Shares of Lennar Corp (NYSE:LEN) tanked in early trading on Friday, after the company’s second-quarter revenues missed Wall Street’s expectations.

The Lennar Analyst: Citizens JMP Securities analyst James McCanless maintained a Market Perform rating on the stock.

He also noted several Q2 highlights:

Total revenues of $7.9 billion missed consensus of around $8 billion

Lennar’s 20,500 closings came in-line with the guidance

Average closing price of $371,000 missed consensus by around $2,000 and represented a decline of 5% year-on-year

GAAP gross margin contracted by 220 basis point (bps) year-on-year to 15.6%, missing expectations

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The Lennar Thesis: The company reported its GAAP earnings at $1.24 per share, above last year’s $1.81 per share, McCanless said ...