Lennar Corp. (NYSE:LEN) found themselves with a 73% plunge in their Q1 earnings, following the trends of a slumping housing market. The company predicts that it is going to fall short of 2007 earnings goals. Since the start of February, homebuilders KB Homes, Hovanian Enterprises Inc. and Toll Brothers Inc. all reported falling profits. Miami-based Lennar reported that net income for the quarter ended Feb. 28 fell to $68.6 million, or $0.43 per share, from $258.1 million, or $1.58 per share, a year earlier. The results were in line with expectations of analysts. Revenue declined 14% to $2.79 billion from $3.24 billion a year ago, topping Wall Street's estimate of $2.49 billion.
Delta Air Lines Inc. (OTC:DARLQ) expects to emerge from bankruptcy protection April 30 with an eye on improving customer service and selling more assets to build shareholder value, it said Tuesday, raising the possibility it could shed feeder carrier Comair. Delta is projecting a pretax profit, excluding special and reorganization items, of $816 million in 2007. Delta is forecasting a narrower loss of $25 million to $50 million in the first quarter, which ends Saturday. He said Delta expects to get a positive vote of creditors on the airline's reorganization plan, which he said should be approved by the bankruptcy court after a hearing April 25.
Amylin Pharmaceuticals Inc. (NDAQ:AMLN) shares jumped off of a negative Wall Street outlook for possible future competitor ConjuChem Biotechnologies Inc. That company's diabetes drug candidate PC-DAC was not more effective than Amylin and partner Eli Lilly's Byetta in a recent study. Amylin shares gained $1.75, or 4.8%, to close at $38.27 on heavy trading volume. The stock has traded between $35.55 and $51.54 over the last 52 weeks.
Shares of
GTX Inc. (NDAQ:GTXI) fell $1.12, or 5.4%, to $19.78, having traded between $7.70 and $23.40 over the last 52 weeks. Shares of Altus Pharmaceuticals Inc. shed $0.68, or 4.4%, to close at $14.94, having traded between $10.75 and $23.59 over the last year.
Three San Antonio area oil refiners won contracts with the Department of Defense totaling $339 million. Refinery Associates of Texas is a petroleum products trading company based in New Braunfels. The company has won a $172 million contract to supply the government with naval distillate from a refinery in Pasadena, Texas. The Defense Energy Support Center in Fort Belvoir, Va., is managing all the supply contracts, which will not expire until April 30, 2008. AGE Refining in San Antonio won a $92 million contract to supply the military with jet fuel. Tesoro Refining and Marketing Co., a subsidiary of Tesoro Corp., also won a $75 million contract for jet fuel. Tesoro will supply the government with jet fuel from its refinery in Mandan, N.D. A week ago, a Valero Energy Corp. subsidiary won a separate $499 million fuel contract from the government.
The U.S. Navy on Tuesday awarded an $8.9 million delivery order to
General Electric Co. (NYSE:GE) for work on H-53 helicopter engines. Shares of General Electric fell $0.21 to close at $35.79 on the NYSE.
Shares of
FuelCell Energy Inc. (NDAQ:FCEL) surged Tuesday after the company announced a lucrative deal to supply fuel cell power products to Connecticut. The deal is valued at $200 million, if all projects are approved. Shares of FuelCell surged $1.40, or 19.4%, to $8.60 on the Nasdaq Stock Market in midday trading. The stock spent most of 2006 in decline since hitting a 52-week high of $15 in April. However, shares have climbed 12% so far in 2007.