Lennar slashes dividend 75 percent

MIAMI - Lennar Corp. shares edged lower Wednesday after the homebuilder said a day earlier that it will cut its quarterly dividend by 75 percent in a move to keep cash levels high for future operations. Its stock dropped 8 cents to $10.36 in afternoon trading. The stock has fluctuated Wednesday, posting big gains earlier in the session before turning down along with the broader market. The company said late Tuesday it will pay a dividend of 4 cents on Nov. 13 to shareholders of... [read full story]