, controls and emissions approaches to natural gas engines, with the first cooperative technology project having been announced in June 2011.
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