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Wednesday, March 30, 2011

Wells (WFC) Sees Lennar's (LEN) Earnings as Weak

After the quarterly report from Lennar (NYSE:LEN), Wells Fargo commented that the earnings were weaker than reported, citing the $0.19 a share garnered from a legal settlement and an extinguishment of JV debt, which added another $0.08 to the total.

Wells Fargo said, "with investor attention keenly focused on the spring selling season, LEN's orders may be considered weak, as they missed our estimate and we believe they also missed consensus."

In other words, earnings per share is much weaker than the quarterly reported indicated, and it appears that is going to continue on throughout 2011.

Lennar closed Tuesday at $19.07, falling $0.68, or 3.44 percent.

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