Sell The News In Lennar After Q1 Beat

shares were trading lower by $0.80 (1.3 percent) at $48.92 in Thursday's session. Despite posting better than expected Q1 EPS on lower revenues, the issue is red in today's session. Af first, the Street welcomed the EPS beat by rallying the issue to $51.56 in pre-market trading. That level coincides with a pair of highs in the issue from the February 24 ($51.38) and February 25 ($51.51) trading sessions. However, after a higher open (Wednesday's close of $49.72 vs. Thursday's open of $51.00), the rally stalled ahead of that level, only reaching $51.20 before sharply reversing course. The ensuing decline did not find support until $48.54, which is in between the lows from Tuesday's $48.64 and Wednesday's ($48.35) sessions. Since making the low, it has been struggling to remain in the $49.00 handle.