SOURCE: Five Star Equities

Five Star Equities

June 05, 2012 08:20 ET

Shares of Toll Brothers and Lennar Fall as U.S. Job Gains Fall Short of Analysts' Estimates

Five Star Equities Provides Stock Research on Toll Brothers and Lennar

NEW YORK, NY--(Marketwire - Jun 5, 2012) - Shares of U.S. home builders fell sharply last Friday after the Labor Department reported job gains that fell short of analysts' estimates. Homebuilders saw their biggest decline in nearly 10 months as the Standard & Poor's 1500 Homebuilding Index (S15HOME) dropped as high as 8 percent last Friday. Five Star Equities examines the outlook for companies in the Residential Construction Industry and provides equity research on Toll Brothers Inc. (NYSE: TOL) and Lennar Corporation (NYSE: LEN).

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The Labor Department reported Friday that the unemployment rate grew to 8.2 percent from 8.1 percent, and employers in the U.S. added only 69,000 jobs, the lowest total in a year. The report put out by the Labor Department "was a step backward for housing in every way," stated Jed Kolko, chief economist at Trulia Inc., in a recent e-mail. "Construction employment fell, job growth was especially slow in hard-hit housing markets, and the job picture slipped for 25-to-34-year-olds." According to numbers from the Labor Department the total number of jobs in construction dropped by 28,000.

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Toll Brothers, Inc. is the nation's leading builder of luxury homes. The Company fiscal year 2012's second-quarter revenues and home building deliveries of $373.7 million and 671 units rose 17 percent in dollars and 14 percent in units, compared to FY 2011's second-quarter revenues of $319.7 million and 591 units.

Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. The company last month announced that it has entered into a 3-year unsecured revolving credit facility that provides the Company with $410 million of financing and expires in May 2015. The credit facility provides the Company with access to an additional $115 million of financing through an accordion feature, subject to additional commitments, for a maximum aggregate commitment under the facility of $525 million.

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