Diamonds and Dogs
Housing market remains strong. Homebuilder, Lennar (LEN) is up 12% to a new all-time high following strong earnings as sales rose 17.7% to $5.3 billion. Lennar also announced a $3 to $5 billion spin-off of all or part of their ongoing businesses to become a pure-play homebuilder and financial services company.
Plug Power (PLUG) has accounting issues. The hydrogen fuel cell company is down 8% to a four-month low after announcing financial accounting issues dating back to 2018. Plug has reiterated long-term targets as the accounting issues appear transitory in nature, but investors are selling first and will ask questions later.
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