Jack of All Trades: High Stakes 12.16.2025
Dec 16 saw Lennar collapse after Q4 beat revenue but missed earnings (adjusted EPS $2.03 vs $2.21-2.24, -12.6%, -50% YoY) on margin compression (17.0%, -510bp YoY); Q1 guidance of 15-16% margins and $365-375k ASP (down 10%+) triggered multiple Wall Street downgrades to Underperform/$90-95 targets