TheStreet’s Jim Cramer is keeping an eye on Lennar (LEN) as the company prepares to release its second quarter earnings results before the bell Wednesday. Cramer says the stock has been kind of soggy where usually a stock that is reporting spikes up. He says he doesn’t want investors to sell the spike but says he doesn’t really care for the market though. Cramer says he sees interest rates going the wrong way and he sees the U.S. dollar getting strong again. He adds that rates are still fine for housing and the housing number we just got is good. Cramer concludes that he expects the number from Lennar to be good, but warns investors to be careful overall about the stock market. Analysts are expecting the Miami, Florida-based company to post earnings of $0.64 and revenue of $2.02 billion for the quarter. Lennar has beaten the average analyst earnings estimate for the last 13 consecutive quarters. The Commerce Department announced on Tuesday that new home sales rose 2.2 percent in May. The rebound in the housing market has benefitted Lennar, with shares up more than 10 percent year-to-date. In the first quarter, Lennar reported a backlog of more than 6,000 homes — signaling pent-up demand which suggests Lennar will likely continue to do well. The company currently has an average analyst rating of HOLD and an average price target of $51.73. The homebuilder focuses on single-family attached and detached homes. It also provides mortgage financing, title insurance and closing services.
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